Blockchain, cryptocurrency, and web 3.0 are three common terms mentioned when speaking about the metaverse. For most tech investors and developers, the crypto and metaverse are inseparable, whereas Web 3.0 will be the future of the decentralized internet.
While the metaverse is the 3D immersive virtual world, crypto will be the currency that will build the virtual economy of this digital universe. If you want to learn about metaverse crypto, this post is for you.
Blockchain-Powered Metaverse Crypto
Blockchain lies at the heart of the metaverse and cryptocurrency. While Bitcoin is the very first and most successful crypto coin, the metaverse is mostly Ethereum-based. Speaking of blockchain, it is a digital public ledger that records users’ transactional data.
Financial transactions using blockchain technology are peer-to-peer (P2P). Furthermore, it removes third parties and intermediaries such as brokers, agents, and banks. Hence, blockchain-based metaverse crypto transactions will give metaverse users complete control over their money and reduce the time and cost associated with a financial transaction on a global scale.
Shopping in the Metaverse
Metaverse is not a single entity; you can explore numerous 3D immersive worlds and universes in existence already. These include 3D metaverse games where you can interact with other players in real time. You can build a 3D blockchain as well as crypto-based games and develop them into a full-fledged economy and integrate them into any metaverse of your choice.
Most metaverse games will allow players to shop and buy digital items and accessories using crypto coins. This is a common practice for most avid gamers in the digital world. As a player, you can purchase accessories and outfits to customize your avatars or improve your performance.
The idea of metaverse shopping has various other real-world applications as well. For instance, you can shop for clothing in a brand’s virtual shop in the metaverse and receive the delivery at your doorstep. Similarly, you can also visit a virtual cinema in a metaverse. Pay for the ticket and watch a newly released film via your VR headset.
The applications are endless, from purchasing clothes to groceries to buying furniture for remodeling your home, you can indulge in metaverse shopping. All you will need is enough metaverse crypto in your digital wallet to pay for the desired products and/or services.
Metaverse Crypto and NFTs
The rise of the metaverse has opened the gateway of opportunities for not just gamers but also e-commerce businesses. This digital universe will also allow brands and consumers to interact in real time.
Metaverse will allow businesses to boost their operations, customer service, and other peer-to-peer interactions. For instance, you will be able to settle the funds instantly without any deductions. The best part is that shopping in metaverse will give you 100% ownership of the digital items you purchase.
This is where non-fungible tokens (NFTs) come into the picture. An NFT can be an asset, item, or accessory, including artwork, books, game accessories, music, land, property, etc. Many famous brands have already stepped into the metaverse arena.
For example, Nike has announced opening its first metaverse store to sell digital versions or NFTs of its most popular sneakers. Users will be able to dress their avatars in unique outfits, shoes, and accessories bought as NFTs.
Metaverse is more than just a video game. It can be a realm to cater to any concept for existing brands, businesses, and future start-ups. If you wish to be a part of the metaverse, you will have to learn how to make money in the metaverse and how to invest in NFTs.
Top 3 Metaverse Crypto Platforms
Are you wondering which platforms offer the best Crypto coins for the metaverse? Here are the three popular platforms that you can use.
1. Decentraland
Do you wish to experience the metaverse today? Decentraland is an Ethereum-based metaverse and the metaverse crypto used in this digital world is known as MANA. As a participant of Decentraland, you can use MANA as a native cryptocurrency to buy assets and NFTs for virtual land, develop virtual games, and more.
Furthermore, you will also be able to design an avatar to virtual represent you in the metaverse and buy digital accessories. Decentraland’s Decentralized Autonomous Organization (DAO) controls this metaverse.
If you are an owner of a virtual property or MANA in the Decentraland metaverse, you will be able to participate in DAO. This will give you the power to vote for new developments and initiatives.
2. The Sandbox
Did you know that even users can create their own version of the metaverse? The Sandbox is a classic example of a user-created virtual world, and the cryptocurrency used in this metaverse is known as SAND. As a Sandbox user, you can use SAND crypto coins to create, buy and sell digital items, assets and content.
Think of SAND crypto as an in-game token that will be your currency built on the Ethereum blockchain network. You can purchase and sell these tokens on various cryptocurrency exchanges. You can use SAND to buy buildings, virtual lands, NFTs, and other accessories.
3. Axie Infinity
Axie Infinity is another Ethereum-based metaverse with its own crypto coins known as AXS. In this metaverse, you can train your fantasy monsters known as Axis. The gameplay allows you to compete with the monsters of other teams.
Axie Infinity is a metaverse game that works on the play-to-earn philosophy. This means that you will be able to earn an AXS token when playing this game. You can use the tokens you earn to spend on other Axis available as NFTs.
You can also train existing Axis and improve their skills and traits. Axie Infinity also plans to launch a virtual land soon. This can be an excellent opportunity for real estate investors looking to find their feet in the metaverse world.
The Future Prospects
Since Meta announced the arrival of the metaverse, prices of crypto coins and native tokens have spiked considerably. This has grabbed the attention of many tech investors to buy in now and sell the coins for higher profits in the future after the launch of the metaverse.
However, you have to remember that investing in metaverse cryptocurrencies built on any blockchain can be highly speculative. Cryptocurrency is a volatile market; hence you will have to keep your ear to the ground and watch out for those wild price swings.
The tokens and Crypto coins used in the digital world are not just a business opportunity to generate revenue or boost profits. They are also a version of digital currency that you can use to buy and participate in the metaverse of your choice.
That said, metaverse in its early days comes with a promising prospect for businesses, investors, and users alike. Becoming an owner of some metaverse crypto coins will give you the right to voice your opinion on projects and digital creations on the platform.
Last but not least, always tread lightly and invest after thorough research on the metaverse you choose to be a part of. However, the intertwining of metaverse and cryptocurrencies is the most essential element that will determine your success in years to come.
