It’s not just the metaverse that has a ways to go before it becomes truly immersive. Cryptocurrencies are also still very much an emerging technology with evolving standards and guidelines. Both will need some time for development before they can become more than what we know of them today.
The metaverse is a place where you can explore and create your own unique world. You are given complete freedom. The potential for wide-ranging revenue opportunities across multiple verticals in the metaverse is seemingly endless.
What is Metaverse Crypto? And Why Should I Care?
It’s a common question to ask what the role of Cryptocurrency will be in this virtual world. To put it simply, cryptocurrency will be the transactional fabric of the metaverse. It plays a fundamental role in the metaverse because it allows secure transactions of digital assets.
Without crypto, the metaverse will never be able to fully live up its boundless potential.
What is Metaverse Crypto?
In order to truly become fully immersed in the worlds of the metaverse and their own economies, a crypto coin or token is required.
Purchasing digital assets in this virtual world is only possible through the use of Metaverse Crypto.
Why Cryptocurrency Over Traditional Currency?
The traditional currencies of today, such as dollars and euros are managed in a centralized hub-and spoke system. This means that they have to go through an intermediary before being able use it or store it for future transactions.
Whereas many cryptocurrencies operate without any intermediaries at all – meaning there’s no central authority overseeing them like banks do with fiat money (i.e., national currency).
This makes them natural fits for the metaverse because they offer us a way to move into an anonymous, frictionless economy. Their ability to provide security measures through encryption algorithms protects transactions from fraud or hacking attacks. Simultaneously providing anonymity through advanced cryptography techniques such as zero knowledge proofs.
Thus cryptocurrencies are more correlated to the metaverse than many realize.
How Cryptocurrency Is Being Used In The Metaverse Today.
This alternative reality is so compelling that people are now buying all sorts of digital assets in it, such as land, condos, money, clothes, art and more in the metaverse. Cryptocurrency is at the heart of these transactions.
But there are plenty of other examples of the metaverse crypto at work now emphasizing less of the sensory experience. Gift cards are one such example.
We Are In Early Experimentation Phase Of Metaverse Cryptos
A diverse ecosystem of blockchains, apps and infrastructure that are all built on a decentralized foundation will become the building blocks of the metaverse. Blockchain is particularly critical as its the technology that enables the existence of cryptocurrency.
The development of blockchain technology is rapidly progressing in a world where people have become more and more attached to their digital assets. As this trend continues, it’s likely we will see an increase in the number who own cryptocurrencies over time.
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Eight Metaverse Cryptos That Exist Now
As the world of metaverse continues to evolve, so too does metaverse crypto. There are many different types and forms that this new frontier could take in the future. But for now, here are the eight metaverse cryptos to watch.
- Axie Infinity (AXS)
Axie Infinity uses Axie Infinity Shards (AXS) that users can earn when they play the online video game. The game uses non-fungible token (NFT) monsters that can be bought, sold, traded, and bred to battle each other and earn digital tokens.
- Decentraland (MANA-USD)
Decentraland is a virtual reality game that runs on the Ethereum blockchain. Land, outfits and other items can be bought with MANA tokens to make your own paradise in this immersive environment.
- Efinity Token (EFI-USD)
Efinity bills itself as a “next-generation blockchain for NFTs.” This decentralized cross chain network is built on the Polkadot (CCC:DOT-USD) blockchain network.
- Epik Prime (EPIK-USD)
Epik Prime is a loyalty reward membership program that grants access to better quality in-game and NFT items. All members have the chance of winning random NFT prizes.
- Floki-Inu (FLOKI-USD)
The Floki Inu coin is inspired by the famous Shiba Inu, and more precisely-the decision of Elon Musk to name his dog “Flokis.”
- Highstreet (HIGH-USD)
Highstreet bridges the physical and digital worlds with a brand new MMORPG. Built natively with Unity and Blockchain technology, it will provide real products that can be turned into in-game items by using Blockchain technology.
- Terra Virtua Kolect (TVK-USD)
The Terra Virtua Kolect is a cross-platform non fungible token ecosystem that offers curated marketplace for NFT creators and collectors to interact. The platform spans web, PC & mobile AR/VR environments
- The Sandbox (SAND-USD)
The Sandbox is an Ethereum-based blockchain virtual world where people can build, own and monetize their gaming experiences. It’s an online metaverse that exists thanks to its users’ ownership of NFTs (non-fungible tokens).
Metaverse Cryptos Will Continue to Evolve
In the next few years, we can expect to see a dramatic change in how people think about their digital lives. With more and more of our data being transferred into the metaverse, it is likely that cryptocurrencies will become more important as time goes on.
There’s no doubt that cryptos have helped pave the way for this brave new world where everything you do leaves an imprint—even if it isn’t always obvious at first glance.