Facebook, now known as Meta, announced the arrival of the ‘Metaverse’ in 2021. However, the metaverse is not just about social media networking. In fact, it is far from it, and the uses go far beyond mingling and connecting with family and friends.
Metaverse will be a digital world that will be a virtual representation of life, cities, businesses, and people living in the physical world. You will be able to buy and sell properties, open businesses, and sell products and services to users connected to the metaverse globally.
Just like in the real world, where you need money to buy a product, service, property, or any other commodity, you will need currency in the metaverse for financial transactions. This is where metaverse crypto comes into the picture.
If you are a metaverse aficionado and wonder what metaverse cryptocurrency is, this post is for you. You are going to learn about the crypto coins in the metaverse, their use, and how you can buy metaverse cryptocurrency. So, let’s get started.
What is Metaverse Crypto?
Metaverse cryptos, also known as metaverse crypto tokens or crypto coins, are the digital currency of the virtual world. You can also think of metaverse crypto coins as the digital assets you will be able to use natively within your selected metaverse.
The Crypto coins used in the metaverse are blockchain-based, and you will need the coins just like real money for buying assets and commodities. Blockchain technology is vital to ensure the building of a decentralized metaverse.
However, more importantly, blockchain helps value transfer. This is because of the user’s need for coins to build and establish an economy in the virtual world. You can create metaverse crypto coins on various established blockchain networks.
For instance, Ethereum is the world’s second most popular and most commonly used blockchain in the creation of the metaverse. However, it is not necessarily the only blockchain on which you can build a metaverse.
In fact, you can find many metaverses created on other standalone blockchains custom-built by companies and individuals to support their specific version of the virtual verse.
4 Uses of Metaverse Crypto
You can design and use metaverse cryptocurrency for myriad purposes in a virtual ecosystem. However, here are the four uses that are most worth mentioning.
- It enables value transfer.
- It empowers governance of the assets in the most authenticated manner
- It guarantees ownership with 0% discrepancies and enables ownership authentication
- It can enable other customized functionalities in the associated metaverse
Best Crypto Coins to Buy
If you are wondering which crypto coins to buy in 2023, here are five of the most popular cryptocurrencies for the metaverse that you must look into.
- APE – ApeCoin
- AXS – Axie Infinity Shards
- ENJ – Enjin Coin
- MANA – Decentraland
- SAND – The Sandbox
How to Buy Metaverse Cryptocurrency?
Buying metaverse crypto coins is not rocket science. However, if you want to learn how to purchase cryptocurrency for the metaverse, you will need to follow four simple steps. However, you have to remember that the steps may vary based on the assets you wish to acquire.
Step #1 – Selecting Your Crypto Trading Platform
There is a wide range of crypto trading platforms offering services in the market. However, you must always stick to the most popular ones. You can gauge the best crypto trading platforms based on their trading volume reports, ease of use, and assets supported.
Here are the top five crypto trading platforms to purchase metaverse crypto from:
- Binance
- Coinbase
- FTXGlobal
- Kraken
- KuCoin
Select the platform and create your crypto trading account.
Step #2 – Funding Your Trading Account
After opening your crypto trading account on one of the aforementioned platforms, the next step will be to add funds to it. For this, you will have to transfer your traditional currency or cryptocurrency assets (if you have any) to the newly opened account.
Some platforms may even allow you to trade your fiat-crypto coins for another form of cryptocurrency, including Ethereum. On the other hand, some may allow you to use traditional currency such as USD to buy crypto coins and add them to your trading account.
Step #3 – Trading
You will have to identify the trading pair. After that, you carry out the trade and convert your fiat into the cryptocurrency you need. You can even convert your current cryptocurrency by exchanging it for the crypto coins you need and then buy the desired assets.
Step #4 – Transferring Your Metaverse Crypto to an External Wallet
Most of the metaverse platforms you come across will come with a requirement for you to hold the native coins supported by the wallet. The supported native coins on most platforms are Ethereum-based.
However, suppose you wish to participate in an independent metaverse built on non-leading blockchain technology. In that case, you will have to buy and transfer the relevant coins and transfer them to the cryptocurrency wallets.
The Takeaway
The best part about the metaverse is that it has limitless opportunities for users, businesses, and brands to explore entire virtual worlds for benefits. You can be anyone anywhere in the world and join the digital world and start contributing to building a diverse virtual ecosystem.
Anyone can build a metaverse and entice the users to join and interact within this virtual world. This is one reason why the metaverse is gaining so much popularity. Furthermore, it has also accelerated the momentum of the public’s interest in blockchain technology.
The virtual universes created using this technology present an exciting opening for businesses to reap the benefits. Some of the benefits include global earning opportunities as the entire metaverse becomes your market.
Although in its infancy, the metaverse is going to be the next big thing of the future. Whether a tech investor or a business, learning about metaverse, blockchain technology, and metaverse crypto will give you an early-bird competitive edge over other players in your niche. So, keep your ear to the ground, follow the trends to make the right decision, and buy the right metaverse crypto depending on your metaverse of choice.
