Since the reign of the metaverse began, many have asked questions and one of these many questions is what is the metaverse in crypto? Metaverse cryptocurrency coins are used on a metaverse platforms, such as Sandbox or Decentraland. Before taking a deep dive into what is the metaverse, where to get metaverse crypto and how to buy them, let us first take a look at the top metaverse tokens by market capitalization.
Top Metaverse Tokens By Market Capitalization
A token’s market capitalization is calculated by multiplying price times the circulating supply. As we can see, the largest metaverse cryptocurrencies are Decentraland, Sandbox, Theta Network, and Axie Infinity:
What Is The Metaverse?
The metaverse is a network of 3D virtual worlds focused on social interaction. It is often referred to as a hypothetical iteration of the internet as a single, universal virtual world facilitated by the use of virtual reality headsets.
It is also referred to as the technology behind the virtual universe where people can interact, shop, game, buy and trade NFTs, currencies, and much more. It is like a combination of augmented reality, virtual reality, gaming, cryptos, spots, and social media.
What Are Metaverse Coins?
Metaverse coins are cryptocurrencies that are used as money to transact on various platforms, trade, and make purchases. They are the currencies that will power the metaverse.
These coins can be called ‘metaverse coins’, ‘metaverse tokens’, and ‘metaverse crypto’. Like blockchain projects, every metaverse project has a token that is used for carrying out transactions on the platform.
Current Metaverse Projects
There are numerous metaverse projects in existence, and the metaverse coins/tokens are available for purchase. Metaverse projects vary from play-to-earn games, to Non-Fungible Tokens (NFTs) and virtual real estate. The Token Metrics platform is one of the best places to learn about metaverse projects early. You can see early metaverse projects by sorting the Token Metrics Ratings page with the ‘Metaverse’ filter:
Where To Buy Metaverse Crypto
The metaverse concept is deeply rooted in blockchain and crypto, and as such one way of investing in metaverse coins is to buy and hold their tokens. Metaverse cryptos can be purchased from crypto exchanges where they are listed, from the project’s website, and during their Initial Coin Offerings.
Caution When Investing In Metaverse Crypto
Like every other crypto investment, it is advisable to do your own research. Here are some things to consider while investing in a metaverse coin:
A simple check includes how well does the website work, the clickability of the links, and the name of the site in the address bar. Be watchful of projects that are copycats of other commercially successful projects, especially in NFTs, such as Doodles, BAYC, CryptoPunks, and several other clones.
Investors & Partners
The partners a project has goes a long way in telling the kind of project it is. Also, the investors and advisers indicate the promise the project holds.
The ‘whitepaper’ is where you can learn the idea of the project, its vision by the developers, the mechanics, and the relevance of the idea. Here it will be possible to decide — for what prospects and for what purposes should you purchase a token/NFT.
The roadmap is an important part of the project, sometimes included in the whitepaper. Take a retrospective look at the development of the project and correlate what the project has achieved and look at the dates from the roadmap on Medium or Twitter. See what plans the project has and how feasible they are, how their development model correlates with your investment strategy and other time points.
Twitter: The project’s Twitter activity, the content of posts, the ratio of the number of likes, comments, and subscribers, and the age of the account should be checked. A great tool for research and audit — https://www.twitteraudit.com/.
Discord Channel: Go through the project’s channel and look through the general chat. Check how active/inactive the channel is; secondly, how many bots are in chat rooms, and whether they are banned.
Medium, it is also worth evaluating how valuable the articles are, their number, and their necessity.
Telegram should also be checked for the activity of the audience, its volume, the efficiency of admins, and their competence in answering questions.
In general, it is best to look for projects that regularly publish detailed reports on the work done on the company’s website or social networks.
Lastly, check the team members, their experience in such projects, their role and specializations, whether they are involved in the development of other projects, check the LinkedIn profile and general public mentions of their name, and if any member of the team has been associated with a scam project before the current project.
- The metaverse is a hypothetical iteration of the internet as a single, universal virtual world facilitated by the use of virtual reality headsets.
- The largest and most popular metaverse cryptocurrency coins include Decentaland (MANA), The Sandbox (SAND), Theta Network (THETA), and Axie Infinity (AXS).
- Token Metrics is the best platform to learn about quality metaverse projects and coins early.
To learn more about everything crypto, see our Learn section.