What is a cryptocurrency?
Cryptocurrencies are the money of the virtual world and are therefore necessary to buy land, art, clothing or even experiences. In this way, a property in the metaverse can increase or decrease in value just as it does in the real world. In addition, major luxury brands such as Balenciaga, Gucci and Louis Vuitton have already entered this new dimension.
In this context, the metaverse and cryptocurrencies work the same as official currencies and the physical world. And although the transactions are virtual, the acquisition of virtual currency is the result of a purchase or sale transaction with real currency.
In the metaverse, cryptocurrencies fluctuate according to the interests of the users of each platform. This implies that its value varies with buying and selling both inside and outside the virtual space. These are the most prominent metaverse cryptoassets:
Types of cryptocurrencies
- MANNA. Used in Decentraland, one of the best-known virtual universes. Generally, it is oriented to the real estate market, allowing the creation, exchange and sale of properties. In addition, owners can start virtual businesses on their land, any idea can be developed, since it is an open and collaborative world. They are helped by MANA, an Ethereum-based token, which has increased in value by up to 400% since its launch.
- SAND is a token located on the Ethereum transaction network. Its supply is expected to grow to 3 billion tokens. Currently, some 900 million SAND are in circulation, a factor that has allowed the value to go from €0.50 per unit to €8 in just three months since its launch. It is undoubtedly going through a period of stability, its value fluctuates around €1.5 per token, making it one of the most attractive currencies in the virtual universe in 2022.
- ATLAS. Star Atlas is an NFT multiplayer strategy game using Blockchain technology, set in space. It is very similar to the well-known O-Game from the early 2000s, but with its own cryptocurrency. ATLAS uses blockchain and stands out for its speed, security and protection. It has a structure similar to that provided by Ethereum, but cheaper, so its profitability is not as profitable as that of SAND or MANA, but it carries less risks and costs.
- AXS is the currency of the game Axie Infinity, also based on Ethereum, so its transaction cost is usually high. The game aims to produce creatures called axies (actually NFTs) that can be sold, raised, traded, or earned from other players. The price of axies ranges between €150 and €100,000, so they generate an in-game economy of more than a thousand dollars, but in the last year the value of AXS has dropped considerably, from €160 to €20 per token.
- TLM . Alien Worlds is a game where Trillium, TLM, is the currency. The goal is to compete in an interplanetary universe for scarce resources. For this reason, TLM becomes a valuable asset in its own right in the game. The only way to achieve TLM is to mine the coin or buy it.