Top 5 Metaverse Projects By Marketcap
Cryptocurrency markets continue to trade sideways this weekend, with Bitcoin and Ethereum managing to hold support. There are dozens of Metaverse crypto coins on the market with a wide range of market caps and prices. This article looks at our pick of the top five relatively highest market cap Metaverse crypto coins to watch in July, 2022.
1. Decentraland (MANA)
Decentraland is a 3D virtual reality platform where users can create and monetize content and applications. Decentraland is based on the Ethereum blockchain and aims to establish a network owned by its users and provides an immersive experience. The platform is a shared metaverse where users can purchase virtual plots of land. A metaverse is a shared virtual world where users can socialize, interact, learn, and play. In simpler words, Decentraland is a decentralized world where users can explore LAND owned by users, experience scenes and structures, trade virtual assets, and connect.
Today, as people spend more time in virtual worlds for work and leisure, the big centralized organizations manage the network rules and content flow. The creators and developers, in return, are paid very little. To solve this, Decentraland provides a decentralized infrastructure where users can gather, share content, and play games and also where the creators can derive the full value of their efforts. On the platform, advertisers can display their brands, artists can set up virtual galleries for their digital art, and much more.
2. The Sandbox (SAND)
Sandbox is a virtual Ethereum platform that was created in 2012. As a gaming platform, it provides gamers and investors with opportunities to engage in gaming and trading. The Sandbox, a multiplayer metaverse where players can create, monetize, and participate in blockchain-based gaming experiences. In The Sandbox, game designers can create custom 3D NFTs that can be used across the ecosystem. SAND can be used to buy and sell NFTs and other in-game items, and can also be used to vote on the future of the platform.
To play, you only need two avatars and terrain, which are supplied in the files. Its popularity stems from the fact that it allows players to make money in several ways.
3. ApeCoin (APE)
ApeCoin (APE) is the native currency of the Bored Ape Yacht Club (BAYC) metaverse. While the Bored Ape Yacht Club is a non-fungible token (NFT) collection that comprises 10,000 images of apes, APE is a fungible ERC-20 token with a maximum supply of 10 billion. It was not officially released by Yuga Labs, the company behind the Bored Apes NFTs, but by the Ape Foundation, the steward of the Bored Ape Yacht Club project that oversees the ApeCoin DAO. The ApeCoin DAO is a decentralized autonomous organization (DAO) where ApeCoin holders can use their tokens to determine the future of the Bored Ape Yacht Club metaverse.
Holders of ApeCoin can also use the token to buy assets within the ApeCoin metaverse, such as virtual land in Yuga Labs’ NFT world, Otherside. The sale raised $285 million in early May 2022 by selling NFTs that represent deeds to plots of virtual land in an upcoming 3D world. The NFTs were priced in ApeCoin.
4. Theta Network (THETA)
Theta Network (THETA) is the native token of the Theta Network, a blockchain project underpinning a number of streaming and live streaming applications. The supply of THETA is fixed at 1 billion. Users stake THETA to validate transactions on the Theta Network and are rewarded with new Theta fuel tokens (TFUEL).
They describe their system as “an aggregated signature gossip protocol.” New blocks are proposed and finalized by a small number of “validator nodes” run by corporate partners, such as Google, Samsung, Binance and others. THETA’s creators say these nodes provide security equivalent to that of well-known PoS networks like Solana. Another layer of security comes from a second layer of nodes called “guardian nodes” which seal blocks. There are thousands of these nodes, operated by THETA community members.
The creators say the network can process 1,000 transactions per second with “virtually no carbon footprint”. That compares with single-digit transactions per second for the Bitcoin network, for example. Using a smaller number of nodes is a well-known technique to allow faster processing at the cost of greater centralization. In other words, they disproportionately empower a smaller number of participants.
5. Axie Infinity (AXS)
Axie Infinity is a crypto-meets-Pokémon game in which players raise, battle, and trade cute NFT pets called Axies. It features two native cryptocurrencies: Axie Infinity Shards (AXS) and Small Love Potion (SLP), which is awarded to players for spending time in the game. AXS is hosted on the Ethereum blockchain and has its own sidechain named Ronin to avoid creating congestion issues on the main blockchain. Its use case is built around the Axie Infinity game that Sky Mavis describes as an open-ended digital pet universe. Players earn AXS in the game and use it to acquire in-game assets, stake to participate in governance or sell in external markets. The AXS token economy was designed by cryptocurrency research firm Delphi Digital.
The game revolves around collecting pets called “axies,” represented by non-fungible tokens (NFTs), and “breeding” the pets to make new ones with characteristics derived from the parents. Trading and breeding the NFTs incur fees in the form of the AXS tokens and another in-game blockchain token called smooth love potions (SLP), which can be traded for fiat currency.
The company claims that “Axie is already the largest community of people who understand how to use blockchain technology in the world.” It also says that players have collectively spent more than 1 million Ethereum tokens to advance in the game, equivalent to a value of more than $3 billion.
Metaverse is The cryptocurrency market potential trend for the future. Despite the dire state of the crypto winter at the moment, metaverse projects are continually developing to usher in a new era.
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.