With its new “metaverse” makeover, Facebook, now a subsidiary of Meta Platforms (NASDAQ:META), has gone all-in. A second version of the Internet is referred to as the Metaverse. This is where immersive social sharing in 3D worlds is the norm. Non-fungible tokens (NFTs), virtual landscapes and realities, games, 3D avatars, metaverse cryptos, tokens, prizes, airdrops, decentralized apps (Dapps), and smart contracts are all part of it.
But it largely involves a universe that isn’t the real one. According to Decrypt online magazine, it is a “collection of open worlds and settings united by interoperable assets and experience.” According to the Wall Street Journal:
“A virtual world featuring avatars, digital objects and functioning economies is a world where technology is all encompassing and not simply a discrete tool. “
In the metaverse, people are now buying, selling, and trading land, condos, money, clothes, and other items. And the value of these is increasing, whether on exchanges or in games, in real dollars or metaverse cryptos. This alternate reality is manifested in a variety of ways, including rising crypto values.
The metaverse, like anything else, has its critics. This week, Barron’s magazine quoted a Jefferies analyst as saying that non-fungible tokens (NFTs) could reach $25 billion in the near future. According to Barron’s, the current state of finance is “strange.” According to the Wall Street Journal, the virtual world will have its own set of issues.
Virtual world merchandising will be required, and while just a few businesses, such as Facebook and Microsoft (NASDAQ:MSFT), sell it, others, such as Apple (NASDAQ:AAPL), are racing to catch up.
As a result, I thought it would be fun to take a look at seven up-and-coming metaverse cryptos that could be good investments. However, they come with significant dangers, and investors could lose all of their money.
Some of these have extremely low market capitalizations. As they are the moral equal of penny stocks in the stock market, this can be a tremendous risk. They could, however, have a lot of upward potential. These cryptocurrencies are working on their own virtual world platforms.
Just remember that everything here is very speculative and not for the faint of heart. Furthermore, none of these cryptos are recommended by us. Investors should assess their specific investment position to see if the volatility risks, if any, are worth the potential returns.
Decentraland (CCC:ETH-USD) is a virtual reality game or, more accurately, a virtual living platform driven by cryptocurrency. You may buy land, costumes, scenery, and a variety of other virtual goods with MANA tokens. Some of them can appreciate in value over time, and you can then sell them to others, thereby creating an alternate world. It is, in effect, a “universe controlled by users.”
After spending a lengthy time below $1.00, MANA tokens are suddenly trading for $2.50. The move by Facebook to virtual reality has inspired a lot of interest in this cryptocurrency and the reality it represents. The site just hosted the first-ever Metaverse Festival from October 21 to October 24.
In Decentraland, everything is separated into LAND pieces. Some plots are subdivided into themed neighborhoods or districts. They share similar interests and goals.
Decentraland is still in the early stages of development and is constantly evolving. The rising interest and popularity of the Decentraland virtual environment are reflected in the value of MANA tokens.
Another virtual world where players may “create, own, and commercialize their game experiences” is the Sandbox. It is a user-controlled virtual metaverse. NFTs are used to track asset ownership in the game (non-fungible tokens).
In 2018, Animoca Brands (headquartered in Hong Kong) purchased the game and transformed it into an Ethereum-based blockchain game where users could monetize their in-game creations.
Softbank’s Vision Fund 2 led a group of investors who committed $93 million into the gaming platform, according to Reuters. This came after the platform’s monthly active users surpassed $144 million in transaction volume.
According to Venturebeat, Arthur Madrid, CEO of The Sandbox, claimed this will expand the company’s reach beyond games into fashion, architecture, virtual concerts and performances, art galleries, museums, and more.
To further its appeal, the site has teamed with celebrities. Snoop Dogg, for example, created a digital recreation of his property on the site.
Prior to the recent investment round, Animoca Brands owned 20% of its $2. 4 billion worth of SAND tokens, according to Reuters.
The name Floki Inu was created as a joke based on Elon Musk’s Shiba dog, Floki. However, since then, the company has developed a virtual panoply of cryptos, as well as a university and a game based on an alternate reality.
“Meme coins” are known for their cryptography. That is to say, it is a crypto that has no meaning, purpose, or raison d’être. Its objective is to profit from a frenzy.
However, the backers of Floki crypto have recently begun giving fans a sneak glimpse at the future NFT-based metaverse game. Vahalla is the name of the game. Elon Musk, of course, would be one of the universe’s in-game characters.
The meme currency will launch a television advertising campaign in the first week of December that will go through Christmas. The goal of the marketing campaign is to persuade consumers to acquire Floki tokens instead of Dogecoin (CCC:DOGE-USD).
In fact, the implied hook is that this cryptocurrency will appreciate in value similarly to Dogecoin. According to Coinmarketcap.com, Dogecoin currently has a market cap of $34.5 billion, making it the ninth-largest cryptocurrency. If this were to happen, the FLOKI crypto price would be over 15 times more than it is now (market capitalization of $34.5 billion/$2.2 billion).
Obviously, there is no certainty that this will happen, thus this coin is still considered highly speculative. The backing team, on the other hand, appears to have a well-thought-out marketing strategy in place to provide FLOKI actual value.
Efinity is a “next-generation blockchain for NFTs,” according to its website. Because it is a scalable, decentralized, cross-chain network, it is considered next-generation. It is a parachain firm built on the Polkadot (CCC:DOT-USD) blockchain network, with just $500 million in trade volume as of March 2021.
Efinity claims to be one-of-a-kind in three ways. To begin, any NFT from any site can migrate to Efinity’s marketplace. In addition, the unfilled NFT order with the highest value can earn token awards.
Second, Efinity uses a new blockchain technology called Recipes to allow businesses to reward their loyal users/customers. Anyone can alter or develop current or new NFTs using recipes. The distinctive characteristic is that none of this can be done without coding.
Third, the network’s governance lets everyone who joins propose and vote on changes.