The metaverse represents an emerging digital realm where we will increasingly work, play, socialize and conduct commerce. Crypto tokens are the lifeblood powering these virtual worlds by enabling ownership of digital assets and participation in virtual economies.
As metaverse platforms like Decentraland and The Sandbox gain millions of users, the crypto tokens underpinning them have skyrocketed in value. Investor interest in the broader crypto market downturn makes metaverse tokens a rare bright spot.
This guide covers 10 top metaverse crypto tokens that allow you to own a piece of the future virtual worlds being built today.
Decentraland (MANA)
Decentraland is a blockchain-based virtual reality platform where users can create avatars, buy land parcels, build structures and host events. The Ethereum-based MANA token lets users participate in Decentraland‘s virtual economy.
Key stats:
- Current Price: $0.50
- Market Cap: $918 million
- 24 Hour Trading Volume: $67 million
MANA can be used to purchase land parcels, digital wearables for avatars, and other in-world goods and services. Decentraland has hosted over 1,000 virtual events including conferences, concerts and NFT art galleries. Its virtual real estate market has generated over $180 million in land sales to date.
As Decentraland expands its world and user base, demand for MANA will increase. The token can be purchased on major exchanges like Coinbase, Binance and FTX.
The Sandbox (SAND)
The Sandbox is a metaverse focused on gaming where users can build voxel 3D worlds and monetize assets and experiences. SAND is an ERC-20 token that facilitates transactions in The Sandbox ecosystem.
Key stats:
- Current Price: $0.44
- Market Cap: $714 million
- 24 Hour Trading Volume: $114 million
SAND has multiple use cases – it allows users to buy land parcels, gaming assets, and avatars. Users can also stake SAND to earn rewards and participate in platform governance. Over 300 mainstream brands have partnered with The Sandbox including Warner Music Group, Ubisoft and Binance.
Given The Sandbox‘s strong growth trajectory and brand partnerships, SAND appears poised for further upside. The token is listed on major exchanges like Binance, FTX and Crypto.com.
Enjin Coin (ENJ)
Enjin Coin is an Ethereum-based cryptocurrency used across multiple games and metaverse platforms. The Enjin ecosystem allows game developers to build blockchain games with real-world value through fungible (ENJ) and non-fungible tokens.
Key stats:
- Current Price: $0.28
- Market Cap: $291 million
- 24 Hour Trading Volume: $27 million
Enjin reduces fees and transaction costs compared to other blockchains, and ensures seamless portability of NFT assets between different games and metaverses. Over 40 games have integrated Enjin to date.
With the growth of blockchain gaming and demand for interoperable NFTs, ENJ has significant room for adoption. The token is available across major exchanges like Binance, Crypto.com and KuCoin.
Axie Infinity (AXS)
Axie Infinity ushered in the play-to-earn gaming model where players battle Pokémon-like creatures called Axies to earn crypto rewards. AXS is the Ethereum-based governance token of the Axie universe.
Key stats:
- Current Price: $6.50
- Market Cap: $1.9 billion
- 24 Hour Trading Volume: $124 million
Players need AXS tokens to breed new Axies. Axie owners can also stake their AXS to earn additional token rewards. At its peak in 2021, Axie had over 2.5 million daily active players as many in the developing world found it profitable to farm Axies full-time.
While Axie activity has cooled recently, it remains a pioneer of P2E gaming with room to innovate. AXS can be purchased on major spot exchanges.
Illuvium (ILV)
Illuvium is an open-world RPG game built on the Ethereum blockchain. The ILV token serves as a governance and utility token within Illuvium‘s decentralized gaming universe.
Key stats:
- Current Price: $112
- Market Cap: $619 million
- 24 Hour Trading Volume: $3.7 million
ILV holders can stake their tokens to earn a portion of the protocol‘s fees and rewards. Additionally, holders get voting rights to influence decisions about the decentralized autonomous organization (DAO) treasury funds.
The game itself has generated lots of buzz given the gorgeous fantasy open world backdrop built using Unreal Engine. With future in-game NFT sales and rewards distributed to ILV stakers, the token has significant upside potential.
Worldwide Asset eXchange (WAXP)
WAX is a blockchain tailored for NFTs and video game assets. Its native token WAXP facilitates transactions across video games, DeFi applications and metaverse platforms built on WAX.
Key stats:
- Current Price: $0.0574
- Market Cap: $137 million
- 24 Hour Trading Volume: $1.3 million
WAXP aims to be the safest and most convenient way to create and trade virtual goods. It provides free, instantaneous and secure NFT trading with zero transaction fees. These benefits over traditional blockchains give WAXP strong metaverse utility.
WAXP has the most NFT transaction volume after Ethereum and Ronin. With growth of the wider NFT market, WAXP appears undervalued at current prices. The token is available across Bittrex, Huobi and other exchanges.
Theta Network (THETA)
Theta Network operates a decentralized peer-to-peer network optimized for video streaming and delivery. The native token THETA fuels operations of the network’s validator nodes and governance.
Key stats:
- Current Price: $0.095
- Market Cap: $950 million
- 24 Hour Trading Volume: $27 million
THETA staking allows users to earn TFUEL as well as governance rights to shape the protocol’s development. Theta Labs is also launching an NFT marketplace for video, music and entertainment content which will further drive THETA adoption.
As demand grows for decentralized streaming bandwidth and digital rights management, Theta appears positioned as a market leader. THETA can be purchased across major exchanges like Binance and Crypto.com.
Gala (GALA)
Gala Games focuses on blockchain gaming and operates the GALA utility token across its ecosystem. GALA has a fixed maximum supply and is used to purchase NFTs across Gala’s gaming titles.
Key stats:
- Current Price: $0.042
- Market Cap: $296 million
- 24 Hour Trading Volume: $82 million
The Gala Games network had over 550,000 monthly active users as of January 2023 across titles like Town Star, Echoes of Empire and Spider Tanks. Additional blockchain titles are slated for launch in 2023.
With strong user numbers and additional games launching, Gala appears primed for growth. Speculation around a Binance listing has also pumped GALA price recently. The token is available on KuCoin, Gate.io and Uniswap currently.
Ultra (UOS)
Ultra is a gaming blockchain and ecosystem tailored for mainstream game distribution and economies. UOS is the native utility token that powers Ultra’s platform and games.
Key stats:
- Current Price: $0.21
- Market Cap: $65 million
- 24 Hour Trading Volume: $2 million
Ultra enables developers to build games with custom tokens/NFTs and decentralized ownership of in-game assets. This gives players control versus closed ecosystems like Steam. UOS facilitates transactions across the network applications.
Ultra has partnerships with Ubisoft, AMD and CliffyB’s Boss Key studio. With a strong advisory board and funding, Ultra deserves attention amid the crowded metaverse space. UOS is purchasable on KuCoin currently.
CEEK (CEEK)
CEEK is a virtual reality platform for live entertainment and experiences ranging from concerts and meetups to conferences. The ERC-20 CEEK token facilitates payments within the metaverse.
Key stats:
- Current Price: $0.08
- Market Cap: $28 million
- 24 Hour Trading Volume: $410,000
CEEK has already hosted metaverse performances for megastars like Lady Gaga and Bon Jovi. It caters to both creators and fans by facilitating community engagement and monetization.
As more entertainment shifts to blockchain-based consumption and participation, CEEK is well positioned given its early mover advantage. The CEEK token is available across exchange platforms like Gate, Uniswap and Pancakeswap.
Wilder World (WILD)
Wilder World is a community-driven metaverse that focuses on social experiences and creativity. The Ethereum-based WILD token is used for buying land and assets as well as staking and governance.
Key stats:
- Current Price: $0.075
- Market Cap: $16 million
- 24 Hour Trading Volume: $1 million
WILD aims to put community at the heart of the metaverse – creators vote on key decisions and collectively determine the future direction of the Wilder World. The world also has a vibrant secondary market for user-generated assets.
As bigger metaverses neglect community or fall into the pay-to-play model, Wilder World’s grassroots approach gives it breakout potential. WILD has room for 1000x growth to reach comparably sized metaverse market caps. The token is purchasable on Uniswap and other DEXs.
Conclusion
Metaverse crypto tokens enable the virtual economies and ecosystems that will reshape entertainment, communication and work in the coming years. As blockchain technology and asset ownership models evolve, expect metaverse crypto tokens to be center stage.
Careful evaluation of use cases, partnerships and community traction can identify promising metaverse investments with upside from current prices. Ultimately the metaverse platforms that successfully onboard millions of users will create exponential demand for the underlying crypto tokens.
