Cryptocurrency, Games

Which Crypto Coin is Used in The Metaverse?


Mohit Kamboj

Forget about crypto, the metaverse is here, and it’s the future of decentralized finance (DeFi).

Well, that may be something of an overstatement because the truth is that crypto coins still have a significant role to play in the metaverse.

For starters, cryptos such as Bitcoin and Ethereum are more established than their metaverse counterparts. Due to this, some metaverse tokens can be exchanged with actual cryptocurrencies. You can read more about that here:

However, while cryptocurrencies can be used for various reasons, the metaverse is regarded as the next evolutionary step for the internet. With cryptos becoming increasingly mainstream, the chances are good that cryptocurrencies will either adapt to this new frontier or be shunted aside for these metaverse tokens.

If you’re looking to get into the metaverse, why not check out our selection of the best crypto coins for the metaverse.

Ethereum – ETH

The second most popular cryptocurrency after Bitcoin, Ethereum, is the driving force behind most blockchain innovations we see nowadays. Commonly seen as the thinking man’s crypto, Ethereum smart contracts, and decentralized apps a possibility.

Still, all of that places in comparison to NFTs or non-fungible tokens which allows us to tokenize unique digital assets. From art to music and anything in between, NFTs have forced us to rethink the concept of digital ownership.

And because the Ethereum blockchain forms the basis of most metaverse coins and games, it’s one of the best crypto coins to have on you when you’re delving into the metaverse. Most metaverse games and platforms offer support for Ethereum, meaning that you won’t have to bother about using its native tokens.

Decentraland – MANA

MANA is the token used in the metaverse game; Decentraland. Built on the Ethereum blockchain, MANA currently has the highest market capitalization amongst all other metaverse tokens. With MANA, players can purchase NFTs in Decentraland, which comes in LAND (virtual real estate), and custom accessories and clothing for in-game avatars.

Real estate speculation in games like Decentraland has grown to an extent where parcels of virtual land can cost as much as an actual house. Powering all these transactions is MANA, the game’s main currency.

Due to this, interest in metaverse tokens like MANA has grown significantly, with mainstream crypto exchanges such as Binance and Coinbase listing the token on their sites. Many punters see these tokens as the next crypto rush.

Axie Infinity Shards – AXS

Axie Infinity Shards are another popular metaverse token found on the marketplace. Also known as AXS, these tokens are the primary medium of exchange in Axie Infinity – a PVP/PVE action-adventure game.

Players are rewarded with AXS for playing the game and can use these tokens to purchase NFTs at the marketplace. AXS tokens have become so popular recently as they are part of the “Play-to Earn” model, a concept where players can earn money just by playing a game.

AXS prices have been known to fluctuate wildly thanks to the game’s popularity and flourishing economy. NFTs minted in the Axie Infinity have been known to reach six-figure valuations, with some players relying on the game to generate income.

Some Considerations

As can be seen, crypto coins and metaverse tokens are likely set to be the next logical step forward for a tech-savvy society. However, there are still plenty of issues when it comes to relying on a currency that is wholly decentralized and unregulated.

Besides the typical security issues, there’s also the question of volatility. Given how prices can fluctuate randomly without any warning, it takes a brave investor to navigate these troubled waters.

Hence if you intend to experiment with the metaverse, it’s always best to do your own research and practice extreme care.