Some of The Best Metaverse Crypto Coins for 2022
Metaverse is the name given to a new virtual world that aims to create an integrated ecosystem of digital content and services. The vision is one where you can buy or rent land in this environment and build your own version of Second Life.
In 2019, two companies joined forces to bring this dream into reality: Decentraland (DL) and AxiomZen. Today, both DL and the newly merged company known as Axion Zen are making significant progress toward their goals with millions of people already participating in Metaverse applications such as decentralized marketplaces like BitDegree, ethereum games including Tox, and more. Lets dive into the Best Metaverse Crypto Coins for 2022
Decentraland
Launched at the end of 2018 by former executives from Facebook’s Oculus subsidiary, Decentraland has grown substantially since its inception thanks largely to several partnerships and investments made over the past year. In April 2021 alone, the platform’s value increased 1,000 percent after it announced plans to launch its first major marketplace called “The Marketplace” on June 30th.
At present, there are around 200 different parcels of real estate available on Decentraland ranging from apartments to plots of land. Over 100 businesses have also been listed on the platform, many of which are focused on blockchain technology. However, some of these offerings may soon be replaced by new products based on another upcoming project called the Metaverse Platform.
According to cofounder Jani Valjavec, the goal of the metaverse is to connect all existing online platforms. This means users will no longer need to sign up separately on multiple sites when they want to do things like shop, play video games, post videos, etc. Instead, everything would occur seamlessly within one single application.
Currently, however, only certain parts of the Metaverse exist. For example, while you can purchase property on the decentralized marketplace currently known as Dextrals, you cannot actually use it until you pay fees for hosting and renting out your parcel. Similarly, if you want to take part in ERC20 token sales, you must go through the process of purchasing Ethereum tokens yourself instead of simply acquiring them via a smart contract.
Eventually, all of these disparate elements will come together under the umbrella of what could become a unique identity system similar to how we identify ourselves today but without needing to rely solely on social media accounts. As a result, anyone who wants to participate in the Metaverse should look forward to seeing a future filled with exciting developments.
The Sandbox
The Sandbox refers to a concept whereby players can explore the Metaverse freely provided the developers running the game don’t interfere with any user activity. Unlike other platforms, the sandbox does not require users to pay anything upfront so long as they choose to remain passive. However, those interested in using the sandbox usually receive access to premium features such as faster transaction processing times and additional storage space.
Unlike most crypto coins, which tend to fluctuate wildly throughout the day, EnjinCoin has remained relatively stable over time. That said, the coin was recently featured prominently during a high profile lawsuit between two parties involved in the Metaverse. According to reports, one party accused the other of stealing intellectual property belonging to the latter.
Given this situation, investors might wonder whether EnjinCoins are worth holding onto in light of recent events. While the lawsuit remains ongoing, the Metaverse itself continues to grow steadily, allowing individuals to earn revenue even if they aren’t actively playing on either side of the dispute. Furthermore, unlike many cryptocurrencies, EnjinCoin doesn’t just maintain stability because of price fluctuations, but rather due to changes in supply and demand. Ultimately, those looking to invest in EnjinCoin should consider whether the underlying product will still offer something worthwhile in five years.
Axie Infinity
Created by Philip Nindeo, Axie Infinity centers around a cartoonish character named Zack who lives inside his bedroom and dreams of becoming a famous YouTuber. To achieve this, he needs help from viewers, friends, and family members alike. With the aid of physical toys created by Hasbro, children aged 2-10 can interact with Zack directly through live streaming sessions held every Saturday morning.
For fans of traditional toy franchises, Axie Infinity offers a fun way to get kids excited about STEM skills. Children learn about coding and design principles while interacting with characters like Gwen and her pet platypus Spike. Additionally, parents can watch episodes remotely provided they’re willing to share their internet connection with others. At present, the show is aired in Canada, Australia, New Zealand, France, Germany, Spain, Italy, Ireland, Japan, Brazil, Mexico, and the UK among other countries.
However, Axie Infinity isn’t merely a YouTube channel and TV series. Rather, it operates as an open source platform designed to allow creators to make money off of their creations. One notable feature of the platform allows artists to retain ownership rights to their work, whereas previously, this wasn’t possible unless creators opted to license their material to third parties. Another benefit includes earning royalties each month provided people view the content. Currently, the app generates roughly $1 million per week.
While it hasn’t yet launched fully, Axie Infinity represents a compelling alternative to popular cyrptocurrencies like Bitcoin and Ethereum. Like other apps on our list, Axie Infinity is built upon a foundation of blockchain technology and utilizes a cryptocurrency known as AXN tokens. On paper, AXNs appear quite valuable considering the fact that they provide monthly dividends to holders. But as with other products, the success of Axie Infinity depends heavily on factors outside of the developer’s control.
One reason why Enjincoin appears less attractive than other currencies stems from the lack of support offered by competing software providers. Whereas other entities utilize their own proprietary systems, Enjin uses an open-source protocol. Consequently, this makes it easier for competitors to integrate new technologies. If the company ever manages to find an audience large enough to warrant further development, it could potentially change the crypto landscape forever.
Ultimately, the fate of each of the aforementioned coins hinges on numerous external factors beyond the developers’ control. Only time will tell whether they’ll continue trending upwards or fall back down again.
Enjin Coin
As mentioned earlier, Enjincoin began trading publicly in late 2017 before peaking in early 2020. Since then, prices have fallen considerably, although they’ve begun recovering slightly in March 2021.
When compared to other cryptocurrencies, Enjincoins’ historical performance seems promising. Over the last 12 months, the altcoin rose from approximately $0.02 cents to nearly $30. Yet despite having experienced growth over 500% in January 2021, Enjincoin is still ranked behind competitors including NEO, ADA, AION, Binance Chain, Cosmos, Dfinity, Ontology, Polkadot, Solana, Tezos, Wanchain, WaltonChain, Zilliqa, Cardano, and Polygon Network, amongst others.
If we compare Enjincoins current valuation against the total number of active wallets across various exchanges, it becomes clear why the coin is experiencing difficulty finding widespread adoption. There were roughly 614 thousand addresses associated with the currency as of February 3rd, 2021 according to data obtained from Etherscan. Compared to alternatives, this figure pales in comparison. For instance, Coinbase holds roughly 150 billion dollars worth of assets, meaning it controls far more than half of global wallet capacity.
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