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Cryptocurrencies December 2, 2022

What are Metaverse coins?

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What are Metaverse coins?

Metaverse coins have arrived and with a flurry of digital coins on the market these days, figuring one’s way around them can be a near tumultous task indeed. What’s with the crypto, altcoins, and now metaverse ones?

Metaverse coins are the currencies that those who immerse themselves in the metaverse will use to purchase digital goods or transact. Those holding these coins can pay for anything within the virtual space from avatar clothing to real estate and cars. 

Although some tokens are available for use within some metaverses, others are available on cryptocurrency exchanges like Binance and others.

What are Metaverse coins?

Will Bitcoin play a part in the metaverse?

Metaverse tokens retain value in and out of the metaverse. In some cases, the currency also tends to represent unique items such as community membership and use of such coins or tokens can get one access to VIP features, or one gets to play against other players.

Additionally, one can elect to convert metaverse coins for real money. In the instance of non-fungible tokens (NFTs), one can opt to use them for verification of ownership of digital assets like artworks or collectibles.

There are three types of metaverse coins currently, namely Play-to-Earn (P2E), 3D virtual and Metaverse Platform coins.

Play-to-Earn (P2E) coins

Players engage in games and receive rewards with real-world value in the form of cryptocurrency. These are the most common and popular type of metaverse cryptocurrencies and they are also widely available on exchange platforms.

3D virtual metaverse coins

Compared to the simpler P2E games, these particular coins offer a virtual universe experience (a metaverse). Much fewer and more complex than other types of metaverse currencies, these virtual realities are worth billions of dollars. These can also serve as platforms for P2E games.

What are Metaverse coins?

Sandbox is one of the developments using metaverse coins.

Metaverse platforms coins

These include the blockchains that serve as the foundation of 3D metaverses. These include ApeCoin (APE), The Sandbox (SAND), Decentraland (MANA), Highstreet (HIGH), Floki Inu (FLOKI), Metahero (HERO), Virtua (TVK), Star Atlas (ATLAS) and others. Their current exchange rates can be viewed at Coinmarketcap.

In conventional investment, market valuation or market capitalization represent the total dollar value of a company’s outstanding or issued share capital. However, for cryptocurrencies, the market cap represents the total dollar value of all mined or issued coins. 

Why is market cap important ?

This metric is important because it enables measurement or quantification of a cryptocurrency’s value, provides detailed overview of a cryptocurrency, and provide a comparison of its value across other cryptos. Eventually, such metrics help investors to make better and more informed investment decisions. This data also helps them to gauge the earnings potential and  growth of a cryptocurrency and its volatility when compared to others when trading.

It therefore follows that coins with massive capitalisations are more stable. When compared to other coins with smaller valuations, they tend to be more more volatile. However, cryptocurrencies are generally more volatile and tend to fluctuate more dramatically when compared to other asset classes such as shares.

Why is Apecoin the biggest metaverse coin?

Apecoin, a token running on the Ethereum blockchain network, in association with the Bored Ape Yacht Club (BAYC), has rapidly spawned its popularity.

High profile investors and celebrities such as Jimmy Fallon, Paris Hilton and Eminem have all parted ways with wads of cash running into hundreds of thousands of dollars for a piece of Crypto Punks Collection and BAYC.

BAYC’s project, the Yuga Labs’ planned metaverse launch will give access to its exclusive but high-priced NFT collection such as CryptoPunks and World of Women.

What are Metaverse coins?

After enjoying a big rally and reaching an all time high of $27.60, Ape has not managed to keep that momentum. Since then, it has struggled to go above $10 since May. It’s currently trading at $3.87.

Market watchers see Ape Coin ending the year at a price of $8-10 by end of 2023.

“The value of Apecoin will largely be determined by the success at which APE proliferates as a medium of exchange and utility token that becomes widely utilised across digital economies,” Messari said in a report.

By 2023, APE is seen reaching $50 buoyed by “additional use cases to be implemented that give ApeCoin real utility.”

ApeCoin getting into the metaverse

By the end of 2024, ApeCoin is seen becoming more ingrained into the metaverse projects, increasing its demand from investors. If that happens, APE is seen closing the year at $75 by the end of 2024, according to a Messari report.

ApeCoin’s DAO recently launched its own NFT marketplace on 23 November.

What are Metaverse coins?

This comes after the DAO in the summer 2022 okayed NFT infrastructure company, Snag Solutions, to build the marketplace.

It’s marketplace enables NFT investors to acquire and dispose of tokens across Yuga Labs’ collection such as BAYC, Bored Ape, Kennel Club and Mutant Ape Yacht Club.

Crypto analytics platform, Messari, says a series of announcements from Apecoin in the past few weeks have helped drive interest from new users wanting to invest into the cryptocurrency.

BigOne Exchange chair in Asia Anndy Lian attributed APE’s cryptocurrency success to the fact that it was built on the Ethereum blockchain network.

“Looking at some of the volumes transacted on Whalealert and Whalestats, I can safely say that APE is one of the most purchased altcoins amongst the Ethereum whales. This is a very positive sign for the token and I must say APE is not just another ordinary meme coin,” Lian said.

But he says the token could do with some Q2more utility.

“The faith and comradeship within their community help keep the price and volume going, while doing so the other immediate thing they should really look at is to increase utility online and offline.”

APE is currently being used in Benji Bananas as an in-game currency and E11EVEN Residencies in Miami has also accepted APE as payment.

In any case, whenever one undertakes any major investment decisions, its important to understand the value of the security before allocation and funds to the said asset. One needs to carefully study and analyse their fundamentals to determine whether one is making a sound investment decision.

It is the same for metaverse coins.

/MetaNews.

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Image credits: Shutterstock, CC images, Midjourney.

Cryptocurrencies

AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%

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AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%
Fetch.ai are among the current winners.

AI and Big Data tokens have joined metaverse tokens and industry-related cryptocurrencies to spike substantially in price. Among the hundreds of AI and Big Data tokens in the market, Fetch.ai (FET), Ocean Protocol (OCEAN), and The Graph (GRT) have brought awesome gains to their holders in the first three weeks of January. 

Fetch.ai (FET) has soared more than 200% 

Fetch.ai was created in 2017 as an AI laboratory that builds open, decentralized, and permissionless machine learning networks within the crypto economy. 

After shedding more than 80% of its value in 2022 due to an industry-wide bloodbath that wiped off more than $2 trillion from the crypto market, FET rebounded strongly in 2023. 

After opening the year on Jan. 1 with a trading price of $0.09166, the coin reached a monthly low of $0.09041 on Jan. 2. On Jan. 13, Binance announced the launch of FET/USDT Perpetual Contracts across multiple margin assets. The largest cryptocurrency exchange by trading volume followed this up by opening trading for FET/TRY (Turkish Lira) on Jan. 26. On Jan. 17, another exchange Bitrue also listed FET/USDT on its futures platform. In the crypto space, staking, the adoption of a crypto asset by a mainstream institution as well as token listing by reputable exchanges (in this case Binance and Bitrue) are major drivers of price. 

The listing of the coin led to it reaching a monthly and yearly high of $0.3045 on Jan. 23. After seeing a low daily volume of $5.5 million, increased demand for the coin on the more than 30 exchanges that supports it led to the new high daily volume of $170 million

In the process, FETs market capitalization has risen by 232% from $75 million on its opening day to over $230 million

AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%

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Ocean Protocol (OCEAN) spiked over 130% due to the Hackathon progress

As a blockchain-based ecosystem that allows individuals and businesses to unlock the value of their data and monetize it via the use of Ethereum-based tokens, OCEAN has benefitted immensely from the cryptocurrency market rebound of 2023. 

Ocean has built on top of several mainstream blockchains in the industry and the highlight was when it partnered with Moonbeam Network on Polkadot to allow stakeholders of the Polkadot ecosystem to buy, stake, and publish data. 

OCEAN, like more than 90% of cryptocurrencies shed around 80% of its value in 2022 after opening and closing the year at $0.8586 and $0.1633 respectively. OCEAN opened 2023 with a price of $0.1633, reached a monthly low of $0.1592 on Jan. 2, and since that day, the token has benefitted from the Data Builders Hackathon the Ocean Foundation launched with Gitcoin which launched on Jan. 5 and it’s slated to end by the end of the month. Through this Hackathon, $40,000 in bounties will be shared among participants. 

OCEAN tested a monthly high of $0.3834 on Jan. 24 after seeing its least daily volume rise from $6.6 million to the highest of $143 million

Within 25 days, OCEAN’s price ascended by 134% which increased its market value from $100 million to more than $220 million

AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%

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The Graph (GRT) is increasing due to positive market sentiment 

As an indexing protocol for querying data for networks like Ethereum, The Graph has helped power many applications in the decentralized finance (DeFi) space and the broader Web3 ecosystem. 

Renewed interest in cryptocurrency coupled with the awarding of funds to hackers by The Graph Foundation to build bold new decentralized applications (dApps) with sub-graphs has contributed to GRTs price spike. GRT, which is the novel token of the Graph lost 91% of its value in 2022. The token has impressed so far in 2023 recouping more than 70% of investor losses after opening at $0.05538 and reaching a monthly high of $0.0963 on Jan. 24. The significant rise in daily volume from $9 million to $86 million has also led to a rapid rise in market capitalization from $493 million to over $800 million

AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%

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Other AI and Big Data coins and tokens that have spiked in value include, but are not limited to, Singularity NET (AGIX), Phala Network (PHA), Phoenix (PHB), and Covalent (CQT), Alliance Block (ALBT).

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Cryptocurrencies

SHIB The Metaverse at Texas Film Festival: Here’s What You Can Expect

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SHIB The Metaverse at Texas Film Festival: Here's What You Can Expect

Shiba Inu (SHIB), the popular dog-themed meme coin that started as a joke, will showcase its developing immersive metaverse experience at the upcoming Southwest Film and TV festival (SXSW) in Texas in the U.S.

It comes as the creators of SHIB announced on Jan.15 the impending launch of Shibarium, a layer-2 (L2) solution built on the Ethereum blockchain. The new network will help to make transactions faster and cheaper – and even improve user experience for metaverse and gaming apps.

According to a recent blog post, Shiba token was invited to participate at the annual festival where visitors will get a first-time preview of the ecosystem’s WAGMI Temple, the first of 11 hubs in SHIB The Metaverse.

Also read: Microsoft Makes Big Moves in AI – Is the Firm out to Dominate Our AI Future?

“Hubs are epicenters of activity within the [SHIB] metaverse, offering distinctive experiences rooted in each hubs’s theme,” said Sherri Cuono, metaverse advisor to Shiba Token. “Each offers special attractions that may only be experienced in that hub.”

SXSW is known for its conferences and festivals that celebrate the convergence of tech, film and television, music, education, and culture. The festival runs from March 10 -19, and will also feature exhibits covering experiences in augmented reality (AR) and virtual reality (VR).

What is SHIB The Metaverse?

Shiba Inu was created to make up for what rival Dogecoin (DOGE) lacked in functionality. Itself, Dogecoin started as a joke, just like Shiba Inu, but has since acquired meme status thanks to billionaire Elon Musk’s backing.

SHIB gained the limelight when it sent half of its initial supply of one quadrillion tokens to Vitalik Buterin. The Ethereum co-founder immediately sold about $1 billion worth of SHIB and donated the proceeds to India’s pandemic relief fund.

However, without utility, meme coins like Shiba Inu and DOGE “are examples of speculative hype-coins better classified as fun for gamblers on an unprecedented 24/7 global scale,” as Mike McGlone, Bloomberg senior commodity strategist, previously said.

SHIB has not grown at the scale that its pseudonymous creator Shytoshi Kusama hoped it would. The crypto token is now building on strong community support in addition to a series of improvements being made on the network to boost its token price and improve utility.

On Oct. 6 last year, Shiba Eternity game was launched, and now the launch of Shibarium is imminent. Shiba Inu already operates a decentralized exchange (DEX), allowing users to transact peer-to-peer. The DEX is to be upgraded to ShibaSwap 2.0.

There are plans to unveil a metaverse, which is still in development, part of which will now be showcased at SXSW. According to its creators, SHIB The Metaverse is “a virtual representation of Shiba Token’s collective history.”

It “is home to immersive experiences that will allow people to explore, learn from and interact with the Shiba Inu ecosystem.” At the Texas festival, visitors will experience WAGMI Temple, so named to reflect crypto’s rallying cry of “We’re All Going to Make It”.

“The common thread is digital-plus-IRL utility including activities, commerce, customization, expression, events, education and exploring,” said Sherri Cuono, the Shiba Token metaverse advisor. She added:

“Users will be able to earn passive income, collect in-game resources, generate rewards, and even have their own space to build and manage their projects in SHIB: The Metaverse.”

What’s it like in the SHIB WAGMI Temple?

WAGMI Temple “is a zen-like realm with calming sensations, meditation, natural beauty, and spiritual connections to the world. Echoes whisper through the region, with a rich history and discovery of SHIB’s birth and its decentralized roots,” the blog post claims.

The Shiba Inu team at SXSW is hoping to use the showpiece to help participants learn how to connect their digital wallets, purchase metaverse land, and explore the WAGMI Temple. It believes that SHIB’s presence “will make it easy for people to take part in the metaverse.”

The metaverse enables new online social interactions and group experiences, such as virtual reality and gaming, according to experts. It is providing new ways for people to connect and collaborate, as well as new types of digital services that go beyond physical limitations.

Shibarium launch imminent

The Shiba Token team announced on Jan. 15 the imminent launch in beta of the Shibarium layer 2 blockchain, which is expected to make SHIB transactions faster, cheaper, and more private.

Shibarium runs on top of the Ethereum (ETH) network, and will also serve as a transitional evolution to the Shiba Inu ecosystem, centering around metaverse, Web3 innovation, and gaming. The team wrote in a separate blog post that:

“This is primarily due to the commonality of scalability and performance limitations of current existing blockchain networks.”

Shibarium’s layer 2 blockchain tech can enable a new decentralized metaverse and gaming ecosystem, “where players can interact and transact in a trustless and decentralized way and where players can own, buy and sell the digital assets they acquire.”

Shiba Inu token price action

After a massive rally two years ago, Shiba Inu has crashed 88% since peaking at $0.000086 on Oct. 28, 2021, according to CoinGecko. While the token fell in line with the rest of the crypto markets, investors have also sobered up about their expectations of the asset.

Despite the decline, SHIB remains the 15th largest cryptocurrency, with a market value of $5.78 billion. That compares with DOGE’s $11 billion, making it the ninth largest crypto asset. Dogecoin is down 89% from its all-time high of $0.7315 reached on May 8, 2021.

As of writing, SHIB is down 1.8% at $0.00001052.

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Cryptocurrencies

Metaverse Tokens See Price Spike with MANA Soaring More than 100%

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Metaverse Tokens See Price Spike with MANA Soaring More than 100%

Metaverse tokens have soared massively in the first two weeks of January with many cryptocurrencies seeing a price spike of more than 50%. 

Many analysts have attributed this to positive market sentiment for cryptocurrencies, renewed demand for non-fungible tokens (NFTs), and the quest by many individuals and companies to be a part of this growing sector. 

Decentraland (MANA), The Sandbox (SAND), Flow (FLOW), and Immutable X (IMX) are among the metaverse tokens that have brought more than 50% gains to investors. 

Decentraland (MANA) has recouped some of 2022’s losses

Decentraland is among the most recognizable metaverse platforms in the decentralized finance (DeFi) space as it allows users to experience shared digital experiences. 

MANA plunged by more than 90% in 2022 due to negative market sentiment that wiped off trillions of dollars from the crypto economy. Despite this, the token has recouped some of the losses by increasing by 145% from an opening price of $0.297 on Jan. 1 to reaching a yearly high of $0.7278 on Jan. 16. 

Much of the gains came from the introduction of new features in a tweet from Decentraland on Jan. 12. The features comprise the highlighting of avatars, new user profiles, links in profile, new friend request flow, and differentiated nametags. 

This led to an increase in trading volume which reached a daily high of $879 million on Jan. 15 which has helped push MANA’s market capitalization from $560 million to around $1.3 billion

Metaverse Tokens See Price Spike with MANA Soaring More than 100%

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The Sandbox spikes by more than 90%

Among the tokens that plummeted by more than 90% in 2022, SAND has also made decent gains in January 2023. The token has ascended by 95% in the first two weeks of the first month of the year from $0.3831 on the opening day to a monthly and yearly high of $0.7487 on Jan. 15.

SAND has been going up this year due to updates lined up for The Sandbox’s Game Maker 0.8. According to the Sandbox, Game Maker 0.8 will bring new multiplayer gameplay features, new lighting and visual effect features, video and audio streaming, and equipment and wearable support in social hubs.

This has created an enormous excitement within the Web3 community and many stakeholders of Play-to-Earn (P2E) platforms believe this can help transform the way many people engage with the Sandbox metaverse. While the trading volume for Jan. 5 (the day of Game Maker 0.8)’s announcement was $124 million, daily trading volume has gone, and has so far reached a monthly high of $624 million on Jan. 14. As of Jan. 16, The Sandbox NFT sales for January was approximately $262,000.

Metaverse Tokens See Price Spike with MANA Soaring More than 100%

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FLOW recovers 70% of its value in 15 days

The Flow blockchain which is NFT-specific has been integral to the fortunes of the NBA and NFL. NFT sales from NBA Top Shots and NFL ALL DAY have totalled $2.74 million so far in 2023 with $1.2 million and $1.5 million respectively. 

This has transcended positively on FLOW which has seen a price rise of 73% from an opening day value of $0.6535 to a monthly high of $1.15 on Jan. 15.

Metaverse Tokens See Price Spike with MANA Soaring More than 100%

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IMX is up more than 50% 

IMX is the novel token of Immutable X, a platform that tags itself as powering the next generation of Web3 games. There has been a growing demand for Immutable X NFTs due to their 100% carbon-neutral feature. As of Jan. 16, more than 58 million NFTs have been minted on the platform and more than 10 million NFT trades have been made in the process. 

This has made Immutable X one of the biggest blockchains by all-time sales volume. Immutable X NFT sales have surpassed more than $300 million from the activities of over 124,000 buyers involved in more than 12 million transactions. 

The boom in the demand for NFTs being minted and renewed interest in NFTs have reflected positively on IMX’s price. The token has rose by 56% year-to-date (YTD) after opening at $0.3835 on Jan. 1 and reaching a monthly high of $0.5986 on Jan. 16. 

Metaverse Tokens See Price Spike with MANA Soaring More than 100%

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