Metaverse as a concept has boomed in the last year. Major tech giants have been focusing on the development and growth of the metaverse platforms including Microsoft, who recently purchased Activision Blizzard in an attempt to secure a major spot in the metaverse.
Just recently, South Korea’s sovereign wealth fund highlighted that it plans to expand its portfolio by increasing its investments into different domains including the metaverse and AI products. There are eight metaverse ETFs currently listed in South Korea, while Hong Kong is launching its first one on Feb. 21, 2022.
With huge amounts of capital flowing into metaverse prospects and more traditional organizations jumping onboard, the opportunities appear endless. To help you get a good grasp of why metaverse tokens might be the most profitable types of cryptocurrencies this year, let’s go through a detailed list of metaverse tokens.
1. Axie Infinity (AXS)
The famous blockchain game that took the world by storm in 2021, with its pioneering implementation of the concept of play-to-earn, was founded in 2018. However, it did not gain much traction for the first two years.
However, in the second quarter of 2021 (June 2021), as the metaverse concept was picking pace, Axie Infinity (AXS) made it to the news due to the influx of people who were able to generate an income by playing the game. After raising $7.5 million Series A funding in the first quarter of 2021, Sky Mavis, the creator of Axie Infinity, also managed to secure a Series B funding of $152 million led by Andreessen Horowitz. Axie Infinity’s unique implementations and pioneering efforts related to the concept of play-to-earn gaming have been an attraction for investors worldwide.
With the increased popularity, the cost to start playing has increased (players need to own 3 Axies to start). Hence, the concept of Axie scholarships started. It involves a manager (any player who has a sufficient amount of Axies) and a scholar (someone who cannot afford the purchase of an Axie team) to play the game. The rewards earned by the scholar will be divided between the scholar and the manager. The split is entirely dependent on the agreement of the manager and the scholar.
Market Capitalization
At the start of 2021, the market cap of AXS was $31 Million. As the number of monthly active players grew from over 500K at the start of 2021 to 2.7M currently, the project’s market dominance and market cap increased as a result. It reached a peak valuation of $9.77B at the start of November 2021. Currently, due to an overall bearish trend in the crypto markets, the token is sitting at a market valuation of $4.5B, an approximate 50% decrease from its all time high, but a 10X increase year-on-year.
Partners
Currently, the leading metaverse token has partnered with the following businesses to expand its digital footprint and ensure that it covers masses across the globe:
– Binance,
– HTC,
– Kyber Network,
– Samsung: Recently, Samsung announced a partnership deal with Axie allowing the token to get listed on the South Korean tech giant’s blockchain wallet.
– Ubisoft: Considering the scale of growth of the blockchain-based game, Ubisoft partnered with the platform to become a launch validator for Ronin, the game’s Ethereum sidechain. This sidechain is implemented to ensure that the gameplay speed of the main gameplay is improved and can be managed without any delays.
Token Utility
As mentioned earlier, AXS is a play-to-earn game that provides players with axies (NFTs) that can be traded in exchange for the respective AXS token (tokens of the game). Players earn Smooth Love Potion (SLP) as in-game reward tokens that can be used to breed new Axies.
The AXS token has a variety of utilities such as governance and staking. This process of staking will allow users to earn weekly rewards.
2. Bloktopia (BLOK)
Bloktopia is a virtual skyscraper that consists of 21 different levels designed to honor the total supply of Bitcoins, i.e., 21 million. Bloktopia token holders are known as Bloktopians that will have dedicated access to the various facilities present on the platform. Like every other metaverse platform, BLOK also had an initial idea of reshaping the future and reshifting the world’s focus from the real world to a virtual world that can mimic many, if not all, activities carried out in the real world and more.
Since its founding in 2021 by two founders, Paddy Carroll and Ross Tavakoli, BLOK has been on a mission to expedite public awareness regarding the metaverse. As the platform attracts more public attraction and investment plans from renowned brands, its ultimate goal is to be the go-to metaverse platform. To find out more about its success, let’s have a brief look at its market capitalization since its IDO.
Market Capitalization
Bloktopia has been a huge success since the launch of its Initial Dex Offering (IDO). The metaverse token had a welcoming response in the initial round as the token managed to launch with a market cap of $471 million in November 2021. Bloktopia’s platform is built on the Polygon Network using the Unity3D Game Engine. Unity is primarily used by game development companies. The 3D development engine is undoubtedly the most advanced and thorough video game engine that provides premium-quality graphics.
The token continued to attract an audience, with its market cap growing to an all-time high of $1.18 billion, as investors are banking on the metaverse growth prospects. The current overall bearish trend has resulted in a current market cap of $263 million. With prices being at its all-time low, getting in the project at this point may be considered to be a value proposition.
Partners
Recently, Bloktopia has managed to secure partnerships with a few companies. Some of which are as follows:
– Avalanche,
– DuckDAO
– KuCoin Labs,
– Polygon Network,
– Shima Capital,
– TKX Capital.
– CoinMarketCap
Metahero x Bloktopia was the most anticipated partnership that attracted a lot of hype from the crypto community. Considering the detailed virtual world of Bloktopia and the need for realistic structural and architectural designs, the technology of 3D avatar generation provided by Metahero is a gamechanger for Bloktopia’s platform.
Token Utility
Since the Bloktopia platform has a structural design that mimics a skyscraper with 21 unique levels, the Bloktopians have the liberty to interact with the various facilities available on the platform.
With more and more brands coming on the platform, Bloktopians will be able to interact with them and purchase different virtual in-game assets that will be usable within the Bloktopia platform using $BLOK. Moreover, the Bloktopia tokens can be used by the HODLers to sell and purchase real estate that is known as Reblok.
Reblok NFT holders are a part of the Governance council. This will allow them to participate in several voting events to decide essential matters related to the platform.
3. Chromia (CHR)
Chromia, backed by ChromaWay, was launched in May 2019. Since the metaverse token is one of the oldest players in the crypto community, it has a significant reputation among crypto geeks. Chromia has powered popular metaverse My Neighbour Alice and the P2E game Mines of Dalarnia. Moreover, Revolve Games has also joined hands with Chromia and agreed to utilize CHR’s technology. This push comes as the development of interconnected game worlds accelerate. A Metaverse Grant Program will award R&D grants to the most detailed and thorough concepts.
With its core team involving Henrik Hjelte, Or Perelman and Alex Mizrahi, the team plans to utilize their experiences and develop a decentralized, publicly-hosted internet infrastructure that will allow users to control their data. CHR is renowned for building solutions for several banks, enterprises and government institutions.
Market Capitalization
With its various unique features that showed new implementations of the metaverse concept, CHR was valued at $9 million in January 2021. However, as the metaverse trend took hold, the token price rallied almost 30X with a market cap of $242 million in a span of 2 months. The token market cap reached an all-time high of $720M. Currently, the metaverse token is at 50X from its last year’s value with a market cap of $458 Million.
Partners
Due to the efficiency of its blockchain implementations, CHR has managed to partner with the following crypto gaming ventures:
– Chain of Alliance,
– Krystopia: Nova’s Journey,
– Mines of Dalarnia,
– My Neighbor Alice.
Moreover, the enterprise partners of Chromia are as follows:
– Capchap,
– LAC PropertyChain,
– Lingon.
Token Utility
For starters, the CHR token acts as a currency in the Chromia economy. With its efficient synchronization with several DeFi applications, users can use CHR tokens to stake and pay other operational fees.
