The metaverse is one of the fastest growing developments in the cryptocurrency ecosystem. We can verify this growth thanks to the emergence of new projects, the strengthening of existing ones and its explosive economic growth.
PIn order to get an idea of how these projects are growing, we have prepared a Top of the most used cryptocurrencies in the metaverse. With this top you will learn what these currencies are, what they offer us and what is their use within the metaverse.
Also, if you want to review the most important concepts that you must know to understand how this type of universe works, we recommend you take a look at this complete metaverse article before continuing.
Top 5 cryptocurrencies used in the metaverse
Decentraland (MANA)
MANA is the native token of the project Decentraland, a metaverse that was born in 2015, as an idea by Esteban Ordano and Ariel Meilich. His intention was to explore the possibilities of blockchain technology for the creation of virtual worlds.
Over time, it has become the largest metaverse, thanks to a successful ICO that allowed him to get a capital of 26 million dollars and the incorporation of large companies such as Nike, Adidas or Samsung.
The capital raised was placed in the hands of the Decentraland Foundation to ensure the development of this metaverse. Likewise, all ICO participants received their MANA tokens, a type of token ERC-20 on the Ethereum network and that would become the native tokens of this metaverse.
To encourage the development of its community, Decentraland launched a DAO, allowing its holders to have voting power over development, depending on their token holdings. Thus, the token would not only be useful within the metaverse by allowing the purchase of virtual items and plots of land, but would also be useful externally by controlling the development of said project.
Thanks to all this, Decentraland is a space where you can do many things: from creating unique avatars and personalizing their style to meeting friends, holding meetings, events and presentations of all kinds, as well as organizing concerts or creating art in NFT.
In short, Decentraland is a place where you can let your imagination run wild, creating a virtual world in which you will be the protagonist and you will have the freedom to create your own world.
Although during its first years Decentraland had little success, the development of the project accelerated during 2021, at which time its MANA token began to appreciate rapidly. On January 1, 2021, MANA had a value of €0.06, but on November 24, 2021, it had exceeded €4, thus becoming one of the projects with the highest revaluation in the ecosystem.
It all boils down to one thing: Decentraland is the most valuable metaverse project in existence today.
The Sandbox (SAND)
The Sandbox is a metaverse project in which you can create your avatar and your own space using a powerful Voxel-type graphics engine, the same one used in games like Roblox or Minecraft. The idea is to use this graphics engine to customize your spaces by creating NFTs that can be integrated into your avatar or any space within The Sandbox.
At the heart of this entire metaverse we have SAND, an ERC-20 token whose main function is to serve as an economic vehicle to sustain the operation of The Sandbox ecosystem. You can use SAND to buy lots of land, NFTs and different items within the marketplace, or use it directly to create your own items or NFTs and record them on the Ethereum blockchain. Also, you can use SAND to participate in the decentralized governance of the metaverse and decide on the future of it.
Axie Infinity (AXS)
Axie Infinity is perhaps the most well-known blockchain game in the world. This metaverse has been developed by the Vietnamese company Sky Mavis, and has revolutionized the world of blockchain video games.
In fact, Axie Infinity is the one who has put the term on everyone's lips Play2Earn (P2E). It is a model that many try to replicate with varying degrees of success. This metaverse takes us to a world where we are the leader of a team of Axies. Axies are amazing creatures that can learn and evolve through quests and battles against other Axies. In addition, they can reproduce and give rise to new and more powerful generations by uniting the genetics of the strongest Axies.
In this way, the player must gather the best Axies, create his battle team and face other players or carry out different missions (quest) fighting bots. With each battle won and with each mission or quest completed, the player will receive rewards in the form of SLP tokens, which can then be used to improve their equipment. You will also be able to use these tokens to breed, to buy new Axies or to exchange them for AXS. This is the in-game token, which can also be used to participate in the huge DeFi ecosystem that accepts this token as a bargaining chip.
Theta Network (TETHA)
Theta Network It is a blockchain project that has drawn a lot of attention since its inception. The main intention of the project is to create a huge P2P network that allows storage, data distribution and charging. In addition, also caching and access control to multimedia content in 1080p, 2K, 4K, 8K and VR qualities. To do this, Theta Network creates a network with multiple nodes, each with specialized functions that allow it to achieve its goals. In this way, a huge data superhighway is created that allows streaming content with high quality, low latency and global reach.
Thus, each user within the network can store data and stream, receiving rewards for the number of views they can accumulate. Also for the tips you receive from your followers. At the same time, nodes that perform routing and data storage jobs, as well as transaction verification, also receive rewards for their work. All of this is controlled by powerful smart contracts that run on the Tetha Blockchain.
However, the project has advanced far beyond the stream and now allows the deployment of NFTs and DeFi dApps. Not only that, Tetha Network also allows the streaming of special DRM-protected content. In addition, it has the ability to integrate high-resolution video and VR in real time with decentralized applications inside and outside the Tetha Network. On the other hand, it also has other tools that can be adapted according to the needs of the developers.
Thanks to this Theta has gained a huge space by being the favorite for the transmission of content in the metaverses. From concerts, movies, TV series, streaming music, podcasts, gaming sessions and tournaments of all kinds, VR demos on dApps and much more. Theta Network's potential is immense and this has led it to position itself as one of the most valuable blockchain projects in the metaverse.
ApeCoin (APE)
ApeCoin is one of the most recent projects in the world of metaverses. The initiative is part of the Bored Ape Yacht Club (BAYC), a well-known collection of high-end NFTs. The project has decided to create its own token and enter the ecosystem of blockchain metaverses.
The idea is to create a select community that will be able to enjoy this metaverse and exercise governance over it, something that will be possible thanks to the possession of ApeCoin tokens.
At the same time, ApeCoin will be the currency used for the acquisition of virtual lands within the BAYC metaverse. Likewise, the token will also serve different functions within the BAYC metaverse. Companies such as Animoca Brands, recognized for its work in traditional video games and blockchain, have been involved in the development of this project.
In fact, a part of this BAYC metaverse is already accessible, throughAlthough to access you must have a BAYC NFT in your MetaMask wallet for the system to recognize you as part of this select club. Otherwise, you will not be able to access the metaverse, a clear sign that this is a space aimed at its most loyal followers.
As a result, ApeCoin it has become one of the biggest projects in the metaverse. It has even exceeded the expectations of other projects such as Bloktopia, so its development must be taken into account.
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