The buzz around cryptocurrencies has been steadily climbing for the last couple of years, we hear it about in our social media feeds, there’s daily speculation in the media and no doubt crypto and the metaverse have found their way into your conversations at work and home.
However, despite the massive attention that crypto and the metaverse are getting, there’s still a lot of misinformation or uncertainty about it all. This is in part because it is a complex topic to break down for the masses or people without some knowledge of digital currencies and how they work.
Before we jump into the best metaverse cryptos for 2022, we’ll recap on what these terms mean and how it works.
What is the metaverse?
The metaverse is a digital playground where people like you and us can live out fantastical experiences far beyond what is possible in our physical world using VR (virtual reality) and AR (augmented reality). Imagine saying that to someone fifty years ago!
Many of the metaverse experiences are gamified, so players earn in-game tokens (cryptocurrency) to make purchases or complete in-game activities. But what began as essentially a gaming platform where people could interact and compete with each other has evolved into something much more.
We now see major brands investing in the metaverse and buying ‘digital land’ to advertise their products and services. Think how vendors would compete for a prime location in Times Square to show off their latest product, the same logic is creeping into the digital world now too. Companies are investing huge amounts of capital to buy up virtual land, build property and attract digital communities.
If we think about how this concept will grow and evolve further, we can see the metaverse becoming not only a place for social interaction, escapism or e-commerce but you’ll be able to visit your physician there, find an electrician, take a virtual tour of a hotel; the possibilities are almost limitless!
The key thing about the metaverse though is that no single entity will own it nor will it be governed by a regulatory body. The success of the metaverse rests with the people investing and supporting it.
What is cryptocurrency?
Crypto represents a new form of digital currency that is managed and maintained through a computer network and is decentralised, meaning it has no ties to major banks or governments.
So instead of real-world physical money, we have digital transactions being described and recorded in a public ledger. Where normally a bank would verify a transaction, crypto uses encryption to do this instead. This makes transactions between recipients much more secure as it requires advanced coding to do it.
How does crypto work?
All cryptocurrency transactions are recorded on a public ledger called the blockchain. Crypto is created by a process called mining. Once mined, these units of crypto can be sold, traded or stored in a digital wallet.Cryptocurrency can be spent on a growing list of services and products and is quickly becoming a mainstream form of payment.
10 best metaverse crypto for 2022
Hopefully, you’ve got a better gauge on the metaverse and crypto now as we move on to our list of the 10 best metaverse crypto, here we go!
Decentraland allows users to buy, sell and manage property in their virtual world, called LAND on their mobile device, tablet or computer. The Decentraland platform is powered by Ethereum (one of the most popular cryptocurrencies) where LAND is divided into parcels for users to purchase using MANA, the native crypto token.
MANA can be used to do a number of things such as play games, invest in more real estate, pays for products and services and more. Decentraland also organises some of these LAND parcels into districts. These are shared community spaces where users connect and collaborate on common interests. Like a community within a community, much like the real-world neighbourhoods in our own cities.
Buy MANA tokens here
The Sandbox (SAND)
The Sandbox is a community-driven game powered by the Ethereum blockchain that allows users to buy and sell LAND, play games but also build their own ASSETS which can be sold on the marketplace.
SAND is the native currency and is the basis of all transactions within The Sandbox, this can be earned through playing games within the platform where it can be spent on building houses, creating more assets, purchasing more LAND etc. Recently, gaming goliath Atari and film studio Lionsgate invested in The Sandbox to help solidify its position as one of the best metaverse cryptos.
Buy SAND here
In this metaverse gaming environment, Enjin allows users to ‘mint’, sell and store virtual assets. You receive ENJ, the crypto token for Enjin, through selling your digital assets (NFTs) which are then spent on upgrades, enhancements and general progression through the games.
Enjin is also powered by Ethereum for a decentralised experience, users can store their ENJ currency in the platform’s wallet to be traded, access items, connect to games and sell digital assets.
Buy ENJ here
Axie Infinity (AXS)
Axie Infinity is a play-to-earn game sort of like Pokemon, where users collect fierce little creatures called Axies to do battle with and earn AXS, the platform’s crypto token. You can build kingdoms, treasure hunt and complete quests to earn more AXS. As of now, there are a reported 2,800,000 active players which shows just how strong the metaverse community can be!
Powered by Ethereum, it’s safe and secure as you earn more creatures which serve as NFTs to be sold and purchased outside of the platform. Axie Infinity has some major brand names attached to it too, such as Samsung, Ubisoft and Binance.
Learn more about earning AXS here
Star Atlas (ATLAS)
Star Atlas offers a sprawling sci-fi metaverse epic where players can explore the deep caverns of the universe as they join factions, fight for territory and influence political gain. Powered by Solana, a less expensive and more scalable version of Ethereum, players earn ATLAS tokens through gameplay which can be spent on in-game items in the marketplace such as crew, ships and equipment.
The other interesting thing about Star Atlas is that payers will need another one of the game’s unique tokens, POLIS, to manage their communities and vote for governance changes within the game.
Find out more about Star Atlas here
Illuvium is an open-world metaverse exploration game where players collect NFT creatures, called Illuvials, to battle with across 7 alien landscapes. Illuvials and other items are kept, upgraded or stored in your wallet. These NFTs can be traded or sold on the game’s decentralised exchange or through third-party platforms.
In this play-to-earn game, you obtain ILV tokens powered by the Ethereum blockchain through gameplay. Expect to complete quests, perform special tasks and go head-to-head in tournaments. Players can also buy metaverse land using ILV tokens and enter the PVP battle system where players can wager on matches to earn.
Find out more about Illuvium here
Highstreet is the metaverse retail therapy you've been searching for!In this virtual world, players explore the continent of Solera as they play to earn by defeating monsters and fulfilling quests.
Completing tasks earns you HIGH, the game’s native tokens which can be used to vote on governance and make digital purchases but with a difference; Highstreet allows players to purchase what they call “phygital” products. So you can get a swanky new piece of gear for your in-game avatar AND your real-life self in the outside world too.
Shopify stores are already integrating into Highstreet so you can expect to find name-brand retailers around the virtual corner. Highstreet also offers an NFT marketplace to sell and buy collectables.
Check out Highstreet here
Alien Worlds (TLM)
Alien Worlds is a blockchain-based and DeFi metaverse game where players compete for scarce resources against the community. Players can earn NFTs that can be used to mine the game’s cryptocurrency, TLM, vote on governance, purchase and upgrade items, participate in quests and take on activities within the metaverse.
Players will need to have a WAX wallet however the metaverse game does support cross-chain access between WAX, Ethereum and BSC.
Find out more about Alien Worlds here
Gala Games (GALA)
Gala Games wants to “make block-chain games you’ll actually want to play.” The Gala network is made up of players and player-owned Gala Nodes, which are hosted by the user's home computer. Both players and nodes are rewarded with GALA tokens, the native currency, which can be used to purchase NFTs and vote on governance.
This decentralised ecosystem is built around the idea of giving more control to the players. They can earn and keep their in-game items and have a say in how new games are developed for the metaverse platform. Gala Games is free-to-play making it very appealing to new players and is hosted on the Ethereum network for a safe and secure experience.
Find out more about Gala Games here
Flow Blockchain (FLOW)
Flow is a decentralised and develop-friendly blockchain designed to empower a new generation of games, apps and digital assets. It supports developers to build crypto and crypto-enabled businesses.
What separates Flow from other blockchains is the multi-role architecture that is designed to scale without sharding (when a company's network is split to process more transactions) enabling greatly improved speeds and throughput. The native token is FLOW, which is used to support the platform and the games that are built within it.
Find out more about Flow here
Metaverse and crypto - a match made in pixels
The metaverse is an undeniably exciting concept that is growing stronger each year. More and more businesses are seeking to invest resources as they attempt to build a digital universe where people can explore their inhibitions.
NFTs and cryptocurrencies are the fuel that keeps the metaverse spinning. The idea of owning digital assets like items or land to be sold and traded for decentralised currency is, on one hand, a mind-blowing concept, but on the other, a clear indicator of where we are headed as people demand more control over consumerism.
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