New Delhi: Metaverse projects on Blockchain Networks are powered by Fungible Tokens. Fungible tokens mean tokens that can be exchanged and exchangeable. These tokens are used to buy Digital Assets such as Virtual Land or Outfits for Avatars.
They are also used to trade other crypto or fiat currencies. Some Metaverse cryptocurrencies allow their owners to vote on decisions within the Metaverse platform, such as where money should be invested or which new features should be released first.
Theoretically, as the value of digital assets increases, so will the value of their respective tokens. In addition, some metaverse platforms such as Decentraland eliminate all MANA (Decentraland platform tokens referred to as MANA) tokens used to purchase digital assets. Meaning that the used tokens are permanently removed from circulation and the value of the remaining tokens is increased.
5 Large Metaverse Crypto Tokens By Market Cap
- Decentraland (MANA) – The market cap of this Metaverse crypto was approximately $4.03 billion at the time of writing this article on January 28, 2022. This token can be used on the Decentraland metaverse. On this metaverse you can buy and sell virtual land, build your own world and play with friends. You can buy outfits for your avatar from its marketplace.
- The Sandbox (SAND) – Its market cap is $3.08 billion. Sandbox focuses on the metaverse of user-generated content. SAND tokens are awarded to those who participate in alpha testing of the sandbox. SAND tokens can also be bought on different digital exchanges. SAND is a utility, governance and staking token. SAND owners can use it to buy digital goods and services. Those people can Vote on Proposed Initiatives within the sandbox. Also they can stake their SAND to get more rewards or rewards.
- Theta Network – Its market cap is $2.90 billion. It is a decentralized video streaming network powered by blockchain. A centralized network has many problems, such as low-quality content, high data requirements, and low revenue for creators. The main objective of this platform is to solve all these.
- Axie Infinity (AXS) – Its market cap is $2.80 billion. Unlike Decentraland’s MANA, which is used to purchase digital goods and services. Axie Infinity’s AXS token is a governance token. Those who own the AXS are able to vote on proposed decisions that may affect the Axie Infinity’s eco-system. This eco-system even includes how to spend the funds of the community treasury. There are plans to change the use of the AXS token in the future so that it can be used to purchase digital goods and services on Axie Infinity.
- Enjin Coin (ENJ) – Its market cap is $1.37 billion. Enjin is a blockchain gaming company. It differs from The Sandbox or Axie Infinity as both of these platforms offer their own Metaverse product, but Enjin provides its users with interconnected play-to-earn gaming experiences.
