A crypto exchange Crypto.com confirmed that hackers stole nearly $34 million during Monday's hack. In a Tuesday update, the exchange revealed that hackers stole 443.93 bitcoin ($18.7 million), 4835.25 ether ($15.2 million) and approximately $66,200 in USD. The company faced criticism over its communication after the incident. The company's CEO only confirmed the hack on Wednesday, three days after it took place. In total, the hack affected 483 users. However, Crypto.com said that they fully reimbursed all of them. The…
The Metaverse topic has gained tremendous popularity throughout 2021, and this trend is not expected to stop in 2022. The market is convinced of this prediction, as companies like Facebook Meta Platforms Inc. or Microsoft are making significant investments in this sector.
In light of this, the popularity of the Metaverse is expected to have significant repercussions on blockchain in 2022. Apart from the large companies mentioned, the new year will likely see new developers’ birth of exciting projects.
This article will present three Metaverse crypto tokens to invest in 2022. The analysis we will provide will be impartial and will highlight the main characteristics of each project.
The content reported in this article does not represent, in any way, financial advice. We encourage all readers to research before investing money in the markets.
To put it in simple terms, The Sandbox is a prominent video game editor created along the lines of Roblox. As the name suggests, it is a pitch with sand in which everyone can shape the experience they want. Alternatively, you can enter to play what others have created.
How does The Sandbox work?
The Sandbox has three souls. First of all, there’s a game in which an avatar moves in a square world similar to Minecraft’s. Here users interact in an MMO style, exploring the world as a third-person action platform.
Then there is a worlds editor, where you can use the tools made available by the developers to create new games and experiences. Each player can, for example, participate in an action role-playing game to fight threatening monsters. Alternatively, it is also possible to go to a disco or attend a museum exposition.
Last but not least, we need to mention the NFT dimension of The Sandbox. Each asset in the Sandbox Metaverse is exchangeable. The game has a built-in marketplace that has been designed entirely for this purpose, and, as you may guess, you need to use cryptos to access it.
What can you do in the Sandbox Metaverse?
In addition to the previously mentioned virtual experiences, each player can perform a series of potentially endless activities. For example, besides visiting expositions by famous digital artists, it is also possible to buy LAND (the name of virtual land in the Metaverse, sold as NFTs).
If you are not familiar with this concept, you may be surprised to learn about the booming digital real estate market. Big companies, new start-ups, artists, and regular users boost this market.
You may wonder what the point of buying a virtual land or property is. After all, isn’t it just pixels (or voxels, in a 3D world)? Of course, that is technically correct, but the reasons why someone would buy a digital property are, actually, somewhat similar to those driving the actual real estate industry.
Think, for example, of a future where a digital 3D office will replace the apps we use to work remotely. Buying a voxel, building a set of offices, decorating and renting them may become a real thing.
The SAND token
The SAND token is the cryptocurrency players use to buy and sell NFTs on the Sandbox market. Its community and partners have already built a massive world in the game. Plots of land and resources can acquire significant value if demand increases.
SAND is an ERC-20 token on the Ethereum network and is the native asset of the Sandbox ecosystem. It is mainly used to monetize in-game items such as lands and decorations.
Axie Infinity is a game developed on the Ethereum blockchain, where users fight with fantastic creatures (Axie). Through this mechanism, gamers get cryptocurrency rewards for every victory in arenas and following the main storyline.
How does Axie Infinity work?
In Axie Infinity, players build a kingdom for their pets, or Axies, and can enter the game by purchasing Axies from other players.
Third parties can access all Axie-related game assets and data, allowing community developers to create tools and experiences in the Axie Infinity universe.
What can you do in the Axie Infinity Metaverse?
Axie Infinity features collectible creatures and battles and is one of the most popular play-to-earn games today.
After having a Starter Kit and completing tasks and challenges, players can get fungible tokens that can be used in exchanges.
Likewise, anyone can use tokens for breeding new Axies. The game’s monthly rewards are variable but often reach values above the average income in some countries worldwide.
The AXS token
Axie Infinity Shards (AXS) represent the fuel of the whole blockchain system of this game. AXS holders can claim rewards for staking operations, access the game, and vote on several governance matters.
It is also possible to get AXS while playing many user-generated games in this Metaverse.
Decentraland focuses on virtual reality. Users can immerse themselves in a parallel world similar to video games, in which they buy and rent land, houses, businesses, etc.
But Decentraland is not just a game: it is more relevant to reality. Everything here is based on the Ethereum Blockchain. Users can make transactions, buy and sell applications, content, NFTs.
The ownership is transferred through smart contracts, which are in turn controlled by the DAO (Decentralized Autonomous Organization).
How does Decentraland work?
Decentraland’s metaverse allows users to purchase virtual tracts of land in its world to design and set them up as they see fit.
Users could buy space on Decentraland to show the non-fungible tokens (NFTs) they own. This move could potentially attract an audience interested in buying them at high prices.
A fashion brand could purchase land and use it for advertising and selling its latest products. Alternatively, it may serve as a social meeting point for its brand devotees.
What can you do in the Decentraland Metaverse?
The functioning of Decentraland is not remarkably different from The Sandbox. Therefore, all the arguments already illustrated on the enormous potential of the virtual real estate market are valid.
It recently sold a plot of land in the Decentraland metaverse for $ 2.43 million. A team of investors bought the virtual area to host fashion shows and sell goods in the digital space.
The MANA token
MANA is the cryptocurrency that gamers can purchase LAND NFTs, the very soul of the Decentraland world. After buying LAND, it will be possible to build a city, a business, etc.
MANA is a token based on the ERC 20 standard, while the LANDs are NFTs based on the ERC 721 standard. Although this may not affect the token’s value, it is still a good sign. Indeed, the market seems to have learned to trust this type of technology.
While it is complex to say with certainty what the best crypto tokens of 2022 will be, the three cases mentioned in this article have a good chance of growth.
All these projects have seen their popularity grow enormously in 2021. However, this does not mean that the new year can no longer satisfy gamers and project developers.
With the entry of large companies into the Metaverse sector, it will be interesting to see the redistribution of market balances.