What cryptocurrency will be used in the metaverse?

A Crypto Guide to the Metaverse
The metaverse isn’t just a sci-fi term anymore. Technology rarely comes out of nowhere; rather, it usually evolves from existing technologies. These three things — the Internet, smartphones, and digital clouds — came into existence before they were actually invented, thanks to science fiction. “The next big thing” of the digital era is coming soon, and it could potentially change every day life forever. It’s called the Metaverse. Metaverse refers to an immersive 3D environment where people interact through avatars (virtual representations) rather than physical bodies. It has similar tendencies in forms you might already know, such as in popular online games like Roblox and Fortnite. The term was first used in a science fiction novel by Neal Stephenson’s in 1992. The novel “Snow Crash,” follows a pair of delivery drivers who travel the metaverse to save themselves from a capitalist dystopia.

Many futurists believe that the metaverse will be composed of multiple interconnected spaces, including both physical and digital realms; they will function as an integrated whole where people can interact seamlessly across these two domains; and they will allow users to move freely between them without having to worry about losing anything (e.g., items bought from online stores).

Immutable, verifiable ownership of digital assets and currencies will be an important part of the Metaverse. With no limits to its size or creativity, users will be free to travel through an online world populated by thousands or even millions of others.

The metaverse matters
Even though the Metaverse may not live up to its full potential, it could fundamentally change our interaction with the digital world. A collective virtual experience has the potential to change both the creator economy and blockchain technology itself.

The Metaverse World Could Become Its Own Trillion Dollar Industry For entertainment, shopping, and sometimes even work. It isn’t being described as an “extension” of the Internet; rather, it’s being described as a successor. It’s being developed by blockchain technology and distributed ledger systems.

Venture capitalist and writer Matthew Ball believes that the metaverse will become “the gateway to most digital experiences, a key component of all physical ones, and the next great labor platform.” Leading to the fall of incumbent industry leaders, as we saw with the rise of other digital platforms and create a new generation of companies, similar to what happened with the popularization of the internet.

Crypto in the metaverse
Behind the scene of the metaverse will be a demand to deliver financial services, permission less identity verification and high-speed exchange. Data storage and service will need to be offered to millions if not billions of people. The technology of cryptocurrency is the answer to these problems.

Companies like Decentraland and The Sandbox are developing virtual worlds where players can create their own 3D environments using blockchain technology. These games allow people to earn cryptocurrency by creating content for these digital spaces. Decentraland’s currency is called MANA, and is available to purchase on many exchanges like 5995 Exchange. There are casinos in Decentraland where you can gamble in MANA, and dealers show up for work to be paid in MANA.

NFTs (Non Fungible Tokens) will be used for creating digital assets within the Metaverse. They’ll give players full control over these assets, including things they’ve earned through gameplay. A virtual property called “The Palace” was just purchased by an anonymous buyer for nearly $1 million. It’s one of the most expensive purchases ever made using blockchain technology.

Eventually, there will be an open marketplace for buying and selling virtual goods across multiple game platforms. So someone could sell their virtual plot of land in Decentraland and then use the funds to purchase skins in Fortnite, for example. With cryptocurrencies becoming the sole legal tender for use within the Metaverse, all virtual objects and intangibles would be represented by nonfungible tokens (NFTs).

“I think people are truly blown away by the amount of money that players spend in digital assets. Hundreds, thousands, and probably millions of dollars spent on digital assets,” said Arthur Madrid, CEO and co-founder of The Sandbox. “I think making those assets NFTs, building an NFT economy, is going to add a new layer on top of the existing digital economy.”

It’s impossible to know exactly what the Metaverse will be like, but we’re certain that cryptocurrency will play an important role in its development. With developments like VR and social media platforms like Facebook entering into the crypto space, advances in blockchain tech and cryptocurrencies will be more important than ever before for shaping the Metaverse’s future.

Tokens for the Metaverse

Axie Infinity AXS
One of the most promising cryptocurrency projects for 2020/2021 is called Axie Infinity. So far this year, it has gained an incredible 24,000%. Inspired by its success, there are now dozens of similar games available. Players raise and compete with Axies, cute and unique avatars, which they can also sell in the marketplace.

Axie is a play-to-earn game, meaning that you earn crypto rewards inside the game that have real value outside the game. This aspect of the metaverse that has caught people’s attention, especially during the pandemic. Some people found these in-game rewards helped them cover their COVID-related economic losses.

Decentraland MANA
Decentraland is a virtual reality platform that you can visit today. No need for an expensive headset to explore, just an internet browser. You don’t need cryptocurrency either — you can just enter as a guest and visit this virtual world.

You can buy and sell real estate in Decentraland using MANA tokens. Inside the game there are tools players can use to create their own space and art. They’ve created everything from medieval dungeons to casino games and bars. There are also regular social gatherings, including parties, poker tournaments, and exhibitions. Earlier last month, Decentralands held their first ever multi-day musical event, featuring artists including deadmau5 and Paris Hilton.

Sandbox SAND
Similar to Decentraland, sandbox allows players to purchase land where they can create their own content and experience. It hasn’t been released to the general public yet however. There’s more customization in Sandbox, and a bigger focus on NFT creation than in Decentraland. You can create your own games and collectibles (NFTs), which can then be played by others or traded for other items. Sandbox has recently signed several new partners, including OpenSea, SnoopDogg, and The WalkingDead. It has also just raised $93 million from investors including Accel Partners, General Catalyst, Greylock Capital Partners.

Enjin Coin ENJ
Enjin is a digital platform that lets people create and manage their own NFTs. It is integrated with several different gaming platforms and allows players to use items across multiple games, or sell it in various marketplaces. Before NFTs, if you bought an item in one specific game and that game folded or you stopped playing, the item was lost. Now, you own the item no matter what happens in the game.
These one of a kind digital assets live on the blockchain and are a huge part of the reason for the explosion in popularity of games like Axie and virtual worlds like Decentraland and Sandbox.

Render is a platform for creating 3D and augmented reality content. It allows you to create without spending lots of money.
Virtual worlds and AR apps didn’t become billion dollar businesses.
Metaverse tokens are risky investments.
Don’t invest more than you can lose.
Many new cryptocurrencies are being created every day. Some of these tokens are built upon other existing blockchain platforms.

Render Token RNDR
Another aspect of the metaverse are the companies that create all those 3D and augmented reality visuals. This is where Render comes in. Its decentralized infrastructure utilizes otherwise unused computer processing power to render digital content.

Meaning digital creators don’t need to spend as much money on expensive computing equipment, and network participants get to earn rewards. It’s scalable, environmentally friendly, and enables people to create cost-effective 3D content.

In conclusion
It’s easy to get caught up in the hype and start buying metaverse tokens because their prices have risen in the last year but cryptocurrencies are still high-risk investments and it’s not a good idea to invest more than you can afford to lose. Especially when it comes to trending coins as the price may have been pushed up by speculators.

One final thought, many of these tokens are built on the Ethereum (ETH) and Solana (SOL) ecosystems. As metaverses expand , so will their ecosystems. A safer route might be to instead own these more established (and lower risk) tokens. But it all depends on your risk tolence and personal investment strategy.