Why Buying Metaverse Tokens Is Safer Than Buying Cryptocurrency: An Explanation Of Tokens
If I say, Sand, Mana, or Axs, what do you think about? Maybe some of you know what I’m talking about, but most of you don’t. But, I assure you that they are something concrete and valuable. In the future, they will increasingly play a leading role in the real economy.
But let’s go step by step. I want you to understand the subject that I will cover in this article.
We speak of the Metaverse, which is a decentralized virtual ecosystem. It is a digital environment where you can create and interact with 3D worlds, build decentralized applications, collect non-fungible digital objects (NFTs), and trade them with other users.
It is essentially a digital parallel world, a large city (there are several, such as Meta, i.e., Facebook, Decentraland, The Sandbox, Roblox, and others) where there are streets, buildings, and land.
It is the same users who develop this world with virtual services. They populate it with avatars of themselves, activities, marketplaces, and other content, starting with three-dimensional online games.
In all these worlds, doing business and earning money is possible. Some sell and buy land (virtual lands), and those who sell digital images and other digital goods. People like Gucci or Ralph Laurent show their products in the virtual world.
To do all this, you also need to own the tokens of those worlds, which allow you to purchase digital products, services, and real estate.
It’s about tokens
WHAT ARE METAVERSE TOKENS?
Metaverse tokens are cryptocurrencies that are used to interact with virtual 3D networks. They are similar to Bitcoin or Ethereum in that they have a public and decentralized ledger but belong to the ecosystem of each virtual world.
These virtual currencies are used to pay for services in the Metaverse, such as purchasing digital goods, financial transactions, and other activities. They also have real value and can be exchanged for cash.
For example, MANA is the currency of Decentraland and can be used to purchase virtual goods such as land or services within the world of Decentraland.
ROBLOX is the currency in the Roblox metaverse, and SAND is the token that can be used to interact in TheSandbox.
Metaverse tokens are a new form of decentralized digital money.
METAVERSE TOKENS HAVE HAD EXCELLENT PERFORMANCE OVER THE LAST FEW MONTHS
– Metaverse cryptocurrencies outperformed both Bitcoin (BTC) and Ethereum (ETH).
– In January 2023, Decentraland’s MANA token was the best performer, up 150% against the US dollar. Over the past two weeks, MANA has been up 7.3%. Over the past seven days, it’s up 2.9%. On January 31, 2023, MANA was trading at $0.716 to $0.755 per unit.
– Sandbox’s SAND token is up 92% over the past 30 days and up 5% over the past two weeks, but down 7.5% over the past 7 days.
– Another top-performing metaverse token last month was AXS by Axie Infinity, which was up 80% from the previous month. Over the past two weeks, AXS has been up 21.5%, but it’s down 11.4% over the past week.
– The APE token of the Apecoin project (Otherside metaverse) is up 63.3% over the same period. APE is up 19.4% in the past two weeks, with 5.5% of those gains occurring in the last week.
– The token associated with the ICP Internet Computer Project has also increased by 48.9% in the last 30 days. ICP has gained 16.5% in the past two weeks.
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WHY ARE THEY MORE SOLID THAN TRADITIONAL CRYPTOCURRENCIES?
Metaverse cryptocurrencies are more robust than traditional cryptocurrencies as they are tied to a project and its applications. As a result, they are less volatile than “traditional” cryptocurrencies such as Bitcoin or Ethereum.
Also, most metaverse tokens have limited their supply of coins, so they don’t grow in number endlessly like Bitcoin and Ethereum. A limited supply means that the tokens maintain some stability and do not fall in value like traditional cryptocurrencies.
Furthermore, these coins are also more secure as they have a decentralized ledger and thus better protect against cyber attacks. Most Metaverse projects have teams of developers who are constantly working to improve the blockchain and avoid hacking or scam issues.
But I consider the fundamental aspect is that they are linked to a virtual world.
Take the example of Roblox, in which powerful companies such as Nike, Gucci, and other fashion houses have invested millions of dollars. Its currency is less unlikely to collapse in value as long as there is a lot of interest from companies that dominate the real economy.
Instead, other cryptocurrencies are an end in themselves and belong only to the world of finance.
If there is interest from investors, they fly high and increase in value; otherwise, they do not. They will collapse as Bitcoin did at the end of 2021, whose value dropped from almost 70k to 16k.
In conclusion, metaverse tokens offer greater stability and security than traditional cryptocurrencies as they are more project-related.
They also have limited coins available in the market, making their valuation less volatile. Furthermore, companies investing in virtual worlds provide some stability to the blockchain economy, which means that the tokens will not experience large price fluctuations.
Finally, these tokens offer better security and decentralization than traditional cryptocurrencies, making them more suitable for purposes as diverse as trading or playing Metaverse games. As a result, they have become increasingly popular in recent years.
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