HomeWhat Is MetaverseTop Metaverse Crypto Coins to Keep an Eye on in 2023

Top Metaverse Crypto Coins to Keep an Eye on in 2023

Stephen Ngari
Stephen Ngari
3rd Apr 2023

Metaverse has become the new buzzword since Facebook’s rebranding to Meta. Several global brands' recent undertaking of metaverse projects has also put the spotlight on this nascent technology.

Metaverse gives life to virtual worlds and economies. Advancements in technologies such as cloud computing, 5G internet, blockchain, virtual and augmented reality have finally made virtual worlds a possibility.

The blockchain is a fundamental piece that facilitates the actualization of virtual worlds. It enables the tracking of value and assets through non-fungible tokens (NFTs) and cryptocurrencies.

It's not science fiction anymore; the metaverse and its economies are not a fad. It then becomes relevant to understand the metaverse ecosystem and, primarily, metaverse crypto coins that run the economies of these virtual worlds.

What Are Metaverse Coins?

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 virtual lands, in-game items like weapons, or represent unique items.

There are three types of metaverse coins.

  • Coins from 3D metaverses: These projects offer users virtual 3D experiences. They provide a complex ecosystem, with some allowing copies of real-world commerce. Coins here are primarily used to purchase land and other NFT items. Decentraland is an excellent example of such a platform.

  • Coins from play to earn games (P2E): Gamers benefit from earning rewards through playing games. This is a popular way of accumulating tokens. The Sandbox is an example of a popular P2E platform.

  • Coins from metaverse platforms: Some platforms provide the foundation of 3D virtual spaces.

If you want to participate in the metaverse, or diversify your portfolio with metaverse coins, check out our guides on:

Some coins can solely be used within their metaverses. Other coins, however, are available on crypto exchanges.

Top 5 Metaverse Crypto Coins by Market Cap

There are many metaverse projects, unlike popular belief, with many more in the pipeline. Currently, the market capitalization for crypto coins and tokens stands at about $21.7 billion.

Here are the top metaverse crypto coins by market cap:

  • AXS is an Ethereum based token for the Axie Infinity network. These tokens enable holders to claim rewards after token staking, governing the ecosystem, and playing the game. Axie Infinity is primarily a trading and battling platform. AXS tokens currently rank 35th by market cap with an ROI of about 62,000% since the launch.

  • MANA is the native token for the Decentraland metaverse. This 3D virtual space was created for artists, businesses, and individuals. MANA coins can be used to purchase virtual land parcels and items in this virtual space. The coin is currently ranked at position 41 with an overall 9,903% return on investment(ROI).

  • SAND is the native token for the Sandbox metaverse. This ecosystem was created in 2011 and provides a decentralized gaming platform. Gamers can play to earn with the SAND coins being used for transactions. SAND tokens currently rank 42nd by market cap with close to 40,000% ROI since its launch.

  • ENJIN COIN (ENJ) is an ERC-20 token for the Enjin metaverse. The blockchain supports a wide array of games and NFTs, which is at the core of the metaverse. The token is used to back the value of next-generation NFTs. Enjin Coin is available on most crypto exchanges, check out our guide on how to buy Enjin Coin if you want to know more.

  • JEWEL is the native coin for the DeFi Kingdoms, a blockchain-based game. The JEWEL coin powers the transaction within the ecosystem. Participants can purchase NFTs such as heroes, govern the network, and earn via staking.

Investing in the Metaverse

With the metaverse considered the future of the internet, the technology looks to revolutionize many aspects of our lives ranging from social media to advertising.

The metaverse is slowly cementing itself as the future of the internet. This massive potential has seen an influx of investors seeking after this asset class.

At the center of all this is the metaverse coin that investors can buy and hold (HODL). Another route for investment is via buying virtual land or real estate property in some metaverses. These can be developed and sold later after value addition.

Creators and artists also have an excellent opportunity within the metaverse. There’s a chance to create all manner of art, art galleries, and NFTs which can be sold. There’s an option of leasing your building or piece of land. This is possible, especially for areas near hubs where lots of traffic converge.

Where to Buy Metaverse Coins

Some metaverse projects have proprietary marketplaces where you can buy land, collectibles, and wearables. These cannot be purchased using fiat currencies like the USD or the Euro. You’ll have to get a coin specific to the project.

If you’re just getting started with cryptocurrencies, and still unsure how to get started, read our guide on buying cryptocurrency.

Most metaverse projects are built on the Ethereum blockchain. It’s therefore easy to purchase land, tokens, and collectibles using the Ethereum(ETH) cryptocurrency. You can buy Ethereum from pretty much any cryptocurrency platform.

It's also possible to buy land and other associated NFTs on third-party marketplaces. These platforms aggregate different NFTs from different metaverse projects.

Crypto exchanges are where you can purchase coins associated with these metaverses. You can use fiat currencies such as the dollar or Euro. You can pay for metaverse coins using your bank account, credit, and debit card. It's also possible to buy these coins using other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

For instance, if you are buying SAND tokens on mainstream crypto providers, possible trading pairs include SAND/USD, SAND/USDT, SAND/BTC, and SAND/ETH.

Popular exchanges where you can buy metaverse coins include:

How to Buy Metaverse Coins

Many investors prefer to purchase metaverse coins with a prospect and wait for them to appreciate. For instance, those who bought DeFi Kingdom’s JEWEL token when it was launched have a 140,129% ROI.

The best way to buy metaverse coins is by using a crypto exchange. We’ll use Decentraland’s MANA as our example, with Binance as our crypto provider.

  • Visit the official website of Binance or the crypto platform of your choice. Register your account.

  • Go through the verification process. The platform will require your ID, photo, and other details in line with anti-money laundering regulations(AML)

  • Link your funding option. Depending on the method, this can take a few minutes to a few days to process. ACH, SWIFT, or SEPA transfers to fund an account are free. If you don’t link your bank account, most platforms support debit card transactions for an additional 2-5% commission.

  • Navigate to the “buy” section and search for “Decentraland” or the ticker symbol “MANA.”

  • Enter the quantity you want to purchase. Double-check the transaction details and execute the trade.

  • The MANA token balance should reflect in your account immediately.

The process is similar for the other coins. The virtual worlds is rapidly expanding, especially during the pandemic when people spent a lot of time online. Metaverse coins are likely to increase in popularity as many individuals and businesses seek to establish their presence there.

Find Out More About the Metaverse

Author Bio
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.