The Metaverse has become one of the top trending buzzwords in 2021. The excitement was enhanced by a move by Facebook to change its name to Meta. Going into 2022, as Play-to-Earn becomes a way to make a living, Metaverse cryptocurrencies stand to benefit a huge deal. Below are the top 3 Metaverse cryptocurrencies to explode in 2022.
Axie Infinity (AXS)
Axie Infinity (CRYPTO: AXS) is one of the largest Metaverse cryptocurrencies in the market. With the recent explosion in the Metaverse thanks to Facebook’s rebrand, Axie Infinity has made a strong showing this year.
Going into 2022, the Metaverse space will only get stronger as play-to-earn gaming gets even more entrenched. Axie Infinity is one of the top Metaverse projects that are well-positioned for it.
For starters, Axie Infinity has the money to grow its dominance in the fast-expanding Metaverse space. Back in October, the company behind Axie Infinity had a successful series B funding round and raised $150 million.
At the time, The Information reported that Axie Infinity raised the money in a Series B funding round that was led by Andreessen Horowitz. The three year old startup has seen tremendous growth due to its success with selling non-fungible tokens which are one of a kind digital assets that can only be used within the context they were created for so it’s no surprise this company will generate more than $1 billion in revenues by the end of 2021.
Besides strong capitalisation, Axie Infinity is set to benefit immensely from AXS staking. As more investors stake AXS, it will take off a significant portion of it from circulation, which is a positive to its price.
Axie Infinity is also working on making staking even better. As per the whitepaper, Axie Infinity might upgrade their staking system to give better rewards for those that have measurably added value. There is still much research and experimentation needed in this aspect of governance because there’s no perfect way yet- only a few things worth considering, like what “added” means exactly? It could be based on hours played or levels attained; maybe even something more abstract such as reputation among other players, which one builds over time through useful contributions (gathering resources from caves by killing monsters). Essentially, staking is set to become even better in the future.
A combination of these factors makes Axie Infinity one of the best Metaverse cryptocurrencies to buy in 2022.
Sandbox (CRYPTO: SAND) is another Metaverse cryptocurrency that has risen fast through market cap rankings recently. Like Axie Infinity, Sandbox is building a fast-growing play-to-earn ecosystem, and its reception so far is huge.
The latest game to launch on Sandbox is called Alpha. To play Alpha is quite easy, too, as all one needs is an Alpha Pass. With the Alpha Pass, you’ll have access to three exclusive experiences as well as an all-inclusive hub where gamers can explore dozens of quests and locations. But if that isn’t enough for your tastes then there’s a special edition version available – one which includes 1000 $SAND rewards plus 3 NFTs (non-fungible tokens). With this more detailed map, we hope players will be able to track their progress across 18 different game modes while exploring what our community has already created! Going into 2022, SAND could rally even more as more games launch on the blockchain.
Sandbox staking is also likely to get a boost from SAND staking by taking off a portion of SAND out of circulation. The process is likely to be accelerated by the incentive of high yields that rival those of DeFi.
Imagine a world where you can trade digital items, like crypto coins. But instead of just being able to buy and sell them on cryptocurrency exchanges, or use them as payment for goods in stores that don’t accept cryptocurrencies yet – there is an entire ecosystem built around owning these virtual land parcels on the Sandbox! In phase one, the Sandbox is offering incentives that combine NFTs with SAND. The second phase could have even greater potential if enough people start mining their profits from trading lands using blockchain technology.
Decentraland (CRYPTO: MANA) is a virtual world that was created on the Ethereum blockchain. In this digital realm, there exist two currencies: MANA and LANDs (Land Ownership Documents). With these coins comes many opportunities for users to take part in different contracts like buying smart houses or running shops on their own private property.
Decentraland is one of the older Metaverse projects. While it was a sleeper for years, Decentraland has shot up this year, alongside the other Metaverse cryptocurrencies. Going into 2022, Decentraland is likely to grow at an exponential rate because it is one of the more open Metaverse projects.
Recently, Facebook launched its Metaverse, but this has been met with a lot of criticism. That’s because people want an open Metaverse, and just like the internet, it should not be owned by a company.
Decentraland is governed by a DAO, which means that everyone who owns MANA can take part in its governance. The DAO owns all of its most important smart contracts including ones related to land ownership which can be bought with minimal effort by anyone who wants an easement deed from them so long as they have some formV1one input.
This is a factor that could draw in more developers into Decentraland relative to other Metaverse projects in the market today. This is already evident in the value of virtual projects currently launching on Decentraland. Recently, a virtual piece of real estate valued at over $2 million was sold on Decentraland.