The metaverse theme has gained significant popularity in the recent months as major tech companies announce their initiatives to step into the game.
In the cryptocurrency space, metaverse coins are doing way better as well. In fact, we saw metaverse stocks holding strong while the markets took a hit when the new Omicron covid variant was announced last week. Here, I share how you can find potential metaverse coins to invest in and the top 5 metaverse coins on my watchlist.
Where to find Metaverse coins you can invest in?
In Alvin’s previous article on the Best Crypto Exchanges to Use in Singapore, he mentioned that KuCoin is a good option for readers to consider among all other brokerages. Aside from the points mentioned, perhaps one of the best functions of KuCoin is their brand new Metaverse Trading Board!
Think of this trading board as a Metaverse watchlist created by KuCoin to “quickly enable your access to the latest Metaverse tokens.”
With that, let’s check out the top 5 Metaverse Cryptocurrency coins that I’ve got on my watchlist!
5 metaverse cryptocurrencies on my watchlist
1. Sandbox (SAND)
There has been a lot of hype about Sandbox and this is clearly evident if you follow global finance news.
So what exactly is Sandbox and can a small handful of sand turn your investment into a sandcastle?
What is Sandbox (SAND)?
In a nutshell, Sandbox is:
- A software running on Ethereum that operates a decentralised virtual gaming world.
- Players can buy virtual plots of land and create experiences which they can share to other members of the world. They can also interact with these members.
- With the Sandbox Platform, users can create what is known as “voxels” which can be used as in-game creations. Users can also build 3D games on their land.
- All creations can be uploaded and traded at the Sandbox Marketplace where they are registered as assets on the Ethereum blockchain. These assets can then be bought and sold using SAND.
What is SAND so popular now?
In my opinion, there are multiple reasons why SAND is all the hype now.
- The “Metaverse” theme is the rage now, hence most metaverse coins are doing well.
- SAND is actually backed by SoftBank. This gives SAND an advantage – I do believe both investors and traders find much comfort in projects backed by such a massive institutional player.
- Sandbox has forged various partnerships with prominent celebrities and brands (eg. Snoop Dogg, Walking Dead, The Smurfs, Cryptokitties, etc). These will continue to add more credibility to the brand and grow the SAND franchise even after the hype.
2. Decentraland (MANA)
According to a Reuters article, “A subsidiary of Tokens.com, called the Metaverse Group, bought a patch of real estate for 618,000 MANA on Monday, which was around $2,428,740 at the time, a Decentraland spokesman and a statement by Tokens.com said.”
Even local superstar, JJ Lin got into the action:
This is a good indication of how hot the virtual real estate market is right now! One of the greatest benefactors of this FOMO is Decentraland.
What is Decentraland (MANA)?
In a nutshell, Decentraland is:
- A software running on Ethereum that seeks to incentivise a global network of users to operate a shared virtual world.
- Users can buy and sell digital real estate, while exploring, interacting and playing games within this virtual world.
- Over time, the platform has evolved to implement interactive apps, in-world payments and peer-to-peer communication for users.
- It shares similarities with Sandbox which we discussed above.
Why is it on my watchlist?
MANA is used for all transactions within Decentraland’s virtual world. An example of a transaction would be buying/auctioning LAND.
- MANA has value as it is a deflationary token. When land is auctioned, MANA tokens are removed from circulation (aka burnt). This causes the value of MANA to rise as there is now less of it in supply.
- More often, deflationary tokens are seen as a good thing because for whatever reason, there is a fixed supply or less supply of it as time goes by. Hence, should demand remain consistent or increase, the laws of economics would dictate that there would be a natural price increase.
- Readers who believe in the future of Decentraland as the future of virtual reality may consider keeping an eye on this from time to time.
I missed the boat when MANA was floating at a $1 level. Once it took off, I honestly didn’t have the guts to pursue. At the moment, I’m waiting for a pull back or for it to return back to neutral or even oversold levels before making an entry.
Author’s thoughts
3. Bloktopia (BLOK)
Here is one metaverse coin which I have invested in (I couldn’t resist the FOMO). For those looking for what could be the next big thing, Bloktopia might be it.
Bloktopia is only set to launch sometime next year so for those who see this as a possible catalyst, then this token could be one sleeping giant.
What you will find most distinct about Bloktopia is that it has a completely different feel compared to Decentraland or Sandbox. This is because the game engine which Bloktopia is built on is completely different from the others.
I won’t go into the details about the game or its graphic engine, however it is definitely clear that this difference comes at a cost. Bloktopia may not be as accessible to the general public given that it is likely that this “virtual skyscraper” will only be available in Virtual Reality (VR). This means that in order to access it, players will need some form of VR equipment such as a headset or glasses.
Here’s what Paddy Carroll, the co-founder of Bloktopia said:
“We will make entering Bloktopia as accessible as possible. We are finalizing our roadmap and will be sharing it very shortly. We envisage a version with VR glasses and a downloadable version in time.”
Paddy Carroll’s interview on Cointelegraph
Within the ecosystem, members will have the ability to create their own avatars and like other virtual worlds, purchase their own “real estate”. Much of this will revolve around the concept of NFTs, which is why Bloktopia does have the potential to be revolutionary given how there is synergy between NFTs, Blockchain and VR.
If this comes to fruition, then we will most likely be able to experience a “beta” version of Ready Player One in our lifetime.
With just a demo to showcase at present, Bloktopia may very much be ahead of its competitors within the metaverse ecosystem. Does this mean that BLOK is undervalued or is it just the beginning? You decide.
Author’s thoughts
4. Floki Inu (FLOKI)
Let’s face it, kids are getting rich from meme coins and FLOKI is no different. Despite being a relatively new project, Floki Inu claims to be both the “DOGE and SHIB killer, aiming to become one of the top 10 crypto projects in the market and (to) kickstart the next crypto revolution.“
The name was inspired by Musk’s tweet where he mentioned that he would be adopting a Shiba Inu pup.
FLOKI aims to be different from DOGE and SHIB by emphasising the utility that it can provide. FLOKI is set to be the currency for the following utility projects (all are still currently under development):
 | Valhalla is set to be a P2E NFT gaming metaverse. Not much is known at this point but one possible USP is how it aims to feature a concept where users can “upgrade” their NFTs while playing. |
 | Flokiplace aims to be an NFT marketplace where users can easily trade NFTs. The core payment option will be Floki. |
 | Floki University aims to be the “premier cryptocurrency education platform” and its main focus is to educate. |
So this begs the question, can FLOKI really be the next SHIB or DOGE?
Personally, I’d say yes, as people always love to search things on Google such as “What is the next SHIB?” or “What is the next crypto that’s about to explode?”
It is human nature to well…pump-and-dump and I see FLOKI as no exception. Finance aside, I must say that their marketing is really spot on.
5. Victoria VR (VR)
Last but not least, we have a token that isn’t listed yet and that’s Victoria VR. This will be the only metaverse token that isn’t publicly available now but I think it should be watched closely.
While most concepts we have discussed above are strong in one area and (probably) weak in another, Victoria VR is one concept that I think may have the chance to become an all-encompassing experience for users. In this sense, Victoria VR aims to “enable the creation of new business models and a new breed of digital entrepreneurs, with the VR Token used to buy and sell goods, from traders and creators.”
With this, it sounds like while Covid forced businesses to “go digital”, Victoria VR wants business to “go metaverse.” Here is why I say so,
“With businesses establishing locations in Victoria VR to sell and promote their digital and real-world goods and services, Victoria VR World will be the place where people will come to work, learn, rest, shop and play.”
Unveiling Tokenomics
While every token does have its own USP, what makes Victoria VR stand out from the rest is its business-focused economy – I think it is betting on a B2B model rather than B2C. I can’t say for sure if this is something that will work but it sure makes it different from the competition.
Apart from that, user can expect to experience all the fun that comes with a VR world including “quests, never-ending adventure, virtual galleries, and The Big Market VR where you can exchange NFTs in 3D!”
There is still a lot of unknowns for this new token, but below is what Victoria VR has to say about their project.
The Metaverse is still in its early days
All in all, we need to understand that we are still at the very beginning of the metaverse phase. Previously, when I shared 5 metaverse stocks to watch, I mentioned that the road will be long and not everything will be a “forever-bull” market.
Despite the potential that any project can bring, investors and traders alike should still do their own due diligence and whenever possible, enter or exit a trade based on its fundamentals and technical.
And you shouldn’t invest in things you do not understand, let Chris and AK give you the key fundamentals of cryptocurrencies at this live webinar.