Top Metaverse Coins by Market Cap
The Metaverse market cap today is $5.53 Billion, a -0.5% change in the last 24 hours. Read More about Metaverse
The metaverse refers to a digital world where participants can interact with each other in a shared virtual reality.
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What is the Metaverse?
The metaverse is an online 3D virtual public space, accessible from various devices, where users can socialize, play games, work, and even live. Within the metaverse’s ecosystem, users can transfer their characters, assets and currencies across games, or even receive rewards for owning items or completing certain objectives.
There are multiple companies building in the space, such as Microsoft, Sony, Google, and Meta. Metaverses can be centralized, where the central authority acts as a custodian for all assets within the metaverse, or decentralized, where decisions are made by the metaverse’s DAO and every digital asset is recorded on the blockchain, rendering it immutable, decentralized and permanent, with all data available for inspection on a public ledger.
NFTs and the Metaverse
NFTs form a big part of the metaverse, and may take the form of land and other customizable cosmetic aspects, such as clothes, hair, pets, and more. To facilitate the transaction of NFTs, decentralized metaverses also rely on smart contracts that help to automate operations and ensure that the process of selling and bidding on land and other NFTs proceeds smoothly. These smart contracts also define the marketplace fees, and cannot be changed without the DAO’s approval.
For metaverse marketplaces located on Ethereum-based and EVM-compatible blockchains, such as BNB, you can connect your MetaMask wallet to do your shopping. Depending on the blockchain your metaverse is built on, you’ll need to have the native coin on hand to pay for gas fees if you want to buy any NFTs to customize your avatar or land.
How is the Metaverse and Cryptocurrency Related?
Every metaverse has its unique set of tokens, which also function as a cryptocurrency with its own tokenomics. These tokens can be used to pay for everything within the metaverse, including avatar accessories, virtual reality estates, and other NFTs. These cryptocurrencies bridge the virtual and physical worlds, allowing users to calculate the worth of digital assets in fiat currencies, as well as enabling them to trade on exchanges for other cryptocurrencies, such as bitcoin. As most metaverse tokens do not have custom blockchains of their own, they utilize existing blockchain networks, such as Ethereum, to verify their transactions. They may also be built on a Layer 2 solution, like Arbitrum, to enhance scalability.