Table of Contents
In the past few months, the term “metaverse” has been all over the news, social media, and the whole internet. Despite the fact that the concept is still in its infancy, it is attracting the interest of IT and Crypto investors. Metaverse Cryptos, as a result, provide an unexplored possibility for 2023.
Talking about Facebook, one of the world’s largest internet giants is banking on the metaverse. The endeavor, which the company refers to as the “future of technology,” has already cost them $10 billion. Your imagination is the ceiling in the metaverse, where you will live, play, and connect with others. So naturally, a virtual world necessitates an economy, and metaverse currencies, including NFTs and other Cryptos, are the backbone of the metaverse economy. Let’s take a look at 5 of the most promising metaverse Crypto coins to buy in India in 2023.
It’s important to note that there are several different metaverse worlds, each with its own environments, economies, and currencies. Here we shall discuss the 5 best metaverse Cryptos of 2023, their prices in India, and their future prospects.
1. Axie Infinity (AXS)
Axie Infinity is a game that is comparable to Pokemon in terms of gameplay. Axies (the characters in the game) are NFTs, meaning they can be sold outside the game, and players can own, trade, and combat them here. Players also get the opportunity to construct kingdoms, go on treasure hunts, and find resources. It boasts of having the most active and engaged player base among all the metaverse games.
AXS is the game’s native token, and players can earn it by participating in various activities. AXS is built on the Ethereum blockchain, and thus it has a hefty gas price, even though it is accessible for smartphones, Windows, and Mac. However, playing is not free, and players must have three AXS to participate fully. Its current market capitalization sits at $5.31 Billion and is trading for $10.2 on the WazirX platform as of 20th Feb 2023.
2. Decentraland (MANA)
Decentraland is an Ethereum-based platform that allows you to purchase, trade, or build virtual “land” that can be easily explored on your PC, phone, or VR headset. With MANA as its native token, it is one of the most famous and widely available Cryptos on this list, with several Crypto exchanges offering it to new consumers.
As the news of Facebook changing its name to Meta came out in public, the value of MANA jumped 400%, sparking a great deal of interest in it and the concept of the metaverse as a whole. It now has a market cap of $1.33 billion while trading for $0.7464 on the WazirX platform as of 20th Feb 2023.
3. Sandbox (SAND)
The Ethereum-based crypto metaverse project ‘The Sandbox’ has performed admirably so far. SAND, the platform’s native token, had risen steadily throughout 2021 and ultimately crossed the $1 barrier in the fourth quarter, maintaining its upward trend.
With a VR aspect, this project is a game, but it’s mainly reliant on the generation and trading of NFTs that are made possible by the SAND token. Another appealing feature is the finite currency supply of 3 billion tokens, of which over 1.5 billion are already in circulation. Its market cap stands at $1.44 Billion, with the value of one SAND token being $0.8899 on the WazirX platform as of 20th Feb 2023.
4. Highstreet (HIGH)
Highstreet is a fascinating metaverse project that shows a lot of promise for metaverse users. For starters, you may use the HIGH currency to shop for items within this virtual realm. In addition, the gaming platform has already incorporated certain Shopify merchants.
From the perspective of the actual world (the metaverse), this initiative has already achieved what the metaverse technology set out to deliver. So this is a good alternative if you’re an investor who looks at functionality as a requirement.
HTC is backing the project, which received $5 million in funding in August 2021. It also has gaming and NFTs on its radar, indicating that it is up to speed on tech and Crypto developments. Its current market cap is $40.16 Million and is trading for $3.78 on the WazirX platform as of 20th Feb 2023.
5. Floki Inu
Another dog-themed “meme token,” Floki Inu, seems to be a serious contender for a competitive and sustainable metaverse Crypto — especially for those seeking cheap coins.
According to the project’s website, the goal is to merge memes with real-world applications, and it also claims to be launching a game as well as an NFT marketplace. People have been buying FLOKI tokens despite the project still being in its early stages.
Floki Inu currently has a market capitalization of $453.66 million, and, as unusual as it sounds, the value of the coin has increased by a whopping 1331% since its introduction in July 2021.
Metaverse initiatives are springing up all over the place, but some have considerable potential and outshine others. The metaverse concept is heavily founded in blockchain and Crypto, which is why investing in some of these ventures may be a good option, given that the NFT buzz appears to be growing.
Bottom line
However, like any other investment, try not to put all your eggs in a single basket when it comes to metaverse coins. It’s advisable to diversify your holdings and, more crucially, purchase currencies that you believe have a promising future.
Frequently Asked Questions
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
Is Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
