Metaverse tokens had a stellar year in 2021, with the total market capitalization hitting a high of over $35B. Here are some of the top metaverse tokens to look out for in 2022.
If you have been an active member of the crypto community in the past year, it’s safe to assume that you must be aware of virtual worlds, virtual-reality-based gaming and the concept of 3D-based metaverses.
Due to the ongoing global pandemic, VR-based socialization methods are proving to be extremely helpful in maintaining people’s sanity across the globe.
What are the Potential Metaverse Tokens to Watch Out for in 2022?
Moreover, major companies like Meta (formerly known as Facebook) are also entering into the space. Although the timing of Facebook’s rebranding seems a little opportunistic and pre-planned, it had massive positive results for the brand as they were successful in building an image that Meta is pioneering the metaverse.
With huge amounts of capital flowing into metaverse prospects and more traditional organizations jumping onboard, the opportunities appear endless. To help you get a good grasp of why metaverse tokens might be the most profitable types of cryptocurrencies this year, let’s go through a detailed list of metaverse tokens.
1. 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 $31 Million. As the number of monthly active players grew from over 500K at the start of 2021 to 2.7M currently, the project's market dominance and market cap increased as a result. It reached a peak valuation of $9.77B at the start of November 2021.
Currently, due to an overall bearish trend in the crypto markets, the token is sitting at a market valuation of $4.5B, an approximate 50% decrease from its all time high, but a 10X increase year-on-year.
Currently, the leading metaverse token has partnered with the following businesses to expand its digital footprint and ensure that it covers masses across the globe:
- Kyber Network,
- Samsung: Recently, Samsung announced a partnership deal with Axie allowing the token to get listed on the South Korean tech giant’s blockchain wallet.
- Ubisoft: Considering the scale of growth of the blockchain-based game, Ubisoft partnered with the platform to become a launch validator for Ronin, the game’s Ethereum sidechain. This sidechain is implemented to ensure that the gameplay speed of the main gameplay is improved and can be managed without any delays.
The AXS token has a variety of utilities such as governance and staking. This process of staking will allow users to earn weekly rewards.
2. Bloktopia (BLOK)
Like every other metaverse platform, BLOK also had an initial idea of reshaping the future and reshifting the world’s focus from the real world to a virtual world that can mimic many, if not all, activities carried out in the real world and more.
As the platform attracts more public attraction and investment plans from renowned brands, its ultimate goal is to be the go-to metaverse platform. To find out more about its success, let’s have a brief look at its market capitalization since its IDO.
Bloktopia’s platform is built on the Polygon Network using the Unity3D Game Engine. Unity is primarily used by game development companies. The 3D development engine is undoubtedly the most advanced and thorough video game engine that provides premium-quality graphics.
The token continued to attract an audience, with its market cap growing to an all-time high of $1.18 billion, as investors are banking on the metaverse growth prospects.
The current overall bearish trend has resulted in a current market cap of $263 million. With prices being at its all-time low, getting in the project at this point may be considered to be a value proposition.
Recently, Bloktopia has managed to secure partnerships with a few companies. Some of which are as follows:
- KuCoin Labs,
- Polygon Network,
- Shima Capital,
- TKX Capital.
Since the Bloktopia platform has a structural design that mimics a skyscraper with 21 unique levels, the Bloktopians have the liberty to interact with the various facilities available on the platform.
With more and more brands coming on the platform, Bloktopians will be able to interact with them and purchase different virtual in-game assets that will be usable within the Bloktopia platform using $BLOK. Moreover, the Bloktopia tokens can be used by the HODLers to sell and purchase real estate that is known as Reblok.
Reblok NFT holders are a part of the Governance council. This will allow them to participate in several voting events to decide essential matters related to the platform.
3. Chromia (CHR)
With its core team involving Henrik Hjelte, Or Perelman and Alex Mizrahi, the team plans to utilize their experiences and develop a decentralized, publicly-hosted internet infrastructure that will allow users to control their data.
With its various unique features that showed new implementations of the metaverse concept, CHR was valued at $9 million in January 2021.
However, as the metaverse trend took hold, the token price rallied almost 30X with a market cap of $242 million in a span of 2 months. The token market cap reached an all-time high of $720M.
Currently, the metaverse token is at 50X from its last year’s value with a market cap of $458 Million.
Due to the efficiency of its blockchain implementations, CHR has managed to partner with the following crypto gaming ventures:
- Chain of Alliance,
- Krystopia: Nova’s Journey,
- Mines of Dalarnia,
- My Neighbor Alice.
Moreover, the enterprise partners of Chromia are as follows:
- LAC PropertyChain,
For starters, the CHR token acts as a currency in the Chromia economy. With its efficient synchronization with several DeFi applications, users can use CHR tokens to stake and pay other operational fees.
4. Decentraland (MANA)
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.
The overall structure of the platform is divided into four major categories:
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.
Whoever is a fan of the metaverse, must have heard about the unmatched success of MANA in the crypto universe. MANA started 2021 with a market cap of $124 million, which is considered substantial for a project in the crypto world.
However, since the metaverse narrative took hold and Decentraland was one of the pioneers, the metaverse token managed to inflate its market cap to $1B in a matter of 2 months by March 2021.
The uniqueness in implementation and the depth of the platform helped the metaverse token to accelerate further its market value, doubling its market cap to an astounding $2.47B by May. However, the real jaw-dropping growth was witnessed in the last quarter when the token almost grew five times to an all-time high market cap of $10 billion.
Currently, the token is sitting at a market cap of $5 billion, still extremely higher than its market capitalization of the same date last year.
Decntraland’s market dominance has been on a constant rise since the start of 2021. For this reason, the metaverse token has managed to secure partnerships with quite a few renowned business giants. Some of which are mentioned below:
- Samsung Electronics partners with MANA to open a digital store in the metaverse,
- Under Armour.
The metaverse platform allows holders to engage with the in-game ecosystems using their respective MANA tokens. Currently, the platform’s operations can be categorized into two ways:
- The Builder: If you do not possess any coding skills and only wish to play the game, you can start by purchasing MANA from any crypto marketplace and move the MANA tokens into your wallet that you can access on MANA’s website.
This will allow you to simply drag and drop pre-made elements on preset scene environments to create your version of land or property that can be sold as a separate NFT within MANA’s ecosystem.
- Decentraland SDK: Write code through software to multiply your starting quantity of MANA tokens.
Once you get inside the game after connecting your wallet, you’re exposed to a wide set of facilities and digital assets that are waiting to be traded by potential buyers. Due to these limitless possibilities of growth and the increasing depth of the platform, more and more investors are flocking towards the metaverse game.
5. Enjin Coin (ENJ)
Enjin Coin has been a huge success in 2021 according to most crypto pundits.
Starting in January 2021, ENJ had a market cap of $100 million. Luckily, the bull run of Q1 2021 accompanied ENJ with it too by inflating its market cap to ten times greater value in a matter of 2 months. By the end of March 2021, ENJ had a new all-time high market cap of $1B.
As the metaverse hype reached the peak, ENJ hit a high of $3.93 billion in market cap. Currently, the token sits at a market cap of $2.18 billion.
Since ENJ has been in the crypto market for the longest time, the developers are well aware of blockchain applications. For this reason, ENJ tokens can be used by developers as in-game currency. The platform plans to partner with over 250,000 existing gaming websites for the successful integration of ENJ as in-game currency.
6. Epik Prime (EPIK)
Despite being epic with the implementations, EPIK’s journey of market capitalization has been rather dull. Although the metaverse token gained a considerable response from its initial funding round, its market cap has been in constant decline since its public launch.
Starting from December 2021, when its market cap was $92 million, it has been in constant decline due to the overall bearish trend. However, it has further gone down to the current value, which is more than 50% lesser than the launch value at $42 Million.
If you’re an EPIK token HODLer, you’re in for a treat as the HODLers will be able to have dedicated access within the EPIK ecosystem. The platform allows users to stake their EPIK tokens to get access to Epik Prime (a premium service). Moreover, if the users wish to upgrade their membership from Epik Prime to Epik Prime+, they can become eligible for exclusive NFT airdrops other than the staking rewards.
Moreover, you can use your EPIK tokens in the following games:
- AdventureQuest 3D (Korn: Battle Concert Arena)
- Avakin Life: HEAD
- Food Truck Chef (featuring Chef Duff Goldman)
- Scotty McCreery at Club Cooee
- ULTRAMAN: Arena of Valor
7. Meta Hero (HERO)
The depth in their implementation of its next-generation 3D technology resulted in Meta Hero inflating its market cap to $700 million in the first month of its public launch in December 2021.
Although the overall crypto market is clouded with consistent bearish trends, HERO has managed to stand firm holding its position, and has only witnessed a drop of 30% in its market cap with a current valuation at $500 million.
HERO is adamant about revolutionizing the level of detail of avatars in the metaverse. Their 3D scanning technology is primarily targeted towards accurate measurements of 3D avatars. Hence many small and large-scale investors have partnered with the metaverse token to fulfill its goal. Some of which are mentioned below:
Since Metahero is an intelligent mixture of B2B and B2C models, it brings great advantages for all of its users. The token is used for all transactions in the Meta Hero ecosystem — including HD metascanning, licensing and NFT sales.
With 3D printing being the most important utility of Metahero alongside the expansion towards recyclable plastics, the HODLers of HERO token are in for a treat.
8. MyNeighborAlice (ALICE)
ALICE’s virtual world consists of multiple islands that can be considered as individual land plots. Each and every plot can be traded as a separate NFT both within and outside of the ecosystem. The flexibility in the blockchain implementation of the token allows players to customize their in-game property, decorate their digital assets, and even customize the terrain underneath your property.
However, the bearish dip saw the token reach $74 million in July 2021. Following that, the token managed to claim a new all-time high in Q4 2021 at a market capitalization value of $870 million.
Currently, ALICE’s market cap is ranging at $300 million.
ALICE tokens can be used to purchase in-game items that includes land and cosmetic items for the avatar. Moreover, the token can be used to earn staking rewards. This encourages users to continue holding their assets.
In addition to that, the token holders can participate in a decentralized governance process. This gives them a say in deciding the use of revenues, scaling the growth of the platform, and suggesting improvements in the game development.
9. RedFox (RFOX)
Due to the unique and intuitive structural changes in its version of the metaverse, RFOX started trading at a market cap of $100 million in February 2021. Since then, the metaverse token 4X in value in the first quarter of 2021,
However, the bearish trends of Q2 2021 got hold of RFOX too and dragged it down to an all-time low market cap of $43 Million. Luckily, RFOX bounced back to reach a new all-time high of $440 million in Q4 2021.
RFOX token is currently valued at a market cap of $100 million.
Since RFOX has an all-round approach towards providing business opportunities to new ventures, its utility can be categorized into various different dimensions:
- RFOX VALT: Helps the users to interact within RFOX’s ecosystem.
- RFOX NFTs: Trade NFTs using RFOX as the payment method.
- RFOX Games: Play RFOX games with the help of RFOX tokens and even earn RFOX tokens as rewards within the system.
- RFOX Media: Users can use RFOX tokens to purchase media content such as images and videos.
- RFOX Finance: Participate in DeFi products like staking and liquidity pools to earn RFOX tokens.
10. 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.
If you’ve been an avid follower of the metaverse space, you must be aware of the growth in valuation of SAND.
In January 2021, the token was valued at a market cap of $23 Million.
Riding the overall bullish trend in Q1 of 2021, the metaverse token’s market cap value soared to $500 million by the end of the first quarter.
Due to the platform’s uniqueness, a plethora of functionalities, and growing awareness through marketing and partnerships, SAND managed to soar high and hit an all-time high of $7.5 billion in its market cap value.
Due to the recent bearish trends, the token is currently ranging at a market cap of $3.3 Billion.
Since its launch, SAND has attracted a long list of partners and investors. Let’s have a look at some of the notable ones.
- Care Bears,
- Snoop Dogg,
- The Smurfs,
- The Walking Dead.
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.
11. Star Atlas (ATLAS)
95% of the digital assets present in the ecosystem are NFTs that can be traded on the marketplace.
The surreal out-of-the-world concept of developing a virtual world in space attracted the community in the IDO stage. It helped ATLAS launch at an accumulated total of $300 million in September 2021. During the bullish wave of the last quarter, the token managed to soar to new heights with an all-time high of $458 million.
However, due to the bearish trends, the metaverse token is ranging at a market cap of $138 million.
Within the futuristic space exploration game, players will be able to purchase and trade in-game assets to enhance their playing experience within the ecosystem. Being the in-game currency of the ecosystem, ATLAS can also be used as a governance token to allow the HODLers with a say in major decisions regarding the development of the game.
12. SushiSwap (SUSHI)
SUSHI started off 2021 with a market cap of $593 million, and grew to a value of $2 billion by the end of February 2021. The bullish wave dragged the token to a high of $2.9 billion by the end of March 2021.
Due to the recent bearish trends, the DeFi token is currently ranging at a market cap value of $450 million.
13. WAX (WAXP)
Just a year ago, WAXP was sitting at a market cap of $53 million. The depth of features present in the token’s utility attracted investors and speculators. This resulted in the token increasing its market cap to almost 10X its starting value in 2021 to $516 million.
The growth potential of WAXP was far from over in March as the token managed to hit a new all-time high just months later in Q4 of 2021 with a market cap of $1.73 billion.
Currently, the token sits at market cap of $709 million, over 50% below its high.
WAXP ecosystem provides several services such as WAX Cloud Wallet, OAuth and more. The utility of the token was to develop and enhance the trading of virtual assets for NFTs, DApps and video games on the blockchain.
Moreover, holders can earn rewards for consistent staking of their tokens to help stabilize and support the growth of the token.
How Is the Metaverse Reshaping the Gaming Industry?
Artificial reality has been around for quite some time. Despite the relatively lower rate of public adoption to the technology, both gaming and health-based business ventures have made great leaps using the technology.
Since augmented and virtual reality concepts were booming on both mobile and PC platforms, the concept of creating an entire world based on artificial reality was widely anticipated. This is why many metaverse gaming projects received immense attention last year.
With Meta, formerly known as Facebook, jumping into the metaverse scene, the scale of popularity of the concept grew exponentially. The video gaming implementations that were limited to a 2D screen are now enhanced to a 360-degree view virtual world.
Considering the widespread popularity of metaverse, it is safe to say that the exciting developments and innovations in the space will be one to keep an eye on.