Metaverse is one of most discussed topic in fintech world and the cryptocurrency space and it became obvious that there would be huge investment and development in the metaverse space in nearest future. Metaverse tokens are attracting the interest of crypto investors and traders. In this article, we will focus in the most promising tokens as SAND and MANA, the best performers as for last year.
WHAT IS METAVERSE AND ITS TOKENS?
The metaverse is a fully virtual world that lets users create their own experiences on a virtual platform by creating their avatars. Users can play, rent land, and create experiences. The concept has been gaining traction after the COVID-19 pandemic due to restrictions on gatherings and meetings. Interest in digital ownership has increased dramatically, as we started to see non-fungible tokens (NFTs) and cryptocurrencies in headlines.
Interest in AR and virtual world has spiked with Facebook, Apple and Microsoft investing millions and announcing new ways to collaborate online. Clothing brands are to sell virtual items. Nowadays metaverse is a new way of life spent in digital spaces.
WHAT MODES OF PAYMENTS ARE AVAILABLE IN METAVERSE?
As real world needs a currency, the metaverse, needs a mode of payment too. Metaverse tokens is virtual currency used to carry out transactions inside the metaverse.
Traditional paper or fiat currency is not possible to use as we know that metaverse is fully digital space.
For this reason metaverse-like and blockchain-based apps like Decentraland, Axie Infinity, UFO Gaming (UFO) and SecondLive have been created to allow users to make their payments.
Let’s focus on SAND and MANA tokens as are two of the leading metaverse projects with a shared market cap of under $30 billion.
- THE SANDBOX (SAND)
Cryptocurrency called SAND is used in the Sandbox (SAND).
Sandbox is another virtual world that allows people to manage virtual land and other digital assets. The digital experience can be easily monetised online through SAND. Sandbox allows people to use their cryptocurrency SAND – in other games, or manage other virtual assets.
Sandbox was launched in 2011 by Pixowl and now SAND is performing even better than Solana (SOL). SAND’s technical indicators show that the token is one of the best performers in the cryptocurrency market.
It is an ERC-20 utility token built on the Ethereum blockchain. There is a finite supply of 3,000,000,000 SAND.
Is SAND safe?
It highly safe and secure. Sandbox has closed a $ 93 million funding by Japanese banking giant Softbank and their cryptocurrency SAND is powered by the Ethereum blockchain that makes it very safe and secure. The Sandbox is secured by the proof-of-stake (PoS) consensus mechanism. Proof-of-stake (PoS) relies on stakeholders with the biggest holdings in SAND tokens.
Sandbox has partnerships with a number of high profile brands, such as Snoop Dogg who developed his own virtual mansion in Sandbox, and The Walking Dead, which created an in-game experience for players to discover.
It ensures the security of staked funds and allows for various applications.
SAND key points
- Sandbox is one of the top performance cryptocurrencies as for 2021.
- The metaverse token SAND already opened its virtual world to an exclusive group of 5,000 people.
- DECENTRALAND (MANA)
Cryptocurrency token called MANA is used in the Decentraland.
Decentraland is a virtual reality space that allows its users to buy/sell, rent and manage virtual property called LAND. It was created by Argentines Ari Meilich and Esteban Ordano in 2015. Initially, it was just a pixel grid that allocated pixels to users through a proof-of-work algorithm, which later evolved into a 3D world. In this Metaverse, users can create their LAND. Decentraland is designed for creatives, gamers, students and online communities. The project, according to many analysts, is quite promising. First of all, this is a new approach to virtual reality, which is already of interest to many users.
Oficial mode of payment in Decentraland, the MANA is the native crypto of the game that one must possess and transact in to pay for goods and services that they choose to avail in the game.
MANA’s technical indicators show that the token is also performing well. The advantage of MANA in comparison with the BTC is its low cost. But since MANA is not one of the largest currencies by capitalization, it is not among the instruments on Forex.
MANA key points
- Decentraland uses the Ether blockchain to store information about the ownership of land
- Transactions are made on the ETH smart contract
The metaverse project is promising and its tokens keep gaining attraction of investors because they have a much smaller market capitalization, hence bigger potential. The number of SAND and MENA holders will increase as crypto investors are seeking to invest in Metaverse tokens due to such giants as Facebook, Apple, Google, Microsoft increased focus on building a metaverse.
He uses to dedicate part of his life to inspire others and help them achieve the most out of their lives. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He is Member of Institute of Directors in London, Member of Changer Club in Riga, Member of Fintech Association of Hong Kong, Member of Singapore Fintech Association, Member of Non Executive Director Association in London and Member of Alumni Network of Draper University in San Francisco. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.
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