Discover some of the most popular metaverse crypto tokens, from ApeCoin to The Sandbox — and learn about the project, market capitalization and token utility.
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.
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Most Popular Metaverse Crypto Tokens
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.
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.
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.
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)
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.
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.
The AXS token has a variety of utilities such as governance and staking. This process of staking will allow users to earn weekly rewards.
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.
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.
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.
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)
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.
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)
However, the brand was acquired by Animoca Brands in 2018 and eventually used in a blockchain-based 3D metaverse world.
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.
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.
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.