First used as a figment of imagination in Neal Stephenson’s 1992 sci-fi novel Snow Crash, exactly 30 years later now the word ‘metaverse’ might just become the Oxford Word of the Year. Obviously, this means the ‘fictional’ metaverse is now very close to becoming a reality, and there are already many metaverse tokens tech people are going gaga over. In this post, we learn about the best metaverse crypto about to become a big deal in 2023, but first, how did the metaverse come alive anyway?
A metaverse, in simple words, is an artificially developed augmented reality that users can access using virtual reality tools to perform common tasks. One can immerse themselves in a metaverse and move beyond the concept of countries, borders, or languages, and do everything from interacting with others, buying real estate, to playing games, and more. The idea of the metaverse is expected to revolutionize how the world interacts in the future.
There are several metaverse tokens out in the market already, with prospects of going pretty far. So, what are the best metaverse crypto for 2023? In this blog, we explore the various metaverse tokens expected to be hugely popular in 2023.
What Are Metaverse Tokens?
With the concept of blockchain and decentralization came the idea of tokenizing. Using already existing blockchains, companies have started building new projects and issuing tokens for such assets or projects. It has helped in more transparency for all project stakeholders and equal distribution of the rewards amongst all token owners.
Companies building metaverses are also not far behind in this process. Issuing tokens for a metaverse has helped arrange the funds for a metaverse project, helped the token owners buy accessories and assets in the metaverse, and also helped them to win rewards for completing tasks, among other functionalities.
Metaverse tokens help users transact in the metaverse and exchange the same for real value in the physical world. Some metaverses issue non-fungible tokens (NFTs) representing a unique digital art or asset. Holders of the metaverse tokens can also access exclusive services or collectibles in the metaverse. For example, gaming platforms have been very successful in creating web3-based games, creating a metaverse for the same, issuing exclusive metaverse tokens to players for specific tasks and purchases, and more.
Top Metaverse Tokens In 2023
The following is a list of best metaverse crypto in 2023, as expected so far:
- ApeCoin: ApeCoin is the token related to the immensely popular Bored Ape Yacht Club (BAYC) NFT collection, existing on the Ethereum blockchain. With the introduction of ‘Otherside,’ the metaverse project of the founder of BAYC, Yuga Labs, Apecoin has gained tremendous popularity in the last few months and is expected to continue doing so in 2023. Unique plots of land were sold in Otherside in Dutch auction style, with ApeCoin token getting access to reserved plots. The sale was extremely successful, with Yuga Labs raising more than $300 million. ApeCoin has proved to be an effective governance and utility token for the holders.
- SAND: SAND is the native token of Sandbox, which is a wildly popular metaverse game. The game allows users to create different 3D figures, convert them to non-fungible tokens and sell them on NFT marketplaces. Players can also buy digital land and create and play self-imagined games in Sandbox. The SAND token is also an ERC-20 token built on the Ethereum blockchain, and users need these tokens to access the Sandbox metaverse.
- MANA: Decentraland is a metaverse platform started by Esteban Ordano and Ari Meilich in 2017. Also built on the Ethereum blockchain, Decentraland allows users to buy land parcels while playing games and interacting on the metaverse. Non-fungible tokens represent all the plots of land in Decentraland. MANA is the native token of Decentraland, and already among the best metaverse tokens in 2023. It is used as a primary medium of exchange in the metaverse. Users can also use MANA to buy LAND, the NFT tokens representing the parcels of land on the platform.
- AXS: Another popular metaverse token, Axie Infinity Shards (AXS), is the underlying token of the Axie Infinity Metaverse built on Ethereum, a web3 platform where users can create and monetize non-fungible tokens and also create characters to battle each other. These characters created in Axie Infinity are called ‘Axies.’ Users use AXS to play the game, win rewards, and can also stake their tokens.
- HIGH: A unique metaverse project, Highstreet combines retail with its metaverse concept, offering an interesting experience of both gaming and shopping. Backed by reputed crypto organizations and tech companies, Highstreet already has e-commerce channels like Shopify for its products. HIGH is the token issued for this project, which users use to shop inside the metaverse. Highstreet is also conducting an ‘initial home offering ‘ as indicated on its website.
Other than the above metaverse tokens, there are several other exciting projects and their tokens that may be counted among the best metaverse cryptos in 2023, such as Star Atlas (ATLAS), Enjin Coin (ENJ), Floki Inu (FLOKI), Metahero (HERO), etc.
Conclusion
Almost all the tokens mentioned in this blog are available on various crypto exchanges. Hence, one should do careful research on the projects they are interested in and then purchase the tokens they want, in order to access the respective metaverse. Due to so many such projects being built on already existing blockchains, the number of metaverses and their tokens is also increasing rapidly. Therefore, it is important to diversify investments in such tokens to escape fraud projects or pump-and-dump tokens.
Tech companies have underlined the need for new regulations to make the development of a metaverse a transparent process. A metaverse ‘culture’ will create new opportunities for developers, gamers, and the world alike, to interact and create assets in more interactive ways in the future.
The metaverse will create a buzz in 2023, and most metaverse projects and tokens mentioned in this blog are expected to create ripples next year!