Metaverse cryptocurrencies: what to know

Facebook
Twitter
LinkedIn

Metaverse, an incredibly overused word that has become almost commonplace. Not everyone is actually clearly aware of what it is. The Metaverse is something that unites environments that are immersed in virtual reality, involving elements that are different from each other, from video games to social networks. And the cryptocurrency, are they part of the Metaverse? Certainly, and they make it possible to make a not inconsiderable contribution.

In this article we focus precisely on the cryptocurrencies found in the Metaverse, telling you more about a phenomenon that is constantly expanding and defining itself.

What is the metaverse

Let's start from the base, trying to give a definition On what the Metaverse is. It is a concept that connects digital and virtual worlds, allowing different realities to be linked and united with cryptocurrencies and blockchains.

Distinguishing the Metaverse are mainly three elements:

  • Virtual World. Something whose hallmark is the freedom to imagine and explore. It represents the domain of relevance of the Metaverse, in which everything is possible for it to find declination-all you need is imagination.
  • Game. The Metaverse is certainly serious, being connected to cryptocurrencies, but it has its own characteristic playful aspect. Those who choose it do so in order to have fun, to achieve digital relationships and structures, without having to give up the possibility of making money.
  • Economy. Does the Metaverse have a personal economy within it? Yes, thanks to cryptocurrencies linked to the Metaverse, through which it is possible to buy, but also sell, products and services, as well as participate in events. The blockchain is the structure through which to carry out these kinds of transactions.

Cryptocurrencies and the metaverse: how it works

It is important to keep in mind that the Metaverse is not a new concept: it has been proposed for some time in several video games. The innovative feature is the use within it of blockchain and cryptocurrency as core technologies.

How does cryptocurrency adoption work in the Metaverse? Like any other virtual world, in a manner not unlike what those who use video games are accustomed to, with the only difference being that you have a'domestic economy managed through crypto.

Everything has a digital format, starting with the objects, proposed in NFT format. Non Fungible Tokens are true unique and unrepeatable works of art that can be purchased, of course, only through cryptocurrency. The property is exclusive, as it is registered on the blockchain and accessible via wallet: cryptocurrency technology makes everything that happens in the metaverse traceable, defining its economic value.

Tokens in the Metaverse may have different functions, but they still remain basic to the functioning of these worlds: they do not always require investment to enter them.

The cryptocurrency metaverse presents a decentralized, peer-to-peer structure, managed not by someone placed at the top, but by the users in an equal manner. In this way it is possible to participate in the governance and decisions. How? Through communities, known as DAOs (Decentralized Autonomous Organization).. Let us go into more detail.

What are the most important cryptocurrencies in the metaverse

 Let's find out at this point what are the three best cryptocurrencies Metaverse, that is, those that record the optimal performance and are therefore most widely used or on the rise.

The Sandbox

A Metaverse in which the reference cryptocurrency is SAND, a token derived from Ethereum whose blockchain it uses. All transactions that occur on The Sandbox go through Sand and are functional to buy accessories or digital instruments, buy LAND (virtual), participate in games: all NFT. LAND, as in the real world, is not infinite; a scarcity that determines its value.

The Sandbox boasts several distinguished participants, including Adidas, Gucci, and Snoop Dogg. It is no more surprising if it is a Metaverse cryptocurrency listed by Time among the 100 Most Influential Companies 2022, of course under the "pioneers" category.

Decentraland

Again, the blockchain is that of Ethereum: the most widely used cryptocurrency in the Metaverse. The token MANA allows all transactions to be carried out: when selling as well as when buying.

On Decentraland users can have different experiences, managed by themselves through the community reference namesake, structured in the form of DAO. In addition to products and services, Decentraland's attractive feature is innovative events of international caliber. These include the Metaverse Fashion Week, featuring many fashion faces such as Etro and Tommy Hilfiger.

Axie Infinity

A Cryptocurrency Metaverse at purely gaming connotation, still in the process of definition and expansion: the DAO itself, unlike the previous two cases, is in progress, with completion scheduled for 2023.

The games that can be experienced in the virtual worlds of Axie Infinity have monsters at the center, to be faced together with other players. When you complete quests and achieve goals you get cryptocurrencies. The reference token is AXS.

Latest articles

crypto tax return
paypal launches stablecoin
crypto tax consultant
CRYPT&Co ONEPAGE_2esec.
digital smart contracts
cryptos what are they
what are bitcoins
Defi Crypto: what Decentralized Finance is like'is.
bitcoin loans
digital smart contracts

Get in touch

Write your email here and book an appointment

en_USEN