- The metaverse is increasingly popular with businesses and investors as capital flows into the market.
- Pay-to-play setups and all-in-one development platforms stand to gain the most.
These tokens may break out, even in an uncertain market.
The metaverse is a concept that isn’t new to many science fiction fans, but gained wider popularity in 2021. Major tech companies like Meta (formerly Facebook) and Microsoft entered the space, while semiconductor companies like NVIDIA and Unity Software increasingly emphasized their capabilities to support metaverse projects.
And the metaverse does provide businesses and investors with myriad benefits. For example, it gives businesses a way to solve collaboration issues that can arise from remote work by providing a world for people to interact in. Meanwhile, South Korea’s $200 billion sovereign wealth fund has decided to expand its metaverse portfolio, a sign that the asset class is gaining popularity among institutional investors.
As capital continues to flow into the metaverse space, the opportunities seem endless. To help investors weed through the expanding metaverse landscape, we’ve put together a list of tokens that seem poised to see solid gains in the months ahead. Here are three metaverse tokens to watch in April.
Axie Infinity is the metaverse token associated with the eponymous game that launched the play-to-earn trend. The token was founded in 2018, but didn’t gain much traction until the pandemic hit.
Players must purchase non-fungible tokens (NFT) of characters–known as Axies–and then pit them against one another in battle. These characters must be purchased using Axie Infinity tokens. Players can resell or trade their Axies at any time for fiat currency. Characters can also be bred to maximize their value, and some have sold for more than $600,000.
The game has also seen a huge influx of new players, despite the cooling-off period the overall NFT market is going through. According to ActivePlayers.io, as of the end of February, more than 2.6 million people play Axie Infinity every month. That's a 64 percent increase year-over-year.
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Axie has also partnered with businesses like Kyber Network, Binance, and HTC.
Enjin Coin is the token project of Enjin, a blockchain-based gaming company founded in 2009. This makes Enjin one of the oldest metaverse players.
The company primarily focuses on immersive and virtual reality experiences. For example, Enjin Coin helps power popular immersive blockchain games like The Six Dragons and Age of Rust, both of which feature play-to-earn options. The Enjin Network allows players to create their own chats and websites, or even host virtual stores.
Enjin also has an all-in-one platform known as Efinity that appeals to developers, businesses and individuals alike. It uses ERC-20 smart contract technology to create digital assets that can be bought, sold, and traded for fiat currency.
More than 70 successful cryptocurrency and NFT projects have launched on Efinity to-date. The company has also reportedly set up a $100 million fund to help establish future projects, seeking to become the dominant development platform for Web 3.0.
RedFox is an NFT platform founded in 2018 focusing on not only gaming, but also media and retail. This makes RedFox one of the first service-based metaverse tokens. It also offers immersive experiences for media, retail, and gaming projects built on its platform.
RedFox has seen significant growth in investor activity since it launched. Last year, RedFox saw its market capitalization swell to more than $170 million by the end of the fourth quarter, according to trading data from CoinMarketCap.
Investing in cryptocurrencies is risky, and investors should do their own research and be well aware of the risks before spending their first dollar on digital assets.
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