WITH the tech world abuzz with chatter of the metaverse, all eyes are trained on how the fledgling technology will incorporate cryptocurrencies.
Metaverses – virtual worlds where users can work and play – from the likes of Facebook and Microsoft are in the works, but a number of rudimentary versions from other creators are already up and running with their own digital currencies.
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What are metaverse cryptocurrencies?
Metaverses are sprawling universes that users access via a computer or virtual reality headset, allowing you to work and play in a fictional, digital realm.
In order to truly become fully immersive worlds with their own economies, they need a currency – and that’s where crypto steps in.
Metaverse cryptocurrencies can typically only be spent in the metaverse they’re tied to. You buy them through each virtual universe’s in-game store.
The coins can be used to buy in-game items, such as land or items which can then be traded with other players.
Like any other crypto on the market, their values go up and down – sometimes unpredictably.
Remember, buying cryptocurrencies and decentralised finance tokens is a risky way to invest.
Investing is not a guaranteed way to make money, so make sure you know the risks and only invest what you can afford to lose.
Cryptocurrencies and decentralised finance tokens are also extremely volatile, so your cash can go down as well as up very quickly.
Some products and cryptocurrency services are very complex to understand. You should only invest in things you understand.
Top metaverse cryptocurrencies
SAND
SANS is the cryptocurrency of The Sandbox, a sort-of metaverse where people can buy and trade digital assets.
Users can create a virtual world driven by non-fungible tokens (NFT), where they can build, own, and make cash off of their virtual gaming experience.
The…
