Metaverse is a concept that’s getting cryptocurrency investors excited right now as Oculus introduces new VR headsets. Large companies such as Yuga Labs and Sky Mavis have developed many metaverse projects since last year. So what are the best metaverse coin selections for 2023? Rudy Fares, a researcher who closely follows the segment, answers this question with 3 metaverse coins.
The largest metaverse coin by market price: ApeCoin (APE)
ApeCoin is a metaverse coin that carries Ethereum’s ERC20 standards. APE provides access to the ecosystem’s games and other artifacts 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 highly acclaimed 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 prices 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 reduce its supply to see the price increase. Despite heavier losses in May and June, ApeCoin is currently ranked 35th at market price. Thus, it maintains its position in the middle of the largest metaverse coin projects by market cap.
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. The peak price hit $8.40 in November. However, like all altcoins, it succumbed to the bear market. The Metaverse coin is trading below $1 in 2022, following significant 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. A worthwhile issue is the finite supply of 3 million that could increase its price in the future.
Decentraland was another major metaverse coin project that got a lot of attention in 2021. In Decentraland, users can purchase their own virtual place using MANA. These virtual properties and places 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 territory and make them available to other users.
Koindeks.com As you can follow, studies on the metaverse branch continue in our country without slowing down. The latest announcement on this matter came from the Ministry of Industry and Technology.