Overview of Metaverse Tokens in 2023
Tech Deep Dives

Overview of Metaverse Tokens in 2023

8m
Created 2yr ago, last updated 10mo ago

Discover some of the most popular metaverse crypto tokens, from ApeCoin to The Sandbox — and learn about the project, market capitalization and token utility.

Overview of Metaverse Tokens in 2023

Table of Contents

Metaverse as a concept boomed in 2021. But the valuations of metaverse tokens fell significantly in 2022 as the bear market hits. However, that did not stop some from speculating on the resurgence of metaverse tokens in 2023, especially as Apple is rumored to present a new mixed-reality headset at the upcoming Apple Worldwide Developers Conference (Apple WWDC). The conference will take place from June 5 to June 9, 2023. Crypto influencers are already betting the news from the conference could lead to a surge of metaverse tokens:
View post on Twitter

Whether Apple really integrates metaverse tokens or not, the announcements alone could be enough for a price boost fueled by speculation. Here are some of the most promising metaverse tokens, in no particular order, in 2023 that could benefit off that.

Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) — what are you waiting for?

Most Popular Metaverse Crypto Tokens

ApeCoin (APE)

History

ApeCoin is a token that was inspired by the Bored Ape Yacht Club (BAYC) project, a collection of 10,000 unique ape NFTs that sold out in April 2022. BAYC NFTs grant their owners access to exclusive perks, such as a members-only graffiti board, a merchandise store and a 3D metaverse called the Otherside. ApeCoin was launched in September 2022 as the official token of BAYC and the Otherside Metaverse. It is designed to support the evolution of art, gaming, entertainment and storytelling in the web3 space.

Market Cap

ApeCoin has a total supply of 1 billion tokens and a circulating supply of 368.6 million tokens as of May 2023. ApeCoin reached an all-time high market cap of $6.7B in April 2022, and is currently trading at $1.2B market cap.

Token Utility

ApeCoin is a utility and governance token. It can be used for various purposes within the APE ecosystem:

  • Holders can access the Otherside Metaverse, a social and gaming platform that features BAYC NFTs and other digital assets.
  • Holders can take part in ApeCoin DAO, a decentralized governance framework controlling the DAO’s Ecosystem Fund. The fund is dedicated to building and maintaining the APE ecosystem.
  • Holders can vote on proposals that affect the APE ecosystem, such as new features, partnerships, events and grants.
  • Holders can participate in games, merchandise, events and services that are powered by ApeCoin or accept it as a payment method.

ApeCoin is an ERC-20 token on the Ethereum blockchain.

Render Token

History

In October 2017, OTOY launched Render Token (RNDR), a distributed GPU rendering network built on top of the Ethereum blockchain, aiming to connect artists and studios in need of GPU compute power with mining partners willing to rent their GPU capabilities out. From January 2018 to May 2018, RNDR held a private sale period, wherein a total of 117.8 million RNDR were sold at a price of 1 RNDR = $0.25 equivalent of token. During this period, early adopters were onboarded onto the RNDR Beta Testnet, where beta node operators and artists worked with the RNDR team in building and testing the network, culminating in its public launch on April 27, 2020.

Market Cap

RNDR has a total supply of 536.9 million tokens and a circulating supply of 363.9 million tokens as of May 2023. RNDR reached its all-time high market cap of $1.34B in November 2021.

Token Utility

RNDR is a utility and governance token that can be used for various purposes within the Render Network. RNDR holders can:

  • Access the Render Network, a decentralized GPU rendering network that leverages the power of idle GPUs around the world to render high-quality graphics for artists and studios.
  • Participate in the Render Network DAO, a decentralized governance framework that controls the Render Network Ecosystem Fund. The fund is dedicated to building and maintaining the Render Network in a fair and inclusive way.
  • Vote on proposals that affect the Render Network, such as new features, partnerships, events and grants.
  • Access services and products that are powered by RNDR or accept it as a payment method.

RNDR is an ERC-20 token that runs on the Ethereum blockchain.

Axie Infinity (AXS)

History

The famous blockchain game that took the world by storm in 2021, with its pioneering implementation of the concept of play-to-earn, was founded in 2018. However, it did not gain much traction for the first two years.
However, in the second quarter of 2021 (June 2021), as the metaverse concept was picking pace, Axie Infinity (AXS) made it to the news due to the influx of people who were able to generate an income by playing the game. After raising $7.5 million Series A funding in the first quarter of 2021, Sky Mavis, the creator of Axie Infinity, also managed to secure a Series B funding of $152 million led by Andreessen Horowitz.

Axie Infinity’s unique implementations and pioneering efforts related to the concept of play-to-earn gaming have been an attraction for investors worldwide.

With the increased popularity, the cost to start playing has increased (players need to own 3 Axies to start). Hence, the concept of Axie scholarships started. It involves a manager (any player who has a sufficient amount of Axies) and a scholar (someone who cannot afford the purchase of an Axie team) to play the game. The rewards earned by the scholar will be divided between the scholar and the manager. The split is entirely dependent on the agreement of the manager and the scholar.

Market Capitalization

At the start of 2021, the market cap of AXS was $31M. As the number of monthly active players grew from over 500K at the start of 2021 to 2.7M, the project's market dominance and market cap increased as a result. It reached a peak valuation of around $9.3B in November 2021.

Currently, due to the bear market, the token is sitting at a market valuation of around $817M.

Token Utility

As mentioned earlier, AXS is a play-to-earn game that provides players with axies (NFTs) that can be traded in exchange for the respective AXS token (tokens of the game). Players earn Smooth Love Potion (SLP) as in-game reward tokens that can be used to breed new Axies.

The AXS token has a variety of utilities such as governance and staking. This process of staking will allow users to earn weekly rewards.

Decentraland (MANA)

History

Since the advent of life-simulation video games such as The Sims, millions of players around the world has taken to this game mode. For this reason, when the crypto gaming community started speculating the idea of a virtual life simulator gaming project, many aspiring project leads came forward with their intuitive ideas.

Decentraland requires no introduction in the list of potential metaverse tokens. Since social media users are more conscious about their digital presence, projects like MANA come into play that can serve as alternatives to our real-world activities and keep us entertained in our leisure time.

Although Decentraland was founded 5 years ago, their market dominance has only increased in the last 12 – 16 months. An ERC-20 token, MANA was formed on the idea of normalizing the sale and purchase of virtual land in the metaverse.

Users can visit themed districts, own virtual pieces of LAND, and attend events of their interest. LAND pieces are marked pieces of land that can be traded on the marketplace. Districts are where private properties lie with dedicated themes and are usually not for sale. Moreover, Plazas were designed for spawning of players which contains high footfall. The plazas are not for sale either.

Market Capitalization

As the metaverse narrative took hold during the bull market, Decentraland was one of the pioneers, with the market cap hitting a high of $9.4B in November 2021.

Currently, Decentraland is sitting at a market cap of around $940M.

Token Utility

MANA is an ERC-20 standard token that powers the Decentraland platform. With MANA, users can purchase plots of LAND, as well as pay for in-game items and services.

MANA is also a governance token that gives its holders the right to vote in Decentraland DAO. MANA can be purchased on a cryptocurrency exchange or by selling collectibles on Decentraland Marketplace.

Enjin Coin (ENJ)

History

Enjin Network was originally launched on the Ethereum mainnet in June 2018. The community gaming platform was focused on developing a platform that will allow multiplayer access to ensure that people can interact with new players worldwide.
In 2017, the company managed to raise a total of $18.9 million in its ICO. This boosted the growth and popularity of ENJ and helped the business venture to develop systematic and standardized blockchain tools and services.

Market Capitalization

Enjin Coin has been a huge success in 2021 during the metaverse trend.

ENJ hit an all-time high market cap of $3.75B in November 2021. Currently, the token sits at a market cap of $350M.

Token Utility

Enjin Coin (ENJ) is a digital store of value used to back the value of blockchain assets like non-fungible tokens (NFTs). Every asset minted with the Enjin Platform contains ENJ, a minting resource which is locked inside NFTs and removed from circulation. Minting blockchain assets with ENJ provides a variety of benefits to creators and users.

The Sandbox (SAND)

History

Since its launch in 2012, The Sandbox (SAND) had always planned to develop a platform that could be accessible for all kinds of gamers worldwide. For this reason, it was originally launched for both mobile and Windows platforms. In 2015, it was launched on Steam.

However, the brand was acquired by Animoca Brands in 2018 and eventually used in a blockchain-based 3D metaverse world.

Currently, The Sandbox is considered one of the most diverse metaverse games with the kind of depth that can only be found in dedicated platform-specific games. This is why more and more people are joining the platform as they enjoy the activities of building, owning, and monetizing their digital assets.

Similar to Decentraland, The Sandbox allows users to purchase and own lands as NFTs. It recently made the news for a record-breaking $4.3 million land sale. Republic Realm managed to beat Metaverse Group in the race of being the most expensive buy in the metaverse scene. Just recently, the Metaverse Group had managed to buy a total of 116 tightly-knit plots that are valued over $2.3 million.

According to Andrew Kiguel, Chief Executive of Tokens.com, this purchase can be easily considered like purchasing land in Manhattan 250 years ago when the city was still under development.

Market Capitalization

During the metaverse narrative in the bull market, SAND rallied and hit an all-time high of $6.8 billion in its market cap value.

The token is currently trading at a market cap of around $980M.

Token Utility

SAND holders can use tokens for in-game purchases of pieces of LAND and the sale and purchase of different accessories and in-game assets.

How Is the Metaverse Reshaping the Gaming Industry?

Metaverse technology is expected to have a significant impact on the gaming industry. According to a survey by EY, 97% of respondents believe that the gaming industry is the center of the metaverse today, and all respondents expect companies across industries to establish a metaverse presence in the near future.

The move toward a fully-immersive, fully-interactive online universe of endless possibilities is already changing the way the gaming industry operates. With the metaverse, gaming will become more immersive, and individuals will extend their real-life realities into the game, thereby increasing participation.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
12 people liked this article