What is Metaverse? Top Potential Metaverse Coin Projects 2022

The cryptocurrency market is constantly fluctuating and evolving. Therefore, in recent times, a series of new trends have emerged and attracted the attention of many investors, such as NFTs, Blockchain Games,… and most notably, the Metaverse – a rising trend that is taking the Crypto space by storm. So what are Metaverse projects? How to invest in Metaverse? Which potential Metaverse coins are highly rated? All of these will be covered in today’s article by Finance Solutes

Let’s get started!!!

1. OVERVIEW OF THE METAVERSE ECOSYSTEM – WHAT IS IT?

In the first part of today’s article, let’s explore what the term “Metaverse” means, its characteristics, origins, and its importance in the Crypto Market.

1.1. What is the concept of Metaverse?

The Metaverse is a virtual space created through the Internet and augmented reality tools to provide users with the most immersive experiences possible.

It is presented as a world that exists parallel to the real one. In this world, tools and features provided by developers can remove most barriers to creativity. Therefore, the Metaverse allows users to experience applications and create content similar to the game Second Life or the movie Ready Player One.

The term Metaverse has gradually become more popular since Mark Zuckerberg announced that Facebook was transforming into a Metaverse.

1.2. Metaverse in the Crypto market

In the cryptocurrency market, the Metaverse is applied while still retaining its core technology, combined with the Blockchain platform to expand connectivity with the surrounding world and eliminate geographical barriers between different regions.

Blockchain is considered a suitable environment for developing Metaverse technology due to its decentralization and scalability. This is also an important factor that makes crypto or NFT Gaming projects choose it as their foundational platform.

Moreover, experiencing the Metaverse can bring many new opportunities for both developers and users in the future, such as in-game items, NFTs, and more. In addition, promising Metaverse projects are also helping humans create a parallel world—one that removes all constraints of space and time, aiming toward a new digital industry.

1.3. Origins and Characteristics of Potential Metaverse Projects

Origins of Metaverse Projects

The term Metaverse was first introduced by author Neil Stephenson in his science fiction novel Snow Crash, published in 1992. Stephenson used the term to describe a virtual reality-based successor to the Internet. In Snow Crash, the Metaverse is portrayed as a new world where societal norms, cultural rigidity, and economic constraints could be eliminated—freeing people from darkness. Thus, we can say that the concept of the Metaverse has existed for a long time, even before the Internet era.

Characteristics of Potential Metaverse Coin Projects

During the global Covid-19 pandemic, people tended to rely more on the Internet, and the Metaverse has undoubtedly become a more relevant and highly discussed concept than ever before.

We can highlight some of the key features of Metaverse technology as follows:

• Sustainability: The ability to maintain functionalities and continuously improve over time.
• Openness: This characteristic allows users to connect or disconnect at any time. Moreover, it represents an open space where creativity has no limits.
• Immersive Experience: This feature reflects how authentic the Metaverse feels. It addresses the question of how closely human experiences in the Metaverse can replicate those in real life.
• Economic System: A parallel economy to the real world, where users can easily transfer their assets and introduce groundbreaking innovations within the Metaverse to accumulate and increase their own wealth.

1.4. The Importance of Metaverse Projects in the Future

Currently, with the rapid development of the Internet and smartphones, we are living in a flat world through 2D screens. However, this is not the final goal of technology. The next destination is the Metaverse – where everything can shift from 2D to 3D. This will allow people to freely imagine and experience the Web3 world in the most natural way possible.

A real-life example we are witnessing today is the rise of online classes through methods such as Zoom or livestreaming, etc. However, learning through lectures on a computer screen is still not the most optimal approach. Therefore, many schools are researching ways to integrate virtual reality into online education.

In the Metaverse world, many schools will have fully developed virtual campuses – where students from around the globe can study, interact, and collaborate. This will undoubtedly be an incredible experience in the near future.

With the Metaverse, people can do whatever they want—whether it’s studying, meeting, shopping, and more. The best part is, everything takes place online, and you don’t even need to leave your home.

2. TOP 5 POTENTIAL METAVERSE COIN PROJECTS

Next, let’s explore with Finance Solutes the most promising Metaverse Coin projects that investors may consider joining.

2.1. Potential Metaverse Coin – Axie Infinity (AXS)

Axie has been the center of attention in the cryptocurrency market recently and is also a prominent name that has drawn interest from many investors. It is an NFT Metaverse Game that builds digital pets in a virtual space, combined with VR technology. This allows users to engage in the gaming world, collect pets, and level them up.

Axies (digital pets) exist in the form of NFTs, while the AXS Token is the currency associated with the Metaverse, aimed at decentralizing ownership and governance within the Axie ecosystem.

The integration of Metaverse technology with the Play-to-Earn model has created a phenomenon within the Crypto community. Additionally, Axie Infinity has generated revenue for its Treasury, which in turn has significantly boosted the value of the AXS token.

The success of this project didn’t happen by chance. In fact, for those who have participated in the game, it’s evident that the combination of Metaverse, Gaming, and Play-to-Earn makes it quite engaging. This is the key factor behind the success of AXS.

2.2. Potential Metaverse Coin – Decentraland (MANA)

The second project we’d like to highlight is Decentraland – a gaming platform developed in 2016 by a team from Argentina.

Decentraland is built on decentralized virtual reality (VR) technology, with a user experience inspired by Minecraft and Second Life. Like other NFT games, Decentraland offers players immersive experiences, earning opportunities, and project-driven incentives.

The Metaverse in this project revolves around virtual land ownership. A parcel of land in the game is called LAND (sized 16×16). To participate, players need to own LAND, which holds perpetual usage value unless it’s sold.

MANA is the native token of Decentraland. It is used for buying and selling goods in Decentraland’s Genesis City. Investors and players who want to purchase land must use MANA as the currency to exchange items within the ecosystem.

Just like in real life, in this project, purchasing plots of land to create “real estate” allows investors to build and develop them. Moreover, people from all over the world can participate in the Decentraland space to play games or attend events. Most importantly, the more LAND you own, the greater the income you can generate. It’s no different from the real world—and the buying and selling procedures are much simpler.

Recently, Atari announced its partnership with this project and has plans to own a large real estate area within the gaming space. At a time when the NFT and Metaverse markets are trending, Decentraland is considered a promising investment opportunity. As capital continues to flow into Metaverse projects like Decentraland, the price of LAND in the Metaverse is expected to keep rising.

2.3. Promising Metaverse Coin – The Sandbox (SAND)

This is a decentralized virtual reality platform developed on Ethereum by the game studio Pixowl, launched in late 2012.

Similar to many NFT Play-to-Earn games, this project allows users to take on characters and trade virtual items on NFT LAND. On another level, Sandbox is seen as an ecosystem where the community can create, share, and monetize digital assets within the game. Additionally, it is a Metaverse game where players can explore multiple games using just one character.

As a player, you need to own at least two Avatars (characters) and LAND (land plots). Your in-game character represents you in the virtual world—where you can purchase land, weapons, pets, and accessories.

With this project, you can earn money in various ways—whether as Players, Investors, or Creators. Moreover, the liquidity provided by the Sandbox Marketplace helps connect players with content creators seamlessly.

2.4. Promising Metaverse Coin – Enjin Coin (ENJ)

If you’ve ever taken part in ICOs since 2017, you surely can’t miss Enjin Coin – a platform built on Ethereum since 2009. With the goal of supporting the gaming industry, optimizing NFT games, and the broader NFT ecosystem, Enjin has, to date, supported over 55 developers and gaming applications.

As the Metaverse and NFT boom took off, it became a prime opportunity for foundational projects like Enjin Coin to thrive—and it did. It’s important to note that Enjin Coin is not a gaming project, but rather a platform for building online gaming communities powered by blockchain technology.

If you’ve heard of The Six Dragons, Enjin Coin plays a role in that project. The Six Dragons allows players to create NFTs using blockchain technology, and anyone wanting to participate needs to exchange using their token.

This project has supported over $1.14 billion in blockchain assets across various projects and platforms. Participants who hold multiple in-game items can trade directly on the Enjin Marketplace or swap them for ENJ tokens and store them in the Enjin Wallet.

Around April 2021, as the NFT wave started to grow, the trading volume of ENJ also skyrocketed—its price surged from $0.10 to $4. This growth was further fueled by the increasing volume of NFT transactions in Metaverse games, driving higher demand for buying and selling these assets.

2.5. Promising Metaverse Coin – Aavegotchi (GHST)

Aavegotchi is known as an NFT project on the Ethereum blockchain, integrating with AAVE’s lending mechanism. The game’s mechanics are quite interesting: each ERC-721 NFT is connected to a wallet address containing ERC-20 collateralized assets via AAVE. These tokens generate yield, meaning the amount of ERC-20 tokens inside the NFT gradually increases over time. As a result, the longer an investor holds the NFT, the more valuable it becomes — and vice versa.

When participating in Aavegotchi, players can role-play as characters called Liquidators, collect Alchemica in the Gotchiverse, and engage in battles to earn Alchemica (an ERC-20 token).

In addition, players can also receive airdrops and rewards by completing tasks such as referring friends to the platform. Role-playing, completing quests, and taking on in-game personas are core to the experience. Beyond its entertainment value, the “Earn” aspect of the game is also highly appreciated.

The price of GHST peaked at $2.34, more than 3x from its low on December 1, 2020. Although its price may not be as high as some competitors, Aavegotchi is considered a solid choice for investors seeking a unique and engaging Metaverse opportunity.

3. FAQS ABOUT POTENTIAL METAVERSE PROJECTS

In the final part of today’s article, let’s address some frequently asked questions about promising Metaverse projects.

3.1. What are some promising Metaverse Games?

• GTA V: With the multiplayer mode in this game, users can interact with other players, engage in trading activities, and communicate with each other.

• Minecraft: This is a new world game where players can mine resources, craft tools, build structures, and create their own unique worlds.

The cryptocurrency market currently has many Metaverse games such as The Sandbox, Decentraland, etc.

3.2. Will all NFT games be a Metaverse?

An NFT game alone cannot create a true Metaverse. If the game does not have the capability to expand and connect with other virtual spaces, it will simply create a digital economy through NFT transactions.

3.3. How Can I Invest in the Metaverse?

You can invest in the Metaverse wave in several ways:

• Trade governance Tokens

• Invest in native NFTs of applications (NFTs specifically built for use within the Metaverse)

• Invest in virtual land plots and generate revenue by developing their potential value.

4. SUMMARY 

In this article, Finance Solutes has introduced information about the term “Metaverse,” how to invest in the Metaverse wave, and the promising Metaverse coins in the near future. We hope that with the knowledge we’ve shared, you now have a better understanding of the Metaverse term and are able to consider choosing a suitable investment project for yourself.

Wishing you success!!!