As the popularity of metaverse spreads, the cryptocurrencies related to it are also surging.
In fact, five coins are reported to have exceeded Bitcoin's profits, including "Axie Infinity."
Metaverse Crypto Are Surging!
In a recent analysis, Bloomberg (via Business Insider) reported that metaverse-related coins have increased by 37,000 percent this year, greatly outpacing bitcoin's earnings.
For those who are still not familiar with what metaverse is, it is a concept which entails the creation of an alternate reality where people may style themselves as anything they choose and carry out real-life duties like shopping, gaming with friends and other activities, per Yahoo Finance.
As for the relation of metaverse to cryptocurrency, vice president of strategy at Aleo, a blockchain platform for totally private apps, Sina Kian stated that cryptocurrencies are a critical aspect of the metaverse because it allows for the ownership of digital assets, which in turn creates incentives for investment.
However, Kian added that one of the greatest risks to the metaverse is the possibility of being taken by an oligopoly, which would resurrect the monopoly threat in the digital realm.
To give much clarity on those metaverse-related coins that are beating bitcoin, Micro Hive has detailed that there is five metaverse crypto that have shown a significant increase this year.
The said five coins are Axie Infinity, Decentraland, Sandbox, Enjin Coin and GALA, all of which gained 20 percent in the last seven days.
5 Coins Exceeding Bitcoin
As mentioned, coins are part of the metaverse in which people may live, work and play in the digital world.
For instance, Axie Infinity enables members to pay cryptocurrency by playing games. Moreover, players may also own digital land and other things in Decentraland.
5. 'Axie Infinity
"Axie Infinity," which debuted in 2019, is an NFT game centered on collecting digital creatures that may be raised and battled, per Gemini.
Play-to-earn chances are available in the "Axie Infinity" metaverse, allowing certain players to make money regularly. While Axies are unique digital pets that arrive in the form of NFTs, the metaverse also includes "Axie Infinity Shards," an ERC-20 governance token (AXS).
This coin is designed to help with the ultimate decentralization of the "Axie Infinity" ecosystem's ownership and governance.
As reported previously, an investor bought a virtual land worth 550 ETH or $2.3 million in "Axie Infinity."
The Sandbox is a virtual environment built on the Ethereum blockchain where gamers can create, control and monetize gameplay experience, per Medium.
The Sandbox blockchain gaming platform is composed of three main components that work together to produce a complete user-generated content (UGC) creation experience.
Users will profit even more from the merged goods since they will be capable of ensuring rightful ownership for their user-created material through blockchain and smart contracts.
The said three main components are Vox Editor, Marketplace and Game Maker.
Decentraland is a metaverse implemented with the help of the Ethereum blockchain, according to The Motley Fool.
Users of the Decentraland metaverse can purchase virtual plots of land in its universe, in which they can customize and furnish them however they want.
In a previous report, Tokens.com, a Canadian investment business, just paid $2.43 million in Decentraland for a digital piece of real estate.
This purchase is the most expensive transaction made in the digital metaverse's history.
The property has a total capacity of 6,090 square feet, which is around 1.3 basketball courts. Surprisingly, it will be used to host digital fashion shows as well as improve fashion firms' e-commerce offerings.
2. Enjin Coin
Enjin Coin is a web-based tool that allows anyone to maintain and construct NFTs, per CNBCTV 18.
It allows metaverse game participants to utilize their stuff in numerous games. When an NFT is produced on the Enjin network, a certain number of Enjin coins are created, giving the newly created NFT a value.
Aside from Enjin Coins, CNBC TV 18 added that Gala Games is a blockchain gaming platform that runs on Ethereum's GALA token.
GALA, unlike the other tokens on this list, could be shared across several GALA game participants, allowing users to utilize the token in various Gala blockchain-based games.
The firm intends to create more games that employ the token, which will most likely drive up the price of the token in the future.
GALA games include "Town Star," "Echoes of Empire," "Spider Tanks" and more.