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As anticipation surges ahead of the annual Apple Worldwide Developers Conference (WWDC), whispers of the potential unveiling of Apple’s extended reality (XR) headset are creating a palpable sense of excitement.
Apple’s XR headset is expected to transform the tech giant’s legacy radically, setting a new benchmark for the rapidly evolving world of consumer technology.
Big tech companies, including Meta and Google, have been eyeing the XR landscape for some time now. Apple’s entrance into this realm could invigorate interest in the metaverse, a collective shared space bridging the gap between physical and virtual reality.
The ongoing development in the XR world has highlighted the importance of metaverse tokens that play a pivotal role in powering the virtual economies of the metaverse, from enabling transactions to granting access to exclusive experiences.
Several metaverse tokens are already exhibiting promising prospects, riding the wave of this amplified attention toward the metaverse.
Deciphering the significance of metaverse coins
At its core, metaverse coins, or tokens, are digital currencies designed to facilitate transactions within the diverse virtual worlds of the metaverse. These coins work much like the in-game currencies many users have grown accustomed to.
The difference between in-game tokens and metaverse tokens lies in the integration of blockchain technology, which brings transparency, security, and decentralization to these virtual economies.
Metaverse tokens expected to heat up
The Sandbox (SAND)
Resembling a hybrid of Roblox and Minecraft, The Sandbox, another Ethereum-based metaverse, uses the SAND token to fuel creative and gaming activities. The platform has enjoyed steady success by positioning itself as a hub for unbounded creativity and gaming innovation.
The Sandbox’s appeal extends to famous personalities like Paris Hilton, Tony Hawk, Snoop Dogg, deadmau5, and major brands such as Atari, Gucci, and Adidas. The platform has shown impressive growth, attracting 100,000 unique players and generating 1.73 million visits in the first quarter of 2023.
SAND tokens are used to purchase land for game development and various activities such as hosting events, renting out virtual properties, generating passive income through staking, and buying and selling digital assets. Like MANA, SAND also functions as a governance token.
The largest metaverse token on the market, SAND has a market cap of $1.11 billion and was trading at $0.60 at press time.
Decentraland (MANA)
Decentraland, a virtual world anchored on the Ethereum blockchain, utilizes MANA as its primary crypto token. This token enables users to buy virtual land, digital collectibles, and engage in transactions within the decentralized marketplace.
The platform, home to brands like JPMorgan, Coca-Cola, Sotheby’s, and Samsung, has gained prominence thanks to its users’ stature and the exorbitant prices fetched by its virtual land plots.
The tradable parcels of property, known as LAND, number 90,000 and are the foundation upon which the Decentraland metaverse is built.
Perhaps Decentraland’s most compelling feature is the liberty it provides users to create unique virtual infrastructures, shop from favorite brands, socialize, and build new businesses within the metaverse. Additionally, MANA doubles as a governance token, allowing users to influence the platform’s future direction.
MANA has a market capitalization of $965.3 million, trading around $0.51 at press time.
Sensorium Galaxy (SENSO)
Sensorium Galaxy, the world’s first AI-powered XR metaverse, offers a mix of AI-driven social networking, cutting-edge content, and entertainment.
The platform offers experiences in music and entertainment, with PRISM, the epicenter of entertainment, hosting electronic music performances by superstars like David Guetta, Armin van Buuren, Black Coffee, and Carl Cox.
Sensorium’s Starship serves as a destination for AI-driven socialization and networking, while its MOTION project integrates mindfulness and self-exploration practices.
SENSO, Sensorium’s in-platform currency, serves various purposes, from avatar creation and event ticket purchases to monetizing original XR content. Recently, Sensorium unveiled its updated tokenomics, outlining SENSO’s integration within the Sensorium Galaxy metaverse and the newly introduced Sensorium Arc decentralized platform.
Users holding SENSO can now unlock and explore different membership tiers and gain exclusive access to dedicated lounges with Sensorium’s historical characters.
The token provides direct access to artists, performers, and collectible drops, such as meme coins and various NFTs associated with concerts, digital and historical artists, and major Sensorium events. SENSO will also be used for minting NFT avatars and land plots within Sensorium Arc.
Senso has been trading at around $0.09 at press time, with the token holding a $1.2 million market cap.
Axie Infinity (AXS)
Axie Infinity merges the worlds of blockchain gaming and the metaverse. The platform, reminiscent of Pokémon and Tamagotchi, lets players raise virtual monsters for battle tournaments. It uses two native cryptocurrencies: AXS and SLP.
AXS, or Axie Infinity Shards, allows holders to vote on the platform’s future development, while SLP tokens, earned as gameplay rewards, are crucial for breeding new Axies. The game’s success has positioned AXS among the top metaverse cryptocurrencies.
Furthermore, the recent launch of ‘Axie Infinity: Origins’ on the Apple App Store has boosted the AXS token, opening the game up to more players by offering non-NFT starter Axies.
AXS has a market cap of $846.3 million and was trading at $7.28 at press time.
Floki (FLOKI)
Floki is designed to popularize NFTs and the metaverse beyond the crypto community. The token rewards participation in activities within the Floki metaverse, including the Valhalla NFT Game and the FlokiFi DeFi Ecosystem.
FLOKI is also the exclusive currency for purchasing in-game items and unlocking playable characters in Valhalla. Holding FLOKI also provides users with an opportunity to earn passive income.
FLOKI operates on both the Binance Smart Chain (BSC) and the Ethereum blockchain, ensuring compatibility with the ERC-20 and BEP-20 standards. This dual functionality makes it a promising player in the metaverse token sphere.
Given the increasing integration of virtual reality into daily life, these five metaverse coins are worth watching as their platforms continue to grow and evolve.
Floki boasts a $293.4 million market cap and has been trading at around $0.00003 at press time.