As the year approaches its end, Metaverse investors are getting prepared to invest in the top choice of Metaverse. Metaverse usually refers to the virtual universe. It started gaining popularity since Facebook rebranded itself as Meta.
Metaverse covers the various aspects of social media, digital currencies, virtual reality, augmented reality, and online gaming. Some particular types of crypto tokens can be spent on Metaverse only. In other words, these coins are tied and can be brought through the in-game store of the virtual universe.
You also get other tokens on exchange platforms like Gemini, BlockFi, etc. However, you need to have immense knowledge about Metaverse and the top-rated metaverse coins to start you’re a-game. Read through the page to know more about Metaverse and how to buy its coins.
What is Metaverse?
Metaverse sprung as an idea for the first time as a fertile imagination of Neal Stephenson. He talked about Metaverse in his novel, Snow Crash. He describes it as a shared digital space for users to enable virtual reality space and fiber optics networks.
According to his Metaverse, it contains virtual versions of each day, ordinary spaces, parks, buildings, and wild spaces that do not apply the law of physics. The rules in this universe are limited to one’s imagination only.
In the true sense, metaverse ETP is a cryptocurrency allowing users to make different transactions. The users make their transactions using the ETP symbol. ETP utilizes the Ethash algorithm for mining new coins. Founded in 2017, Metaverse ETP can be purchased on different trading platforms for any primary type of cryptocurrency.
The types of cryptocurrencies include BTC, ETH, XRP, or fiat currency like USD, Canadian Dollar, and Euro.
How to Buy Metaverse ETP
Most metaverse ETP buyers use it with Bitcoin (BTC) or Ethereum (ETH). If you plan to buy Metaverse coins, bear in mind that you cannot buy them directly. However, you can use different cryptocurrency exchange platforms used to purchase BTC or ETH to buy ETP in such cases.
For buying Metaverse ETP, perform the following steps.
- Sign up on a trading platform.
- Verify your account.
- Fund your respective account using Euro, Canadian Dollar, or any other fiat currency.
- Use the same fiat currency to purchase Bitcoin or Ethereum.
- Withdraw your BTC or ETH from your wallet or an altcoin exchange to enable the purchase of ETP.
Bitcoin and Ethereum are the most popularly accepted cryptocurrencies in the world. Therefore, it is highly likely to make things easier by using BTC and ETH to but Metaverse ETP. Finally, you get to use your fiat currency to trade your cryptocurrency and purchase the Metaverse ETP.
How to Sell Metaverse ETP
You can use the same fiat currency you used to buy the ETP to sell the same.
- Sign in to the exchange platform with the digital wallet that has your ETP stored.
- Place an order to sell your ETP.
- Select the amount of ETP to sell.
- Complete the transaction by confirming the selling price and fees and closing the deal.
What to Consider When Buying Metaverse ETP
Purchasing cryptocurrency can be a tricky pursuit. However, you can mitigate such risks with the correct set of precautions.
- Don’t buy coins without research: Spend valuable time learning about the coin before investing in it. Learn about the prices of the coins as they keep spiking every now and then without any particular reason.
- Get more details about the founders and developers of the coins: Anonymity in terms of metaverse ETP is a red flag. Therefore, if you are clueless about the coin’s creator to invest in, you might as well drop the choice and go for other cryptocurrencies.
- Stick with the reputable exchanges: Unless you are a veteran at exchanging cryptocurrencies, it is highly recommended that you stick to the reputable crypto exchanges. This lessens the probability of losing your invested money significantly. Ideally, store your crypto on a hardware wallet rather than an exchange.
Top 3 Metaverse Coins to Invest In
While you hunt the market for the ideal choices of Metaverse ETP to invest in, be mindful of the top placeholders of the list. Here are the top 3 metaverse coins currently competing and occupying foremost places in the market.
Axie Infinity (AXS)
Axie Infinity is one of the largest cryptocurrencies in the world today. Its market cap prices top at $7.8 billion with 60.9 tokens in circulation. This Metaverse ETP is built on the Ethereum blockchain. Axie Infinity (AXS) is practically a battling game.
It was inspired by the digital pets of the Japanese old-school video games called Pokemon and Tamagotchi. Players are enabled with the chances of creating, trading, and battling with other creatures called Axies.
These Axies are non-fungible tokens (NFTs). The Axies in these games is featured with more than 500 body parts. Additionally, these Axies can breed seven times, with fellow Axies generating new offspring. Furthermore, these offspring can be sold in the game.
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The governing token in the game is called Axie Infinity Shards and is used in the Axie Infinity platform. Players have different opportunities to earn their tokens. They can breed Axies, compete in various matches, win tournaments, and win tokens. AXS tokens determine the usability of the community funds.
AXS has been winning among cryptocurrencies in the last few months, shooting as high as 29,700%. However, you should check the current status of such Metaverse ETP before investing.
Decentraland (MANA)
Decentraland comes after Axie Infinity among the toppers’ list of the most popular cryptocurrencies. It has accounted for over 1.8 billion tokens in circulation with a market cap of $7.2 billion. Like AXS, Decentraland (MANA) is a virtual reality forum built on the Ethereum blockchain.
The virtual world inside MANA is its Metaverse. This Metaverse is divided into 90,601 parcels of land containing NFTs. Users are enabled to develop their parcels and monetize them at their convenience.
MANA is the native cryptocurrency for Decentraland. Users can use MANA to purchase land parcels, wearables, avatars, and more products from the marketplace. Over the last few months, MANA prices have increased by 175%.
Additionally, Decentraland also includes native support for the Matic network. It allows the transactions at a lower fee. They even organized the first multi-day music festival featuring artists like Paris Hilton and Deadmau5.
The Sandbox (SAND)
The Sandbox has backed up immense support to be one of the most popularly anticipated Metaverse tokens in the market. With its alpha release, the Sandbox (SAND) has become an excellent pick for potential investors of Metaverse ETP.
SAND is similar to MANA. However, the universe of SAND is much more gamified. Some prefer The Sandbox, the Fortnite version of Decentraland. The Sandbox is a fully developed virtual gaming world that enables the players to earn tokens by completing activities in the virtual platform.
In other words, it is a play-to-earn model. In this virtual world, the players complete various quests and use the earned SAND tokens to buy land and other objects. Since the hike in Metaverse, MANA has also seen a dominating trajectory. You can purchase MANA from exchange platforms like Crypto.com, Binance, BlockFi, Gemini, etc.
Is Crypto the Key to the Metaverse?
Crypto and NFTs are the keys to the world of virtual reality of Metaverse. Using NFTs, you can access digital assets like business, digital clothing, virtual homes, digital art, avatar, or other virtual items. The Metaverse blockchain secures your NFTs and protects your digital property from hacks or duplicates.
Metaverse is well established with blockchain technology. However, it is evolving. This only implies that it has not yet transformed into its virtual form. Although more and more rumors are hyping up the market about the probable outcomes, there is much more uncertainty revolving around the value of the NFTs.
Nevertheless, most potential non-fungible tokens have proven their worth and growth. This is why people continue to invest in these platforms as they see their opportunities. Additionally, Metaverse can unlock various possibilities.
The absolute commitment, however, lies upon the user. You can earn profits from digital assets by monetizing the digital crafts and tokenizing them into play-to-earn games. This way, users can invest and trade without involving real money and instead, using NFTs.
The users can even create a virtual reality and improve over the various aspects. Nevertheless, it all depends upon the nature of the metaverse blockchain.
AXS and SAND Decline as Meta Reports $10 Billion Loss
Metaverse-related tokens have taken a big hit in the starting days of February as Meta (formerly called Facebook) reported a $10 billion loss on its augmented and virtual reality division.
Coins Affected
Tokens of blockchain-based games Axis Infinity (AXS), The Sandbox (SAND), and Gala (GALA) have gone down by 12% since the night of February 2nd. The price drop was paired with dwindling user activity on Axis infinity, partly connected with the game’s SLP tokens.
As SLP prices dip, players continue to suffer because of the loss in the winning margins. At its peak, the players could have earned as much as $21 per day compared to $1 currently. This massive drop in income has taken many players away from the game.
Price charts for GALA and SAND have shown similar trends. The value of SAND dropped 50 cents once Meta revealed its earnings, amounting to as much as a 10% drop in the 24 hours on February 3rd.
On the other hand, GALA dipped from $0.18 to $0.20 in the same period. However, a small silver lining came in when both tokens gained slightly in the Asian market hours on February 4th, coupled with a recovery in the overall crypto market.
Repurucutions
This whole update takes nothing away from the popularity that the metaverse concept has been gaining. The scope for such a possibility is immense. However, such recent news might seem like an eye-opener.
As metaverse continues to create a place for itself in the crypto market, virtual reality divisions such as Meta Reality Labs continue to pile on the losses.
Endnotes
The online digital space enables people to shop and invest in the stock market and real estate. What is the payment mode they use? Metaverse is the virtual world allowing the users to earn tokens and invest them in exchange for real money in various exchange platforms that you read through on this page.
Additionally, metaverse tokens help make digital transactions easier within the Metaverse. Although some metaverse tokens are tied to the play-to-earn games you invest in, you have other platforms that allow you to make other exchanges possible.
AXS, MANA, or SAND are the top three metaverse coins currently occupying the top positions in the cryptocurrency market. However, ensure to do your research before you choose to invest.
