Best Metaverse Cryptocurrencies to Watch in 2024
The metaverse is a network of interconnected 3D virtual spaces that offer immersive experiences. It is a technology that is still in its early stages but has the potential to revolutionize online interactions. Users can engage in various activities within these virtual spaces such as trading virtual goods, joining communities, attending live events, and owning digital property. Imagine a shared online space where socializing, working, and playing seamlessly blend harmoniously. That is exactly what the metaverse offers.
Tech leaders around the world are anticipating a significant increase in metaverse projects in the coming years. These projects are expected to attract millions of users and reshape online interactions. At the heart of these projects are metaverse cryptocurrencies, which will play a critical role in shaping the future of the technology. In this article, we will explore some of the top metaverse cryptocurrencies to watch in 2024. Let’s have a look:
The Sandbox (SAND)
The Sandbox is a leading virtual universe that utilizes the Ethereum network to provide users with an immersive platform for creating, experiencing, and monetizing gaming content. At the heart of The Sandbox metaverse, we have the SAND token, which is the primary currency that drives user interactions and transactions on the platform.
One of the main highlights of The Sandbox is its decentralized gaming approach. Creators have the freedom to design, develop, and share gaming experiences without traditional publisher constraints. Sandbox’s Ethereum Blockchain creates a collaborative environment that inspires innovation in its community of developers and users. The platform also lets users create their own content and earn rewards through a play-to-earn gaming feature. If you’re creative, you can turn your ideas into reality and earn SAND tokens in return.
Another main aspect of The Sandbox is its focus on ensuring secure copyright ownership for participants. Users maintain full control over their content while earning SAND tokens as rewards. This ownership structure is supported by Non-Fungible Tokens (NFTs), which uniquely identify each in-game asset, guaranteeing authenticity and exclusivity for every virtual item traded or used within the Sandbox ecosystem.
The SAND token currently has a market cap of $1.3 billion and is trading at $0.6. However, it is still far from its all-time high of $8.44, which it hit in November 2021. This shows that the SAND token has a lot of growth potential.
Decentraland (MANA)
Decentraland (MANA) is another popular Ethereum-based virtual reality platform that offers a ground-breaking digital landscape. Within the Decentraland metaverse, users can acquire virtual land through unique tokens and thrive in a digital community with its own economy.
The platform allows users to unleash their creativity by creating diverse virtual landscapes, from commercial hubs to peaceful retreats. Decentraland offers engaging experiences such as virtual casinos, interactive conferences, shopping excursions, luxurious resorts, and even the chance to drive motor vehicles, all accessible through a screen monitor.
One of the main highlights of Decentraland is its historical framework, which mirrors human civilization’s evolution. Project phases are divided into epochs like the Stone Age and the Iron Age. This adds a compelling narrative layer to the platform’s progression and emphasizes its commitment to innovation and immersive storytelling.
Another thing that stands out for Decentraland is its native token, MANA. This token serves as both a digital currency and a governance token. Alongside MANA, users also have LAND, which represents their ownership of virtual land as an NFT. Decentraland’s marketplace allows users to trade or auction off land, NFTs, avatars, and other virtual assets, including MANA and LAND tokens.
At the time of writing this article, MANA is trading at $0.57 and has a market cap of $1.09 billion. During the NFT tokens boom in 2021, MANA managed to reach an all-time high of $5.90. If the project continues to perform, it may set a new all-time high any time soon.
Enjin (ENJ)
Enjin (ENJ) is another metaverse project that facilitates the storage, purchase, and sale of virtual goods. It serves as a marketplace for trading NFTs. This creates an interconnected ecosystem for creators and collectors worldwide. Enjin’s user-friendly platform promotes NFT accessibility and liquidity, which makes it more accessible for the participants.
To utilize the Enjin token, you first assign value to your virtual goods by locking in cryptocurrency tokens with a smart contract. Then, according to the contract terms, you can sell, trade, or use virtual goods. Upon selling your item, you receive ENJ tokens, which can be used to connect to games, utilize items, trade goods, and sell digital products.
Like SAND and MANA, ENJ operates on the Ethereum network. However, while the network is decentralized, the wallet is not open source, which may pose challenges in vetting its security.
ENJ is currently trading at $0.42 and has a market cap of $578 million. It has dropped significantly since its all-time high of $4.85 in 2021. It still carries plenty of potential and will likely rise again with the metaverse boom.
Illuvium (ILV)
Illuvium is a metaverse project that introduces a series of fully decentralized RPG and collection games that immerse players in captivating worlds characterized by incredible beauty and enchanting landscapes. Illuvium redefines blockchain gaming as a fully decentralized protocol by offering players a triple-A gaming environment alongside a solid decentralized framework. This allows participants to contribute and actively shape the project’s trajectory.
One of Illuvium’s main strengths is its innovative governance model. This model allows stakeholders to vote on important aspects of game development. This promotes community engagement and allows players to shape the platform and mold it according to their preferences. Stakeholders also receive regular yields and a share of the game’s revenue.
Illuvium also allows true ownership of in-game assets through blockchain technology. This allows players to store assets in their own wallets. The IlluviDex marketplace enables instant, gas-free peer-to-peer trading facilitated by integration with Immutable X.
The native token, ILV, serves as a governance token for decentralized decision-making and as a tradable token with utility.
ILV is currently trading at $119 with a market cap of $450 million. While it is far from its all-time high of $2,868, it is still a promising token attached to a promising metaverse game.
Internet Computer (ICP)
Internet Computer (ICP) might differ slightly from the other metaverse tokens on this list, but it is also the biggest metaverse project in terms of market capitalization. ICP is a cryptocurrency that fuels a decentralized cloud computing platform of the same name. Its goal is to create a decentralized internet where users can run websites, apps, and services without centralized servers. With the ICP ecosystem, developers can build and deploy decentralized apps (dApps) on the blockchain using languages like Rust and Motoko.
The ICP token is used for computation, storage, and platform governance via a decentralized system. One of the top features of Internet Computer is its horizontal scaling, which allows for limitless expansion of computational capacity. This scalability helps run large-scale applications and services that are not feasible on other blockchains. As the metaverse grows, Internet Computer could have massive potential in the future.
When ICP was first launched, it garnered much attention and shot up to $750 in no time. Right now, the coin is trading at $16.5, which is quite low. However, it still has an impressive market cap of $7 billion, which is the highest in the metaverse category and has the potential to go further.
Conclusion:
Cryptocurrencies and blockchain are shaping the future of technology. Projects like The Sandbox, Decentraland, Illuvium, Enjin, and Internet Computer offer exciting opportunities for users to create and explore new possibilities in digital worlds. As we look to the future, these projects will continue to redefine online experiences, making the metaverse an exciting space to watch in 2024. However, you are advised to do thorough research before investing in any metaverse token and gauge the risks beforehand.