Discovering The Future Possibilities Of Cryptocurrency In Metaverse
With the large scale adoption of cryptocurrencies, it has become a popular investment instrument for a lot of people. The metaverse is a virtual space where a ton of activities could be performed with cryptocurrencies being the sole mode of trading.
Cryptocurrency and Metaverse are not the phrases one would casually come across if one has not updated himself with the latest terminologies and trends in the world of business. With the boon of the internet expansion, myriad new avenues have opened up in almost every sphere of life. The marketplace has shifted online and that has led to the inception of the phenomenon of cryptocurrency.
Customers prefer to stay at home and shop for all the essentials of daily living online and have them delivered to their doorsteps. This could be done at any time of the day and the banking system has evolved with it to ensure smooth payment methods to keep up with the trend. However, as time progresses, the number of people making transactions online has seen a multifold explosion. The concept of cryptocurrency provided a decentralised payment method at lightning-fast speeds with the security of blockchain technology.
With the large scale adoption of cryptocurrencies, it has become a popular investment instrument for a lot of people. The metaverse is a virtual space where a ton of activities could be performed with cryptocurrencies being the sole mode of trading. Although we find ourselves at a very nascent stage of the metaverse space which is based on blockchain technology, the possibilities of expansion are infinite.
The prime examples of metaverse are found in gaming environments. They have created an entire virtual universe with the help of advancements in Augmented Reality, Virtual Reality and Extended Reality. The salient feature of the metaverse is the fact that it allows the user to experience this virtual space almost physically (using various devices) as opposed to when we would just be outside and watching stuff happening in the game.
Also read: In an Era of Metaverse and Virtual Reality, is it even wise to ban cryptocurrencies?
In such scenarios, physical money or fiat currencies hold no value. Cryptocurrencies, being digital in nature, are used to trade things, buy property, exchange tokens, organise virtual meetings and conferences, use NFTs, etc. This system is almost parallel to the things done in the physical world using fiat currency. Apart from the games, the metaverse is extending our reality with things like digital showrooms where one could sit at home in India and virtually visit a showroom in the USA, for instance. He could buy any item and pay in cryptocurrency. That is another advantage of using crypto that it is independent of country and location.
Here are some prime examples of where the cryptocurrency already finds application even today. In times to come, this will only multiply in application and adoption.
Decentraland – MANA
Decentraland is a virtual world that you could visit and experience first hand. Just like in this physical world, you could interact with other users there, buy and sell land and property using tokens known as MANA. It is the official digital currency of the world of Decentraland to conduct any transaction of any kind. It is currently trading at around $4.01. MANA already has a market cap of $9 Billion in November 2021. Interestingly, Decentraland also boasts of having organised a multi-day music festival on its platform where artists like Deadmau5 and Paris Hilton performed. You could easily access and live this virtual land through your browser.
Sandbox – SAND
Sandbox is a virtual gaming zone where the currency used is called SAND. One could earn SAND tokens by playing more games and completing challenges. Once you possess SAND tokens, you could buy virtual land or real estate along with any other virtual object found in the space. More importantly, a SAND token is trading at around $5.6 at the moment and has amassed a market cap of about $6 Billion according to some sources.
Axie Infinity – AXS
Now you must be familiar with the game version of Pokemon where you have to capture these unique characters and play against other players. Similarly, in the Axie Infinity virtual space, you could buy, capture, breed and fight monsters. The key difference here is that the monsters are NFT characters that have gained quite some popularity in the last 6 months or so. You could create any character as NFTs and train them to earn tokens called AXS. You would be amazed to know that 1 AXS is worth a whopping $110 with a total market cap of over $8 Billion. So, if you are one of those people who are into games like these, you could try your hands on Axie Infinity virtual world.
Gala Games – GALA
The Gala Games platform brings in a unique proposition. It is based on the blockchain gaming space which is powered by the Ethereum token known as GALA. The unique feature of GALA tokens is that they could be used across multiple games based on the same platform. This is the differentiating factor because all the other platforms only allow their dedicated tokens to trade. The USP of GALA is the fact that the future plans involve the development of many new games to make use of the same token to enhance its usage. The current price of GALA is approximately $0.635 with a market cap of roughly $5 Billion.
Enjin Coin – ENJ
Enjin Coin offers something unique and modern to its users. In the world of virtual realities, NFTs have gained a ton of traction. Enjin allows its users to create and manage their very own NFTs and assigns a value to them. Thereafter, you are free to sell your custom NFT designs to earn profits. This is a great way to enter the metaverse and NFT realm using just one platform. Enjin also allows these NFTs to be used across various games and platforms on the metaverse, essentially making it a virtual universal currency. The current value of ENJ is $3 and the total market cap is somewhere around $3 Billion.
These are some of the latest trends in the metaverse. The user base on such platforms is increasing exponentially as we speak. With every aspect of human life shifting online, the metaverse is also something that would engage a ton of people who have gotten used to the work from home kind of setup. With the rapid adoption of cryptos around the world, could this integration between metaverse and cryptocurrency be the next big thing in the world of the internet?
Also read: What are NFTs? Why has it created a lot of buzz in the financial markets?