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7 Best Coins in the Metaverse – Forbes Consultant

Published

3 months ago

3 May, 2024

7 Best Coins in the Metaverse – Forbes Consultant

Editorial Note: We earn a commission from partner links on Forbes Advisor. Fees do not influence the opinions or ratings of our editors.

The metaverse is one of the Internet’s favorite new buzzwords.

If you’re new to the party, the metaverse is the latest iteration of virtual reality, or worlds accessed by people using virtual reality headsets. From shopping and entertainment to learning and gaming, some tech companies see the metaverse as a new frontier that could be as transformative as the World Wide Web was a generation ago.

This largely futuristic concept later became a household word Facebook it rebranded itself as Meta Platforms last year.

Cryptocurrency is starting to play a key role in some districts of this brave new world. However, its role in shaping the metaverse has been complicated by large crypto winter declines throughout 2022.

Here’s a look at the major metaverse coins, cryptocurrencies that play a role in facilitating trade and exchange within the metaverse, that have market capitalizations above $500 million.

1. Internet Computers (ICP)

Internet Computer was developed by the Swiss non-profit organization Dfinity Foundation. The ICP’s goal is ambitious: to replace the centralized Internet we all know today with a decentralized alternative.

The idea is that today’s Internet is built primarily by centralized companies like Alphabet—which owns the Google family of products—or Amazon.com.

Launched in May 2021, Internet Computer seeks to change this order, seeking to give users the ability to transition to a more inclusive and open source Internet. It aims to realize this vision with smart contracts, offering improved speeds with reduced computational costs.

Backed by big names like venture capitalists (VC) Andreesen Horowitz, his performance was short but turbulent. Initially, ICP reached a massive market capitalization of over $45 billion when the token was trading for around $700.

While it is still one of the largest cryptocurrencies around, the excitement has waned. The price of ICP has fallen significantly from its initial highs.

2. Stack (STX)

Bitcoin (Bitcoin) may be the granddaddy of all blockchains, but its role in the metaverse was somewhat unclear until Stacks launched on it.

Stacks is a layer one blockchain that connects to the Bitcoin blockchain through STX’s proof of transfer (PoX) mechanism. With this technology, Bitcoin miners can pay to mint new STX tokens. Additionally, Stacks owners can stack (as opposed to episode) your STX coins to earn BTC rewards.

Stacks’ main goal is to bring decentralized Web3 applications (dApps) and smart contracts to the world’s oldest and most secure blockchain, Bitcoin. It was founded by a number of venture capital funds, including those of Winklevoss Capital, Y Combinator and Digital Currency Group.

The first cryptocurrency to receive approval for sale by the Securities and Exchange Commission (SEC), Stacks 2.0 launched its mainnet in January 2021.

3. Axie Infinity (AXS)

Axie Infinity has taken the cryptocurrency world by storm during the Covid-19 pandemic, emerging as the biggest “play to earn” game, paving the way for titles like Sandbox and Decentraland.

Axie Infinity is inspired by popular games like Pokémon and Tamagotchi, and in many ways, it’s similar. Players pit cute-looking monsters against each other to win game tokens.

Unlike its centralized cousins, Axie Infinity is domiciled on the blockchain, monsters are purchased in the form of NFTs, and the earned tokens – AXS – are an actively traded cryptocurrency on the market.

AXS has been very popular during the pandemic as a way to earn money while cooped up at home. As the “play to earn” model has grown, however, criticism has been directed at its hierarchical nature.

Wealthier investors, known as scholars, could buy the expensive monster NFTs before renting them to players, known as workers, in low-income countries. Axie Infinity is extremely popular in the Philippines, Venezuela, the United States, Thailand, and Brazil, in respective order.

Players receive only a portion of the revenue earned by playing, lacking the financial means to purchase NFTs without an intermediary.

4. The sandbox (SAND)

Sandbox is a virtual world with native tokens for transacting digital assets in the game. SAND can be earned and spent within the Sandbox, much like MANA in Decentraland, another metaverse currency that appears on this list.

Virtual World Tokens highlight what makes investing in the metaverse so challenging. With the metaverse still in a nascent stage, featuring an ever-increasing range of platforms and a rapidly evolving environment that changes every day, it’s very difficult to pick a winner.

It is no surprise that the price of the SAND token has struggled so far this year, as both these variables and the broader market have moved against it.

Whether or not the metaverse achieves its goals remains the question of which games, platforms and applications will surpass the others. At the moment, SAND is one of the largest players in this space.

5. Theta Network (THETA)

YouTube, Netflix, Amazon Prime and Twitch are the titans of video streaming, run by centralized companies that wield great power.

Enter Theta, a blockchain created specifically for video streaming. It aims to decentralize video streaming, operating a peer-to-peer video distribution network.

The company’s promises are like many business plans in the metaverse: reduce costs, transfer power from corporations to the masses, and eliminate middlemen. According to Theta, this vision would give a bigger slice of the pie to content creators and make video cheaper for consumers.

The Theta network is designed so that when users consume video content, some of their computer power and free bandwidth is used to transmit that video to other users on the network. In exchange you earn THETA tokens. The more people on the network, the higher the quality and speed of the streaming.

Those who work in the traditional video streaming sector have noticed this. Theta’s advisory board includes Twitch co-founder Justin Kan and YouTube co-founder Steve Chen.

6. Decentralization (MANA)

Decentralized runs an entire metaverse of its own. It is a VR platform powered by Ethereum (ETH) blockchain, with native token MANA used to transact trade within its worlds.

Users can create avatars and navigate this online universe as they wish. They can purchase land, outfits for their avatars, accessories and much more on the Decentraland marketplace. Content and applications around the world can also be monetized.

The hope for this project is that Decentraland will become a place where more and more users choose to hang out, conduct business and make daily transactions.

Concern over declining user numbers has led some to wonder whether the Metaverse project will gain traction or whether conventional games will remain a better alternative.

7. ApeCoin (APE)

ApeCoin is not only one of the largest metaverse coins on the market, but also one of the newest. It was designed to fuel the growing ecosystem around the popular Bored Ape Yacht Club.

Bored Ape Yacht Club is one of the most successful non-fungible tokens (NFTs) art collections. The lowest price for one of these blockchain art monkeys is estimated to be as much as $100,000. Its sister NFT collection, Mutant Ape Yacht Club (MAYC), has a minimum price of $18,500, CoinGecko data shows.

To capitalize on the popularity of these expensive apes, APE was air-launched to all Bored Ape or Mutant Ape NFT holders in March 2022. The goal behind APE is for voting and governance issues and to transact within the “ape metaverse”.

Metaverse FAQ

How can you buy Metaverse Coins?

Metaverse coins can be traded like any other cryptocurrency. Larger tokens can be purchased on cryptocurrency exchanges by simply exchanging fiat money into the desired token, using the exchange’s liquidity pair.

That said, darker metaverse tokens may lack liquidity for fiat trading pairs. Therefore, traders may be required to first purchase a larger cryptocurrency, such as Bitcoin (BTC) or Ethereum, before later trading it for the more niche metaverse token they want.

As evident from the historical price references in the article above, however, purchasing these coins represents a huge risk and should be classified as a gamble rather than an investment.

You should be vigilant and do all the necessary research, obviously making sure you only invest what you can afford to lose, given the extreme volatility and vulnerability to huge withdrawals that these coins possess.

Where can you buy Metaverse Coins?

Bigger cryptocurrency exchanges for example Binanceand KuCoin have trading pairs for most of the larger cryptocurrencies, including the largest metaverse coins: ICP, APE, SAND, THETA, MANA, and AXS.

If you’re going against the conventional route, you can also use a decentralized exchange (DEX) to buy metaverse coins. This means that Know Your Customer (KYC), rules that help verify users and prevent criminal and money laundering activity, is not required. With a DEX, you can access more obscure cryptocurrencies.

But the user experience with DEXs is not intuitive and is unique to cryptocurrency. Additionally, there is no customer support or recourse in case a mistake is made and your cryptocurrency is sent to the wrong place. Therefore, this route should be avoided unless you are a very experienced trader.

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News

Meme Tokens Surpass Bitcoin in Turkish Trading Activity This Year

Published

3 hours ago

27 July, 2024

TokenTalk Staff

Meme Tokens Surpass Bitcoin in Turkish Trading Activity This Year

The Turkish cryptocurrency market has seen significant growth in recent years. Currently, more than half of the population invests in cryptocurrencies, according to surveys and polls.

This is evident from the fact that the Turkish Lira (TRY) is the fourth most used fiat currency in cryptocurrencies. Several macroeconomic factors are fueling this crypto adoption in the country. Therefore, stablecoins and meme coins have emerged as the favorites of Turkish investors, even surpassing Bitcoin.

Stablecoins and meme coins dominate Turkish trade

According to the latest relationship According to Kaiko, Turkey’s inflationary conditions have significantly increased stablecoin usage in recent years. In 2024, the research firm found that USDT-TRY dominates as the largest trading pair by volume on Binance, reaching over $22 billion, more than five times larger than the next largest pair, PEPE-USDT, which has $4 billion.

Notably, meme tokens have surpassed Bitcoin in terms of trading volume this year, indicating that Turkish traders are also turning to more speculative cryptocurrencies to hedge against currency fluctuations and make profits.

The increased usage of stablecoins is further reflected in the main Bitcoin trading pairs on BTCTurk, which are BTC-USDT and BTC-TRY.

One of the main reasons driving the adoption of cryptocurrencies is Turkey’s fight against double-digit inflation and the currency devaluation for years, with an average inflation rate above 40% over the past five years. In response, the central bank adopted an unorthodox monetary policy, cutting rates until June 2023. However, this worsened the devaluation of the Turkish lira, which lost more than 300% of its value from the end of 2020 to the end of 2023.

Turkey’s decision to normalize its monetary policy after the 2023 elections failed to restore confidence in the TRY, whose value continued to decline in 2024, albeit less rapidly.

Binance Sees Strong Expansion in Türkiye

Amid economic challenges, Binance has strengthened its position as one of the two largest trading platforms for Turkish traders, thanks to deep liquidity and low fees. As part of a large-scale zero-fee campaign, it offered zero fees for BTC-TRY trading between July 2022 and March 2023.

Offering a wide range of TRY-denominated trading pairs and aggressively adding new pairs in recent years have helped Binance maintain its leadership in the country despite the 2022 cryptocurrency bear market. Binance introduced 61 new TRY trading pairs in 2024 alone, bringing the total number to over 200.

Other exchanges, such as Gate.io, KuCoin, and OKX, have jumped into the Turkish crypto ecosystem, but their overall market share remains less than 1%.

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News

Top 5 PolitiFi Tokens to Buy Now for MAX Profits

Published

4 hours ago

27 July, 2024

TokenTalk Staff

Coinpedia - Fintech & Cryptocurreny News Media

With the US presidential election fast approaching, the cryptocurrency world is buzzing with new trends. In addition to the well-known cartoon-themed meme coins, a new category is making waves: PolitiFi tokens. Did you see that coming?

These politically themed crypto tokens are gaining attention, especially those centered around former President Donald Trump. Today, we explore the 5 trending Trump-themed PolitiFi tokens.

Stock up to benefit later!

1. Trump (Magazine)

Launched about a year ago, the Trump-themed MAGA token has caused quite a stir in the cryptocurrency ecosystem. Inspired by Donald Trump’s slogan “Make America Great Again,” the MAGA token has produced an astonishing 35 million percent return since its inception. Currently trading at $5.65, it has fallen 8.80 percent in the past 24 hours.

Despite this, the token’s trading volume increased by 23.23%, bringing its market cap to $248 million and securing the 220th spot on CoinMarketCap.

Source: Dexscreener

2. MAGA (MAGA)

Another token with the same ticker, MAGA, is also trending in the PolitiFi category. With 390 billion tokens in circulation, this MAGA token has seen a 11.08% price drop over the past 24 hours, but an 81.39% increase in trading volume. Currently trading at $0.0001337, it is ranked 21st on Dexscreener’s trending list and 522nd on CoinMarketCap. Despite being only two months old, it has provided early adopters with a remarkable profit of 313,373.62% at its all-time high of $0.0007354.

Source: Dexscreener

3. Super Trump Coin (STRUMP)

Super Trump Coin, a meme token depicting Donald Trump as Superman, has a circulating supply of 1.8 billion tokens. Over the past 24 hours, its trading volume has increased by 39.88%. Currently trading at $0.01112, it has dropped by 6.07% over the past 24 hours, but holds a CoinMarketCap rating of 776. From its all-time high of $0.03085, it has dropped by 64.06%. Despite this, its impressive short-term returns have made it a favorite among Trump crypto enthusiasts.

Source: Dexscreener

4. MAGA Vice President (MVP)

Launched just four months ago, MAGA VP has yet to break into the top 1000 cryptocurrencies on CoinMarketCap, currently ranked 1231st. With a value of $0.128, its trading volume has increased by 21.79% over the past 24 hours, with a market cap of $5.3 million. While it is up 110% at its current price, it is down 83.24% from its all-time high of $0.7706.

Source: Dexscreener

5. Little Trump

One of the most unique Trump-themed tokens is Baby Trump, which depicts Donald Trump as a baby president. With a circulating supply of 406 million tokens, it has a market cap of $3.5 million at a trading price of $0.008616. Although its price has dropped 9.45% in the last 24 hours, its trading volume has increased by 4.29%. At its peak, Baby Trump’s market cap was $11 million.

Notably, Baby Trump is the only token among the five analyzed to be based on the BNB Smart Chain, while the others are based on the Ethereum network.

Source: Dexscreener

It’s an exciting time for cryptocurrencies

The current political climate in the United States is spawning a new wave of meme tokens themed around various political figures. Among them, Trump-themed PolitiFi tokens are experiencing the most significant surge in popularity. Support for Donald Trump in the crypto community seems to be a driving force behind the success of these tokens.

Do you think Trump-themed PolitiFi tokens are here to stay or just a passing trend? Share your thoughts.

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News

Brett Token Price Soars 12%; Analyst Expects Further 30% Upside

Published

5 hours ago

27 July, 2024

TokenTalk Staff

Eight altcoins rally 10+% as volatility swings market

Brett, the largest meme coin in Blockchain Base, rose more than 12% on Friday, as sentiment in the cryptocurrency and stock sectors improved.

Brett (BRETT) the token rose to $0.133, up 31% from its low this month. Some traders believe the meme coin has more upside potential in the future.

Analyst is bullish on Brett

In an X-post, Michael van de Poppe, a trader with over 721,000 followers, said he is optimistic that the token will rise to $0.1712, up 30% from Friday’s trading level.

I’ve been a day trader for a long time and memes are a great way to gain that perspective.

Lots of volume.
And there’s a lot of volatility.

When it comes to $BRETTI would look for long positions in this area between $0.125-0.1325 and $0.170 as a clear identification of a potential bull run. photo.twitter.com/hWmSjCZGJa

— Michaël van de Poppe (@CryptoMichNL) July 26, 2024

If he is right, Brett’s market cap will surpass Floki’s (FLOKI), which has a market capitalization of $1.7 billion.

Brett’s bounce came at the start of the Bitcoin 2024 conference today. In a statement at the event, Robert Kennedy, an independent presidential candidate, noted that he is a big supporter of Bitcoin (BTC).

The main protagonist of the event will be Donald Trump, leading in most polls, included in Polymarket. Trump is expected to reiterate his support for cryptocurrencies. Analysts are divided on whether he will announce a Bitcoin reserve at this event.

Blockchain Base is doing well

Brett token also recovered as Base blockchain ecosystems continued to perform well. Launched in 2023 by Coinbase, Base has accumulated over $1.6 billion in DeFi assets, making it the sixth largest chain in the industry. It has surpassed popular networks like Cardano (ADA), Avalanche (AVAILABLE) and Polygon (MATIC).

At the same time, Brett and other altcoins jumped as the U.S. stock market rebounded, signaling that investors have embraced risk-on sentiment. The Dow Jones Industrial Average rose more than 600 points, while the S&P 500 and Nasdaq 100 jumped more than 80 basis points.

Brett Price

Brett Price Chart | Source: Trading View

Technically, Brett formed a morning star pattern, which is a popular reversal sign. In the past, the coin has risen by double digits when it has formed this pattern. For example, it formed on July 12 and then rose by 40%.

On the other hand, this bounce could be a dead cat bounce, where an asset briefly rises and then resumes its downtrend.

Fuente

News

Top 5 PolitiFi Tokens to Buy Now for MAX Profits

Published

6 hours ago

27 July, 2024

TokenTalk Staff

These politically themed crypto tokens are gaining attention, especially those centered around former President Donald Trump. Today, we explore the 5 trending Trump-themed PolitiFi tokens.

Stock up to benefit later!