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What Is the Metaverse

Last updated 25th May 2022
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The metaverse is an interconnected convergence of our physical and digital worlds. It promises the creation of a unified virtual world where communities globally could work, relax, play, socialize and transact.

Essentially, whatever you can imagine in the real world can be replicated in the virtual world. The metaverse is still in the early stages and currently lacks singularity. There are many metaverse projects, but their themes are not similar. However, things are taking shape with various aspects coming together.

An immersive, 3D virtual world that facilitates natural and authentic experiences is what is the metaverse seeks to be. In the future, we could see a way to teleport (using VR headsets, of course) from one metaverse to another. The result is excellent access to our way of life, including comfort in working and playing.

Imagine using the metaverse as your place of work, where you interact with colleagues daily. After work, you hop into a gaming metaverse with the possibility of earning extra cash with play-to-earn games. When you are done gaming, you enter a commercial hub and order a pizza. These are some of the possibilities that the metaverse provides.

The possibility of the metaverse is made possible by the convergence of new and existing technology. Augmented reality(AR) and virtual reality(VR) headsets, fundamental for 3D experiences, have become cheaper and more powerful.

The blockchain has enabled the making of decentralized applications which promises the democracy envisioned for the metaverse. The unique characteristics of blockchains allow the creation and recording of billions of transactions. Records are also immutable, which is a big deal.

Metaverse Coins

Investing in metaverse coins is the easiest method for investors to get a stake in the metaverse.

Metaverse coins are virtual tokens used for digital transactions in the virtual 3D world. Token holders get access to goods and services in this virtual space. The coins can buy lands, NFTs and represent unique items.

There are various reasons you can invest in metaverse coins.

  • Prices for metaverse coins are currently lowly priced. We reckon their values will increase exponentially once the masses adopt the metaverse.

  • Experts believe the metaverse has greater potential than the internet.

  • Giant corporations like Facebook, Microsoft, and Addidas have invested heavily in metaverse projects.

  • Investment companies such as JP Morgan and Grayscale have interests in metaverse projects like Decentraland.

  • Celebrities like Snoop Dog have invested in the metaverse.

Metaverse Forecasts

JP Morgan is also extremely bullish about the prospects of the metaverse. The investment bank estimates the market opportunity at over $1 trillion in yearly revenue.

Grayscale, another investment company, based in the US, describes the metaverse as the frontier of web 3.0, which is set to revolutionize the internet. The company estimates that the metaverse has the potential to top $1 trillion annually.

Citi bank, a leading investment bank, predicts that the metaverse could be worth close to $13 trillion by 2030. Their analysis estimates about 5 billion users in the metaverse by 2030.

Top Metaverse Projects in 2022

Metaverse, Web 3.0, Non-fungible tokens (NFT), and cryptocurrencies are terminologies increasingly proliferating our daily news cycle. The power of these technologies has not been realized yet. The future promises a revolution capable of driving economies globally, both digitally and physically.

The metaverse is at the center of all this. Experts suggest it's the next iteration of the internet, albeit with spheres unseen before. Work, commerce, art, games, and other forms of entertainment are likely to shift to the metaverse soon.

The development of these ecosystems helps build communities with shared values. Common goals accelerate better interactions leading to a sense of belonging. This was especially noticeable during the covid period when many people spent their time online.

There are different ways to categorize the top coins. We analyze the top coins in 2022 using a hybrid method that considers market cap and potential. If you are interested in buying cryptocurrencies focussing on the metaverse, here is our list.

Axie Infinity(AXS)

Market cap: $3.3 billion Price: $54.2

Axie Infinity is a top crypto-based NFT pet game that has garnered immense popularity. The pokemon like creatures in the game are the core feature. Players can raise, battle, buy, trade, and breed these cute pets known as axies.

Launched in 2020, the project is a prime example of a play-to-earn game(p2e). Gamers get the opportunity to earn rewards after completing tasks and levels in the game. This has proved to be a great incentive to gamers. There are reports that some enthusiasts quit their jobs to pursue the p2e lifestyle.

The minted axies can be represented by NFTs, which the players can sell in the open market. The platform also supports virtual land that traders can buy and sell. In-game purchases are made through the native AXS token.

The project is built on top of the Ethereum blockchain. However, there’s also a sidechain known as Ronin, which has lower gas fees than Ethereum.

Decentraland(MANA)

Market cap: $4.3 billion Price: $2.3

The decentraland metaverse is a popular 3D virtual world created for individuals, businesses, and creators. Users can access the platform via the browser and monetize their content, art, and applications.

The project aims to give its users authentic experiences. Participants can socialize, learn, play and interact with each other. The project has a finite number of virtual plots, with some going for as high as $2.4 million.

Other activities include NFTs trading, scene exploration, viewing art, and other structures. You can buy virtual lands, develop them, or lease them out.

Transactions in the ecosystem are done through the MANA token. The tokens can buy wearables, estates, collectibles, and avatars through the Decentraland Marketplace. You can buy MANA tokens on crypto exchanges using fiat currencies or other cryptocurrencies like Tether.

Sandbox(SAND)

Market cap: $3.5 billion Price: $3.0

Sandbox is another play-to-earn game with great popularity. The platform allows users to build, earn and trade in-game items in the form of NFTs. Participants can also buy virtual land, develop it and sell it on the open market.

The ecosystem is built on the Ethereum blockchain. The native token for this metaverse is SAND, used for transactions within the ecosystem.

You can buy SAND tokens on exchanges. The token reached its all-time high price of $8.44 in late 2021. This represented a 10,000% increase in price since its all-time low in 2020.

Enjin Coin(ENJ)

Market Cap: $1.47 billion Price: $1.69

The Enjin platform has multiple functionalities. It provides a marketplace where games and creators can sell and buy items created in the metaverse. The platform acts as an in-game database where users can store and manage gaming items.

The platform is built on the Ethereum blockchain. The native token for the ecosystem is known as ENJ (you can buy ENJ from crypto brokers and exchanges). The token is used to create assets and in-game items through minting. ENJ can also be used to create a game’s character name, shape, appearance, and increase the character’s abilities.

Bloktopia(BLOK)

Market Cap: $158 million Price: $0.018

Bloktopia is a decentralized metaverse built on top of the Polygon blockchain. The project seeks to provide a 3D immersive experience, uniting the crypto community in an engaging environment.

The potential behind this metaverse is great, with the promise of realistic visualization based on a real-time 3D creation engine. Blok is the native token of the project. The token will be used to buy or lease virtual land in Bloktopia. It can be bought and sold on exchanges.

Blok holders can also stake their tokens with massive returns. The platform offers a 60% annual percentage yield (APY) in Blok tokens.

With various investors and partners, this gaming and marketplace platform looks to have great potential.

Somnium Space(CUBE)

Market Cap: $63.5 million Price: $5

Somnium space is a blockchain VR metaverse. The creators aim at making this virtual reality world an open, seamless ecosystem that is fully immersive and interconnected.

The project has interesting in-game mechanics, including cross-platform compatibility, a persistent social VR world, land ownership, and the ability to monetize space through advertising.

The native token CUBE acts as the digital currency in the platform. Investors can buy CUBE from exchanges.

Render Token(RNDR)

Market Cap: $610 million Price: $2.64

The project facilitates the rendering of the metaverse. It’s a provider of decentralized GPU-based rendering solutions, altering the space for digital creation process. Render seeks to solve the problem of hardware limitation with low costs.

Render aims to facilitate the open metaverse. Developers can rent out their idle GPU and earn RNDR tokens.

High Street(HIGH)

Market Cap: $70 million Price: $5.74

High Street metaverse looks to effectively solidify the hybrid model of our lives by bridging the gap between our online and real lives. The project provides authentic products with additional utilities by turning them into in-game items.

High Street offers a marketplace and gaming platform. It's a play-to-earn game that has attracted lots of gamers.

Star Atlas(ATLAS)

Market Cap: $59 million Price: $0.027

Star Atlas is a gaming metaverse built on the Solana blockchain. Gamers can create, play and learn in a cinematic experience made with Unreal Engine 5.

After launching, the game received genuine interest from gamers due to its high-level immersive experience. The game is still in its nascent stages and shows growth potential, considering its lofty plans and partnerships.

Illuvium(ILV)

Market Cap: $385 million Price: $592

This metaverse is an open-world fantasy game built on Ethereum. It's another play-to-earn game with rich graphics. Gamers discover, hunt, and capture deadly creatures in an alien world.

Like axie infinity and other metaverse games, illuvium features collectible in-game characters.

The illuvium project has unique features that you don’t find in other metaverse games. These include illuviDEX, yield farming, and Layer-2 integration.

ILV tokens experienced extreme price volatility. The all-time price was $2,868, recorded in May 2021. A couple of days later, the ILV tokens were priced at $29.77. The price has since rebounded to above $660. The all-time high shows that ILV tokens have a high ceiling for growth.

Conclusion

Though still early on, there are metaverse projects with massive market capitalization. Apron from illuvium, the other projects still have low prices.

Axie Infinity, Decentraland, and Sandbox metaverses have received lots of attention, especially after facebook’s rebranding to Meta. These are the leading projects at the moment. Investors can invest in these projects by buying their coins on exchanges or marketplaces.

Stephen Ngari

Stephen Ngari

Stephen is a seasoned crypto and fintech specialist with industry experience. Having worked in tech, helping people send money globally and rollout solutions, he understands the impact that tech like blockchain brings to real world issues. He is passionate about crypto, writing and basketball.