Metaverse has gained a lot of traction in the past couple of years, majorly due to the adoption of this new technology by giants like Facebook turned Meta, Disney, Nike, Microsoft, etc. But if we move back just by a few decades, Metaverse was something like a fictional technology that only existed in sci-fi movies. Such a fascinating thing, right?
Indeed, in this new digital world, everything you can think of is possible to create and implement, whose best example is Metaverse. However, it should be noted that Metaverse is not a standalone technology. Instead, it takes help from various other technologies like Blockchain, Crypto Tokens, Augmented Reality, Virtual Reality, etc., but the most prominent among them is Tokens.
These tokens are like the heart of the Metaverse as they are responsible for all the transactions and transfers taking place in the Metaverse. Thus, in this article, we will cover each and everything around Metaverse Tokens. So let’s get started without wasting further time.
What is the Metaverse?
Metaverse is a 3D virtual world that can be considered an extension of the real world. It allows users to do almost everything they can do in the real world, but with much more flexibility and power. Thus, with the help of Metaverse, it’s possible to hang out with friends living in other corners of the world or to attend an event happening miles away from you.
Furthermore, this virtual universe is powered by virtual assets like lands, clothes, skins, shoes, caps, etc. Thus, just like any other economy, the Metaverse also depends on virtual currencies and NFTs for the transactions of virtual assets, and here is where Metaverse tokens come into the picture.
What are Metaverse Tokens?
Metaverse tokens are virtual currency units that can be used for carrying out transactions on the Metaverse. Thus, it can be said that the Metaverse token is a native currency for a particular Metaverse platform. However, it should be noted that Metaverse tokens can only be spent on the relevant Metaverse.
For example, SAND, a native token for Sandbox, can’t be spent on Decentraland. Similarly, MANA, a native token for Decentraland, can’t be spent on Sandbox.
But it’s not a matter of concern as there are two ways to overcome this:
- Easily swap one Metaverse token with another
- Sell the Metaverse tokens you have through crypto exchanges like Binance, FTX, Coinbase, Uniswap, etc. and buy the ones required
Thus, Metaverse tokens are far better than other virtual game currencies, where these in-game currencies can neither be encashed nor can be used elsewhere. Moreover, as Metaverse is based on blockchain technology, various features of Metaverse tokens are inherited from the underlying blockchain technology, like:
- Decentralization (Platform independence)
- Flexibility
- Lightning fast transaction
- Highly secure
- Irreversibility
- Transparency
Top Metaverse Tokens
Various Metaverse tokens power the 3D virtual universe, but in this section, we will cover some of the most popular among them. So let’s have a look at them one by one.
1. MANA
Decentraland was the one who pioneered the development of the Metaverse. It is a virtual world where users can trade virtual lands and even create various things on them. So whether you want to invest in virtual lands, conduct events, or even rent them out, you can easily do it with the help of MANA, a native token of Decentraland.
Furthermore, various multinational organizations have made considerable investments in the virtual land of Decentraland. Thus, as of writing, the market cap of MANA is around $1.3 billion, and the price is roughly $0.7.
2. SAND
Similar to Decentraland, Sandbox is also a big name in the Metaverse space. However, Sandbox isn’t just limited to trading virtual lands; instead, it’s also a P2E game where players can earn SAND tokens by completing daily quests.
These SAND tokens can be used for various purposes, like:
- Buy virtual land and other assets
- Earn staking rewards
- Get voting and governance rights
Sandbox has also got backing from Softbank’s Invision fund. Furthermore, companies like PwC and Goldman Sachs have bought virtual lands worth millions of dollars on Sandbox. So, as of writing, the market cap of SAND is around $1.2 billion, and the price is roughly $0.85.
3. AXS
Axie Infinity is a P2E game that almost everyone knows due to its profound success during the pandemic. Because of this, its native token, AXS, saw skyrocketing returns in 2021. In order to play this game, you will need to initially buy a unique digital creature called Axie. Then you can start earning rewards by further breeding your Axie, fighting with other monsters, or trading your Axie with other players.
As of writing, the market cap of AXS is around $1 billion, and the price is roughly $12.83.
4. ENJ
ENJ or Enjin Coin, is yet another big name among the top Metaverse tokens, primarily due to its unique ability to create NFTs. Thus, just like other top Metaverse tokens, i.e., SAND, ENJ has a foothold in both technologies, i.e., Metaverse and NFTs.
Furthermore, ENJ is also integrated with various Metaverse platforms, which boosts its usability and interoperability. As of writing, the market cap of ENJ is around $455 million, and the price is roughly $0.455.
5. THETA
Theta is the world’s first video streaming Dapp, which is powered by THETA tokens. The token holders can use these tokens for various purposes, like:
- Securing the blockchain network
- Verifying the transactions
- Make changes in the network through voting
Moreover, it is backed by the funds of tech giants like Samsung and Sony and has partnerships with Google, NASA, One Championship, etc. As of writing, the market cap of THETA is around $1 billion, and the price is roughly $1.07.
How to create Metaverse Tokens?
Creating a Metaverse Token isn’t an easy task as various factors need to be checked before it can go live. So let’s look at five prominent steps used to create Metaverse Tokens.
Step 1: Research and define your business goal
The first and foremost step is to get started with research about the top Metaverse tokens. With this task, you can get a fair idea of what is currently present in the market and which tokens are getting the most attraction. You can also look over the workings and features of the various tokens so that you can include them in your Metaverse token as per your business goals and requirements.
Step 2: Choose your Metaverse Token standards and features
Now that you are done with your research and have a clear idea of your business goal, it’s time to choose the features and standards of your token. The most common and well-known standard is Ethereum Request for Comment 20 (ERC-20). It is a standard for fungible tokens that are created on the Ethereum blockchain. So if you are planning to work on Ethereum-based projects, then ERC-20 is the standard with which you should move ahead.
Various qualities of the Metaverse token come directly from the underlying token standards. But still, you can customize the features as per your needs. Some of the essential features include:
- Interoperability
- Easy accessibility
- Standardization
- Secured
This is a crucial step; thus, it is high time to get help from technical experts rather than you taking the entire pain on yourself.
Step 3: Develop your Metaverse Token
This step is the heart of the entire process of creating Metaverse Tokens. Here, smart contracts play a very vital role, as they are responsible for governing the tokens. However, with experts by your side, you won’t need to worry much about this part.
Step 4: Conduct beta testing before launching
Cybercrime attacks are prevalent in the crypto space, so before launching your Metaverse Token, you need to test it. Beta testing is the best way to ensure that the smart contract is working as per requirements and that there are no bugs. Additionally, you can also use tools like Ropsten, Rinkeby, and SafeMath to keep a check on various errors and possible bugs.
In case errors are discovered during beta testing, then you should work on resolving them. Ideally, it would be best if you continue the loop of testing and resolving the discovered errors until you end up with zero errors.
Step 5: Launch and deploy your Metaverse Token
Now that you have ensured that there are no errors or bugs and the Metaverse Token is as per your requirements, it’s time to deploy it on the test net. After observing it’s working on the test net, you can finally deploy it on the main net.
Congratulations, your dream project is finally live and working as per your requirements.
Future of Metaverse and its Tokens
With the rise in the adoption of cryptocurrencies, emerging technologies like Metaverse, NFTs, AR, VR, etc., are also seeing a spike in demand. In particular, Metaverse gained attraction when the tech giant Facebook rebranded itself to Meta. And soon after that, various companies like Nvidia, Adidas, Zara, Apple, Goldman Sachs, etc., also extended their support to Metaverse.
According to Bloomberg, in this new age of the internet, Metaverse will be one of the leading technologies with a market cap of over $800 billion by 2024. Additionally, technologies like AR and VR will deliver a $1.5 trillion boost to the Metaverse and the global economy by 2030, according to PwC, an accounting and advisory giant.
Moreover, according to research conducted by Macro, a UK-based firm, back in 2021, top cryptocurrencies, as per market cap, like Bitcoin, saw a rise in price by 100%. But surprisingly, Metaverse tokens skyrocketed by 37,000%. This clearly indicates the strong demand and belief in Metaverse and its tokens among investors.
Thus, from the above discussion, the future of Metaverse and its tokens seems bright and evergreen, irrespective of the current slowdown in the entire crypto space.
Why should you hire Prolitus?
We at Prolitus are a leading company in delivering ingenious Metaverse development services. Our highly skilled team is enriched with experience and expertise in delivering the best-in-class Metaverse development services. Furthermore, we just don’t provide development services; instead, we offer all-over support, including post-development services, giving you room to focus on growth areas.
Our Metaverse development services include:
- Metaverse NFT Development
- Metaverse NFT Marketplace Development
- Metaverse Games Development
- Metaverse Social Media Platform Development
- Metaverse E-commerce Development
- Metaverse Real Estate Platform Development
So, whatever your business goals and requirements are, our experts are fully equipped to fulfill them in the shortest possible time frame.
Final Thought
The digital world has accelerated and revolutionized at a much faster pace since the pandemic. As a result of which, Metaverse has also attracted lakhs of investors and businesses to leverage upon it. Currently, there is a very thin line between the real and 3D virtual world, which seems to blur day by day with new innovations and advancements.
So it’s the right time to enter the space of Metaverse and its tokens if you are also planning to ride the future technology and build something groundbreaking. You can take help from leading blockchain companies like Prolitus to fulfill your business goals and requirements. Thus, don’t wait much; just contact us and let our experts handle and guide you towards the end goal.
