What is Metaverse? Popular Metaverse Tokens?
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In simplest terms, the Metaverse is the internet, but in 3D – Ed Greigg

It is evident that the Metaverse is not a passing fad. It is indeed the future of human connections and transactions across multiple industries. Today’s technological advances directly or indirectly contribute to the blurring of the line between the physical and virtual worlds. This ongoing breakdown is crucial.

The Metaverse is more than just virtual worlds; it is where the physical is rendered virtual via digital twins and mirror worlds. But how will the economy of the real world be replicated there? In this post, let’s look at the concept of the Metaverse in detail, and also find out about the top Metaverse tokens.

What is the Metaverse?

Before jumping on to the list of top Metaverse tokens, let’s get to know what the Metaverse is. The term ‘Metaverse’ refers to online spaces where people can socialize, work, and play as avatars. The term was first described in the novel Snow Crash by Neal Stephenson, published in 1992. The Metaverse is a virtual-reality world depicted in Snow Crash as a planet-encircling market where virtual real estate can be bought and sold and where VR goggle-wearing users inhabit 3D avatars of their own design.

Proponents of the Metaverse frequently emphasize the concept of “presence” as a defining factor: feeling like you’re really there and that other people are also really there with you. The expansion of the internet has spawned a plethora of services that are paving the way for the creation of the Metaverse. For instance, while most countries maintain a relatively static presence on the internet, Barbados intends to open a diplomatic embassy in the Metaverse, specifically the online world Decentraland.

Top Metaverse Tokens

So now we know what the Metaverse is. However, which are the top metaverse tokens of 2022? Let’s find out in the list below!

⦁ Decentraland (MANA)

Decentraland is a virtual world in the Metaverse based on Ethereum. It is owned by its users and governed by a decentralized autonomous organization (DAO). Decentraland’s native currency is MANA. It is used to purchase land on the Decentraland platform. Decentraland is the first virtual platform of its kind where users have complete control over the ecosystem, thanks to its decentralized governance structure that places power in the hands of users and MANA holders. To keep the process running, users must keep their MANA tokens in an Ethereum-based wallet. The Ethereum blockchain is used to power the functionalities. MANA can be purchased and sold in exchange for fiat currency or other digital currencies. Users who own MANA can also interact with the platform by customizing their avatars, interacting with other users, and exploring its metaverse.

When LAND is auctioned, the MANA tokens used to purchase the parcels are burned or removed from circulation, resulting in a deflationary supply of MANA. As the platform grows in popularity, the token’s value may suffer. Furthermore, owning MANA allows users to vote on policy updates, LAND auctions, and platform subsidies. There are a total of 90,601 plots of land divided into private parcels, districts, roads, and plazas. Parcels in Decentraland are available for purchase on supported NFT marketplaces such as OpenSea.

Some cryptocurrencies, including Rarible, MakerDAO, SuperRare, and others, have even established virtual offices and art galleries in Decentraland. Decentraland has also hosted a number of virtual conferences.

It was reported on November 25, 2021 that Metaverse Group, an NFT-based Metaverse real estate company that is a subsidiary of Tokens.com had purchased a plot of ‘land’ on Decentraland for USD 2.43 million. This sum is more than twice as large as the previous record for the largest Metaverse land acquisition.

⦁ The Sandbox (SAND)

The Sandbox is a free-to-play Metaverse game that combines blockchain technology, DeFi, and NFTs. Its virtual world allows players to use free design tools to create and customize their games and digital assets. The platform also allows for the monetization of gaming experiences using SAND, the native sandbox cryptocurrency.

SAND is The Sandbox’s versatile utility token. It can be used to create ASSET tokens, buy and sell ASSETS on the marketplace, participate in LAND transactions, and interact with user-generated experiences. SAND is also The Sandbox DAO’s governance token, which means that owning SAND tokens grants users voting rights to improve the platform as they see fit.

The Sandbox is well-known for its success in the mobile gaming industry. The Sandbox (2011) and The Sandbox Evolution (2016) have over 40 million downloads combined.

⦁ Bloktopia (BLOK)

Bloktopia is a virtual reality skyscraper with 21 floors, made in honor of the total count of Bitcoin that will ever be in existence being 21 million. The VR metaverse aspires to be the edutainment hub for all levels of cryptocurrency experience. Bloktopia primarily aims to bring together various crypto enthusiasts in one location. In this way, each actor can provide users with information and experiences that will assist them in learning and using cryptocurrencies.

The BLOK is this metaverse platform’s native utility token. It serves as the primary currency in the Bloktopia ecosystem. BLOK holders receive special benefits, particularly if they have a large amount. They can own property and earn passive income from advertising, gaming, and networking.

BLOK is an ERC-20 token. It has a limited supply of 200,000,000,000 tokens. Only 15% of the fungible tokens are currently in circulation. However, this figure is expected to increase by the end of the fourth quarter.

Users need BLOK tokens for everything in Bloktopia. This includes purchasing NFTs from vendors on the floor and entering exclusive clubs among others. Similarly, purchasing land from portals requires players to spend BLOK tokens in order to transfer ownership of a specific land parcel.

Bloktopians can profit from a variety of sources on top of the platform. These include buying and selling real estate, leasing it out, staking, and advertising with BLOK. Users must hold BLOK in order to purchase or lease real estate (REBLOK) or advertising space (ADBLOK).

⦁ Enjin (ENJ)

Enjin is a software that gives developers the ability to create and manage virtual goods on the Ethereum blockchain. The Enjin platform, hosted by the Singapore-based company by the same title, takes pride in serving a community of more than 20 million gamers. The vast majority of them are organized into approximately 250,000 individual communities based on specific games. Enjin contributes to the development of an entire Enjin ecosystem of products that individuals, businesses, and developers can use to develop, trade, monetize, and market NFTs.

Enjin Coin (ENJ) is an ERC-20 token traded on the Ethereum blockchain, and the Enjin technology that underpins it powers an ecosystem used for NFTs, gaming, and other distributed apps. Enjin is created for use in games. It means users can use the Enjin Coin as a currency and the Enjin wallet to buy, sell, and trade NFTs in the Metaverse. MMORPG players, for example, may purchase an item in Enjin that is usable across multiple games and easily tradeable or sellable in an online marketplace. Enjin’s software development kits (SDKs) make it simple to create and integrate digital assets into games and apps.

Enjin partnering with Efinity, a Polkadot-based parachain, enables creators to mint tokens on specialized blockchains that focus on core functionality and provide exceptional chain stability. ENJ allows gamers to store one-of-a-kind game items like characters or accessories in the form of bespoke tokens, which can then be liquidated for ENJ when needed. Enjin’s products and services are being integrated into blockchain-based rewards platforms by companies such as Microsoft, Samsung, and BMW, allowing millions of users worldwide to safely manage and store their digital assets.

Conclusion

Although still in its infancy, the Metaverse’s significance cannot be overstated. This is because several industry titans are now vying to become pioneers and leaders in this rapidly evolving sector. A classic example is Facebook’s parent company changing its name to Meta as “part of its bet on a next digital frontier known as the Metaverse.”

Several organizations are thinking about opening virtual offices in the Metaverse, and some have even purchased virtual land on popular Metaverse platforms like Sandbox. Before entering the Metaverse yourself, do keep our guide to the top Metaverse tokens handy!

Interested in buying crypto in India? Do give WazirX website a visit today to get started!

Also Read | How to Protect Your NFT assets?


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