Top 5 Metaverse Coins To Purchase As Investment
The phrase “metaverse” is frequently used in the media, on social media, and even at home. Although the technology is not yet widely used, it is swiftly attracting the interest of cryptocurrency and industry investors. Metaverse coins, therefore, represent an undiscovered market for 2022. The fact that Meta, one of the biggest internet firms in the world, is banking on the metaverse and even went so far as to rebrand from Facebook helps. According to reports, the corporation invested $10 billion in its “future of technology” metaverse initiative in 2021. Blockchain technology and cryptocurrencies will be essential to that journey.
It’s crucial to remember that the bitcoin market changes frequently, and what is performing well now may lose value tomorrow. Never take a risk you can’t afford to take. So how are cryptocurrencies and the metaverse related? What precisely is the metaverse? What metaverse tokens should you be purchasing as well? Here is a glance at the crucial details regarding the metaverse and the top Metaverse coins to buy.
Best Metaverse Coins To Purchase Currently
The good news is that Metaverse coin values are quite low because metaverse initiatives are still relatively new; they are frequently much under $1 and, in some cases, less than 1 cent. This makes investing accessible to almost everyone. However, that does not imply that every endeavor is worthwhile.
In fact, according to industry analysts, the present bear market is expected to drive out the “bad actors” — developers who have been more concerned with maximizing their wealth than constructing their buildings, according to CNBC. The best metaverse coins to acquire are those that have demonstrated potential through performance, utility, strong financial backing, or all three. Here are some optimistic cryptocurrency metaverse currencies for 2022.
1. ApeCoin (APE)
Since APE is an ERC-20 token, it may be found on the Ethereum blockchain. As a governance and utility token, it enables owners access to games and other goods and services that are only available to owners of app coins and the ability to take part in the ape ecosystem’s management.
The native token for Yuga Labs’ Otherside metaverse game, which also uses the immensely popular Bored Apes Yacht Club non-fungible tokens, is called Apecoin. According to Fortune, Yuba Labs recently raised roughly $320 million in a virtual land sale that lets holders of APE tokens buy properties in Otherside.
45,000 of the 55,000 lots, or “Otherdeeds,” purchased by holders were distributed to others, including project developers and Yuba Labs NFT owners. The sale increased “gas fees,” the cost each user pays to carry out a transaction across the Ethereum network because it increased network traffic.
According to a source, problems with the Otherdeeds’ minting procedure caused a significant reduction in the price of Apecoin and a sharp decline in demand for the coin. When the sale was first announced, APE’s price was at a high of $26, but now only $3.49.
To raise the price, APE is being taken out of circulation. Nobody can predict if that will be successful. If the initiative succeeds, purchasing APE now at its current rock-bottom price could be quite profitable. However, if the project failed, the Apecoin would be useless.
Apecoin is the fourth-largest metaverse coin with a market cap of $1.015 billion, despite being a brand-new token that has faced significant difficulties. On March 17, Apecoin went live, with a maximum quantity of 1 billion coins. At that time, 30% of the total supply was in circulation.
— swankyfinance.eth (@swankyfinance) July 20, 2022
2. Sandbox (SAND)
The Sandbox, a crypto metaverse project, has performed admirably. SAND, the platform’s native token, rose steadily throughout 2021 and ultimately crossed the $1 threshold in the year’s final three months. It then grew, reaching an all-time high of $8.40 in November.
But like the majority, if not all, cryptocurrencies, the price has since plummeted and is currently trading at $0.8613 as of June 16.
According to Deadline, Lionsgate and The Sandbox recently collaborated to develop a “Hellboy”-themed metaverse location. This project involves bringing the idea of the metaverse to life with a VR component. Since The Sandbox is essentially a game, it may be able to survive the current bear market with the support of gaming companies like Atari. NFT production and trading are key to Sandbox. Players can use the SAND metaverse tokens to generate NFTs.
This cryptocurrency project is built on Ethereum, much like countless others. Its finite coin supply of 3 billion tokens, of which 1.24 billion are in use, is another encouraging aspect. As of June 16, its market capitalization is $1.07 billion.
3. Decentralization (MANA)
One cryptocurrency metaverse project that has received a lot of attention is Decentraland. The NFT mania, which also resulted in huge increases for the platform’s native Metaverse coins, MANA, was also to blame for this.
Numerous NFT owners began utilizing the site to display their NFTs. But this metaverse platform contains more than just NFTs. Its primary function is the creation of virtual games, virtual real estate, and other digital assets, hence the name. The luxury goods and art broker Sotheby’s purchased a block of land in Decentraland and utilized it to build a copy of its London offices. This demonstrates that even major corporations are considering metaverse projects.
Founded in 2017, Decentraland is one of the more established initiatives that has struggled to gain popularity. Despite its lackluster performance, MANA is the largest metaverse token by market cap as of June 16. Its market cap impressively sits at $1.548 billion as of that date.
MANA is drastically down from the start of the year, although it is somewhat higher from the previous year.
4. Highstreet (HIGH)
A fascinating metaverse project with support for virtual reality, Highstreet has promise, at least in terms of metaverse applications. One is that you can use the virtual currency HIGH to make purchases inside this virtual world. The platform already includes some Shopify stores.
It includes gaming and has NFTs on its radar, so it appears to be current with technological and cryptocurrency trends. Additionally, HIGH(Metaverse coin) is now accessible through Coinbase.
This project already fulfills what the metaverse technology promises from a real-world, or in this instance, meta-world, perspective. This can be a smart choice if you’re an investor who values pragmatism as a yardstick. HTC, a tech business, supports the project, which raised $5 million in August 2021. By June 2022, it had a market value of nearly $15.83 million.
5. Floki Inu (FLOKI)
Although Floki Inu is a dog-meme-based cryptocurrency, it is still a contender for a usable metaverse coin, especially for those seeking discounted Metaverse coins. The currency bears Elon Musk’s Shiba Inu dog’s name, which is another cryptocurrency project’s name. According to the project’s website, it tries to merge memes with actual use cases. A game, an NFT marketplace, content, and an education portal are also mentioned. Even though this project is still in development, individuals have continued to purchase FLOKI tokens.