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Top 5 Metaverse coins to buy in 2023

 

By Nerly Shammah Dec 11, 2022

 

Top Metaverse Coins To Buy In 2023

 

The global cryptocurrency economy is growing exponentially, and the Metaverse, which happens to be a by-product of the cryptocurrency space, has gotten lots of attention lately. Currently, industry speculations suggest the virtual economy will play a significant role in the adoption of cryptocurrency and blockchain technology

 

So far, virtual worlds of different kinds have been deployed mostly over blockchain games, a revolutionary technology, and finance advancement encompassing a new business model called "play to earn"

 

The Metaverse aims to leverage these fresh markets to build the next-generation economy, in this article, we'll look into several Metaverse coins to buy and key projects to keep an eye on, but first, 

 

What are Mateverse coins? 

 

Metaverse coins are simply tokenized assets of virtual worlds called the Metaverse, they most often serve as either purely utility tokens with diverse earning structures or as governance tokens similar to voting shares in the stock market. 

 

But unlike stocks, metaverse coins are cryptocurrencies and so they are more advanced, technology-wise, and operate on a widely different business model which has "decentralization" as a fundamental feature and enjoys the merits of blockchain technology. 

 

To learn more about the metaverse itself, check out this comprehensive guide to the Metaverse

 

Top 5 Metaverse Coins To Buy In 2023

 

The following is the list of top well-researched metaverse coins to buy in 2023:

 

Internet Computer Coin (ICP): Next-generation Internet infrastructure that powers diverse blockchain-based revolutionary projects including the Metaverse, Web3 infrastructures, and decentralized social platforms.

 

Axie Infinity (AXS): An Ethereum-based Blockchain game popularly known for its play-to-earn model that has since brought a massive in-flow of gamers to the cryptocurrency space.

 

The Sandbox (SAND): A decentralized virtual world based on the Ethereum blockchain where participants can buy and own properties, and top it up, they can utilize these assets how they see fit. 

 

Decentraland (MANA): Similar to the sandbox, decentraland is a decentralized virtual reality based on the Ethereum blockchain where individuals can build, buy, monetize and own digital assets. 

 

Enjin Coin (EJN): The largest gaming community on the Ethereum blockchain with over 18 million gamers, Enjin is one Metaverse coin to be on everyone's watchlist as the virtual economy of Enjin is solely built around gaming with the aim to make its Enjin Coin(EJN) the most utilized cryptocurrency. 

Most Metaverse coins, like the five picks listed above, are utilized for way more than just virtual reality, given that blockchain creates a synergy of technologies, the interoperability of their various structures makes them an even more valuable asset with interesting economic concepts. 

 

We are going to explore deeply each of the above-listed Metaverse projects and coins, looking at historical records, development processes, sustainability frameworks, network adoption, and speculated future values. 

 

To begin

 

Internet Computer Coin (ICP)

 

Frankly, it takes a trial to understand how incredible technology is. The internet computer is on top of this list for many reasons, although this order should be treated as random. The Internet Computer Integrates Web3 with Web2 infrastructures, attaining an end product of a powerful web framework with limitless possibilities given the leverage of blockchain technology. 

 

Launched on 10th May 2021 by a Swiss-based organization DFINITY, the internet computer has since earned wide adoption and has had several meta-packed applications built on top. 

 

Next-Generation Projects Built on the Internet Computer

 

The Internet Computer has diverse applications that together prove the power and use case of its technology, these applications include:

 

Sonic swap:

Sonic swap is a decentralized exchange built entirely with smart contracts, leveraging the Internet Computer Protocol. The sonic swap currently has total liquidity of $200k with daily swap volumes averaging over $2k. Comparing the size of the market with the rest of the DeFi ecosystem shows it is relatively small, however, it does serve to be a honey pot given the limited competition. 

 

Currently, the largest pool on Sonic with approximately $248k liquidity offers liquidity provider rewards of up to 3% Apr. The most profitable pool offers over 49% Apr with over $13k in liquidity and a 24hrs trading volume of over $2k.

 

Other DeFi projects on Internet computer protocol include Infinity Swap and ICSwap, all benefiting from the scalable technology of ICP and delivering advanced finance products. 

 

Pokedbots:

Pokedbots is an NFT collection by pokedstudios making its way into the Metaverse of the Internet Computer Protocol (ICP). Currently, the project netted over $172k in top sales. 

 

The Internet Computer Protocol has other applications like DSocial, a decentralized version of the popular Youtube, and Openchat, a decentralized messaging service with over 100k users. Other notable applications are Seers, a microblogging platform looking to serve as a decentralized alternative to Twitter, similar in vision to Mastodon but different given that it is built on a blockchain. Distrikt, a Facebook alternative with over 70k users. In the gaming field, MetaSports serves as the gaming Metaverse for users to utilize their favourite Ethereum or Internet Computer Protocol NFT to compete and become basketball superstars. 

 

Although the Internet Computer Protocol token ICP is far from its previous all-time high of over $700, the current bear market price of approximately $4 a unit may be a blessing in disguise.

 

On-Chain Market Overview Of Internet Computer Protocol (ICP)

 

Coin Price:$4.31 

Market Capitalization:$1,175,696,690 

Coin Circulating Supply:274,587,333 

Coin Max Supply:469,213,710

 

Axie Infinity

 

Axie Infinity may have been demise by many given the increased difficulty to make a profit playing, especially as a small gamer in the space. However, Axie Infinity has network-wide advantages that may position it for long-term growth. 

 

The most outstanding feature is the "gameplay" which reviews point out to be pretty engaging with lots of other benefits like cross-platform compatibility which is essential for ease of access by individuals worldwide. The other benefit of Axie Infinity is that game assets are Non-fungible tokens(NFTs) and so, players own these assets without any risk of counterfeits. 

 

Further game reviews highlight that players made around $10-50 a day playing this game, which is a pretty decent income for literal comfort and recreation. Although it may not apply currently given the bear market, Axie Infinity may still stand a chance given that they have already established a network of users that can be leveraged to the advantage of everyone. 

 

With several predictions of the Metaverse estimating the economy to grow into trillions of dollars, it's inevitable that blockchain games will play a crucial role in this growth and the Axie governance token is one of many Metaverse coins that are likely to enjoy this industry growth given that it is the primary token of the blockchain game and thus, feeds on every value in-flow to the Ethereum based game.

 

On-Chain Market Overview Of Axie Infinity (AXS)

 

Coin Price:$8.14

Market Capitalization:$927,552,943 

Coin Circulating Supply:113,781,192 

Max Coin Supply:270,000,000

Social Signal:58,759 in the last 24hrs, an all-time high of 128,151 (Sep 14, 2022)[1]

Token Holders:64.15k

 

The Sandbox (SAND)

 

The Sandbox has had quite an interesting growth story with over 1000% price increase since launch, although it is already down more than 90% from its previous all-time high that's only what all cryptocurrencies are facing at the moment. 

 

That said, the sandbox is one of the famous Metaverse with lots of events hosted by different people in its virtual world. 

 

Individuals can create games, host events, collect and own digital items, and basically be whatever they want on the sandbox Metaverse. The Sandbox is greatly focused on gaming and creating great experiences by enabling individuals to connect more via its virtual world. 

 

Based on the Ethereum blockchain, the sandbox allows individuals to create and monetize their content and experiences, effortlessly delivering what big tech companies like Meta(formerly Facebook) are trying to create. 

 

Although every single cryptocurrency in the market seems about dead, there is however an exception when looking at on-chain activities. A December 8 report indicates that SAND is top 2 of the most bought tokens amongst about 5000 thousand Ethereum whales. At the time of writing, SAND is worth a little about half a dollar, $0.59 precisely which looks like a steal if we factor in the future worth of the Metaverse economy. 

 

On-Chain Market Overview Of The Sandbox (SAND)

 

Coin Price:$0.59

Market Capitalization:$928,119,934 

Coin Circulating Supply:1,571,957,026

Coin Max Supply:3,000,000,000

Social Signal:58,681 in the last 24hrs, an all-time high of 251,735 (Jul 10, 2022)[2].

Token Holders:207.3k

 

Decentraland (MANA) 

 

Did you know that weddings have been hosted on both decentraland and the Sandbox? These two Metaverse are closely competing and should frankly be on everyone's watchlist. 

 

Decentraland is a whole different Meta economy that allows individuals to buy lands, build structures and monetize them while surely retaining full ownership given that the ecosystem is integrated with a decentralized blockchain, the Ethereum network. 

 

Users can leverage this Meta economy to redefine content creation and relationship building, MANA is the native cryptocurrency of Decentraland which is tied to all in-app purchases, thus, has a wide utility provided the Metaverse remains. 

 

Earlier this year, Decentraland hosted the first-ever blockchain-based wedding on its Metaverse with a virtual crowd of about 2000 people. The marriage was legally bonded as the necessary officials were present to formalize the event. 

 

Since its Inception, Decentraland has had quite the recognition amongst cryptocurrency, gaming, and VR enthusiasts. The decentraland native cryptocurrency MANA is worth about $0.40 a unit, way cheaper than various cryptos with zero real-world utility. Decentraland has built a name for itself that one cannot think of the Metaverse without thinking of Decentraland. 

 

On-Chain Market Overview Of Decentraland (MANA)

 

Coin Price:$0.40

Market Capitalization:$727,014,198 

Coin Circulating Supply:1,816,637,947 

Max Coin Supply:2,193,337,027

Social Signal:27,926 in the last 24hrs, an all-time high of 88,892 (Nov 13, 2022)[3].

Token Holders:296.64k

 

Enjin Coin (ENJ) 

 

Enjin is widely recognized as the gaming hub of the cryptocurrency space, built on the Ethereum blockchain with over 250k gaming communities and over 18 million registered users, Enjin prides itself as the game plug for the next-generation economy, the virtual economy of the Metaverse. 

 

The Enjin platform controls millions in transactions in their store monthly with over 60 million views per month. The project was started in 2009 and has since grown popular in the cryptocurrency space. 

 

Enjin is a product platform that aims to ease the creation process of deploying whatever on the virtual economy, and so far, they have facilitated the creation of over 1.2B assets. 

 

The Enjin cryptocurrency ENJ is currently trading in the range of $0.30, a steal for an economy of gamers looking to push virtual reality to the open market. 

 

On-Chain Market Overview Of Enjin (ENJ)

 

Coin Price:$0.30

Market Capitalization:$305,496,581

Coin Circulating Supply:1,000,000,000

Max Supply:1,000,000,000

Social Signal:4,080 in the last 24hrs, an all-time high of 31,185 (Mar 9, 2022)[4].

Token Holders:196.48k

 

Bonus Metaverse coins to watch

 

Mobox (Mbox):

With over 3 million registered users and over $370 million NFT trading volume, Mobox is a free-to-play and play-to-earn ecosystem, building an immersive Metaverse open to all to leverage in all aspects.

 

Render (RNDR):

Render network is a democratic GPU cloud rendering service, it leverages blockchain technology to create an economy of efficiency via distributed GPU rendering. Amongst its many use cases is the ability to build virtual worlds on its technology, the Render token RNDR is an ERC-20 contract token that powers this enormous economy.

 

 

 
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