Metaverse coins are all the hype right now, and for those new to the cryptocurrency space, it might be confusing as to what crypto Metaverse coins exactly are. Each type of Metaverse coin offers unique aspects to the virtual ecosystem. This article lists three kinds of Metaverse cryptocurrencies that you will find on the market.
Play-to-earn Crypto Metaverse Games
The first and most abundant type of Metaverse coins you will find in crypto are play-to-earn blockchain-based games that feature relatively basic virtual platforms.
There are various platforms that these play-to-earn games use. Some of the most popular ones include Binance Smart Chain, WAX, Polygon, Solana, and more.
The most popular play-to-earn crypto Metaverse game is Alien Worlds, surpassing over 1.4 million users over the past month. Players can purchase NFTs and use them to mine Trillium, which has real-world value.
These projects are considered Metaverse coins because they offer a virtual blockchain-based environment that allows for some basic interaction. At the same time, these games don’t compare to full-fledged 3D games like Fortnite, Call of Duty, etc. They offer a simple browser-based application that’s still considered a Metaverse experience.
3D Virtual Metaverses
The second type of Metaverse coins are actual 3D experiences that allow players to explore a virtual universe similar to Minecraft, Roblox, and even Fortnite.
Due to the increased complexity of such an application, there aren’t many such projects on the market. The two main 3D virtual metaverses right now are Decentraland and The Sandbox, both of which have multi-billion dollar valuations.
The main difference between Decentraland and The Sandbox is that Decentraland is a browser-based application. In contrast, The Sandbox is a downloadable game that needs to be installed on your PC.
In addition, both Decentraland and The Sandbox act as platforms for play-to-earn games that will be built in those universes. Think of it like Bitcoin, which is only a cryptocurrency, but Ethereum is also a platform for other cryptocurrencies (ERC-20 tokens). Similarly, play-to-earn Metaverse games are just that, basic idle & click games, while 3D Metaverses offer a virtual universe where users can deploy these play-to-earn games.
Last but not least, we have various Metaverse platforms. Those include the blockchains that the 3D Metaverses are built on. The most popular one would be Ethereum, but other Metaverse platforms have been making waves in the market. These include WAX, Solana, IoTeX, BSC, and more.
Ethereum is the most known and reliable platform since it’s been on the market the longest. WAX is great because it was built from the ground up with Metaverse gaming in mind; transaction fees are replaced with CPU & RAM power which can be acquired by staking WAX token.
Solana is another great platform that’s looking to compete with Ethereum. Their ecosystem is incredibly well designed, with some amazing applications on the platform. Solana has an extremely popular NFT marketplace called Solsea, an excellent alternative to OpenSea for those who don’t like paying Ethereum’s high gas fees.
Another platform worth mentioning is IoTeX, which includes a fully functional Web3 mobile app called IoPay, which users can currently use and explore their ecosystem.
2022 will be an excellent year for further Metaverse application development. Currently, Decentraland and The Sandbox are the only “true” Metaverses, and even they don’t support VR tech at this time.
We still have a long way to go in creating immersive Metaverse applications, but we can expect some revolutionary experiences launched next year at the speed crypto is moving.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.