Metaverse is a concept that’s getting cryptocurrency investors excited right now as Oculus introduces new VR headsets. Big companies like Yuga Labs and Sky Mavis have developed many metaverse projects since last year. So what are the best metaverse coin picks for 2023? Rudy Fares, a researcher who closely follows the industry, answers this question with 3 metaverse coins.
Largest metaverse coin by market cap: ApeCoin (APE)
ApeCoin is a metaverse coin that carries Ethereum’s ERC20 standards. APE provides access to the ecosystem’s games and other products and services. However, it is the native token of Otherside, a metaverse game developed by Yuga Labs. Yuga Labs are also the developers of the hugely popular NFT collection Bored Ape Yacht Club. Recently, Yuga Labs has raised a total of $320 million in virtual land sales. During the sales, Ethereum generated so much traffic that gas fees skyrocketed during this time.
ApeCoin entered the market in March 2022. It then circulated 30% of its token supply. Recently, it has been trying to decrease its supply to see the price increase. Despite heavier losses in May and June, ApeCoin currently ranks 35th in market cap. Thus, it maintains its position among the largest metaverse coin projects by market capitalization.
Blockchain representative of game dynamics: Sandbox (SAND)
Sandbox (SAND) performed extremely impressively in 2021. In the fourth quarter of 2021, its price rose above $1 for the first time. In November, the peak price hit $8.40. However, like all altcoins, it succumbed to the bear market. The Metaverse coin is trading below $1 in 2022 after some serious gains.
Sandbox wants to realize the vision of the metaverse in the form of a gigantic game. Sandbox is supported by many major game developers such as Atari. It is also a game where users can create and trade their own NFTs using SAND.
Like many other metaverse coins, Sandbox uses the Ethereum network. An important consideration is the limited supply of 3 million, which may increase its price in the future.
Decentraland (MANA)
Decentraland was another major metaverse coin project that got a lot of attention in 2021. In Decentraland, users can purchase their own virtual land using MANA. These virtual properties and plots have reached extremely high prices during this time.
Decentraland took advantage of the huge wave of hype surrounding NFTs at the time. In Decentraland, users can showcase their acquired NFTs. They can also create their own virtual games and other digital assets on their own land and make them available to other users.
cryptocoin.comAs you can follow from , studies on the metaverse sector continue unabated in our country. The latest announcement on this matter came from the Ministry of Industry and Technology.
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