APE is what’s known as an ERC-20 token, which means it exists on the Ethereum blockchain. As a governance and utility token, it allows holders to participate in governing the Ape ecosystem and gives them access to games and other products and services available only to apecoin holders.
Apecoin is the native token for Otherside, a metaverse game from Yuga Labs, which created the wildly popular Bored Ape Yacht Club non-fungible tokens. Yuga Labs recently raised about $320 million in a virtual land sale that allowed APE token holders to purchase parcels in Otherside, Fortune reported.
Holders purchased 55,000 lots, or “Otherdeeds,” and 45,000 went to other individuals, such as Yuga Labs NFT owners and project developers. The sale created so much traffic on the Ethereum network that it drove up "gas fees" — the fee each user pays to conduct a transaction over Ethereum.
Issues with the minting process associated with the Otherdeeds resulted in a major apecoin price drop and greatly decreased demand for the coin, Cointelegraph reported. APE’s price fell from a high of $26 at the time the sale was announced to $3.49 in June. However, Yuga Labs’ demo of the Otherside metaverse, to which it invited 4,300 Otherdeed holders, caused a price surge that could prove to be a turning point for the coin. APE’s price as of Oct. 24 is $4.54. The price of 1 ApeCoin currently costs $3.97.
The crypto metaverse project The Sandbox has shown impressive performance. The native token of the platform, SAND, was consistently on the rise during 2021 and finally crossed the $1 mark in the last quarter of 2021, continuing its upward trajectory to $8.40 last November.
Like most, if not all, cryptocurrencies, however, the price has taken a nosedive since then and sits at $0.74, up about 6% from its one-year low, as of Oct. 24.
With a virtual reality aspect, this project is realizing the vision of the metaverse. The Sandbox is essentially a game, and it has the backing of gaming brands like Atari, which could help it navigate the current bear market. In addition, Lionsgate recently partnered with The Sandbox to create a “Hellboy”-themed metaverse destination, Deadline reported, and Tony Hawk announced he will build a skateboard park there.
The Sandbox is heavily based on the creation and trade of NFTs. Players can create NFTs using the SAND metaverse tokens.
Like countless other cryptocurrency projects, this one is based on Ethereum. It recently launched Alpha Season 3, which is expected to attract half a million users, Fortune reported.
Decentraland is one crypto metaverse project that has frequently been in the news. This was partly because of the NFT craze, which also led to significant gains for the platform’s native token, MANA.
Many NFT owners started using the platform to show off their NFTs. But NFTs aren’t the only thing on this metaverse platform. As its main feature, you can also buy virtual land and create virtual games and other digital assets
Sotheby’s, the broker of luxury goods and art, bought a plot of land in Decentraland and used it to create a replica of its London offices. This goes to show that even big companies are eyeing metaverse projects.
Created in 2017, Decentraland is one of the older projects that has taken time to get recognition. Although MANA’s performance hasn’t been something to write home about, its market cap impressively stands at $1.12 billion as of Oct. 24, making it the third-largest metaverse token by market cap.
Highstreet is an interesting metaverse project with virtual reality support that has potential, at least in terms of metaverse applications. For one, you can shop for things inside this virtual universe using the currency HIGH. Some Shopify stores are already integrated into the platform.
It features gaming and has NFTs on its radar as well, so it seems to be up to date with tech and crypto trends. What’s more, HIGH is now available on Coinbase, PancakeSwap and Uniswap (V2).
From a real-world — or in this case, meta-world — point of view, this project already accomplishes what the metaverse technology promises. If you’re an investor who sees practicality as a measure, this might be a good option.
floki inu is yet another dog-meme-based cryptocurrency, but it’s in the running for viable metaverse crypto — especially for those looking for undervalued cryptocurrencies. The currency is named after Elon Musk’s dog, which is a shiba inu — also the name of another crypto project.
The project’s website says that it aims to combine memes with real-world use cases. It also says that it will launch a game and an NFT marketplace, as well as a content and education platform. This is a project that is still in the making, but that hasn’t stopped over 400,000 people from buying the FLOKI tokens
Metahero is a new metaverse project that revolves around creating high-definition avatars of real-world objects and people using 3D scanning. The company has even installed a scanning chamber in Doha that scans objects and creates their digital, 3D form for the Metahero universe.
Metahero has partnered with Wolf Studio for this purpose. The cryptocurrency HERO, its native token, has a market cap of $18.75 million as of Oct. 24. Although that’s comparatively smaller than other tokens on this list, that’s because the project is very new.
Metahero’s year-to-date performance is dismal, with the currency having lost nearly all of its value. Recent collaborations that founder Rob Gryn has entered into with his other metaverse project, Everdome, could bolster Metahero as well
Virtua is a project that goes back to 2017, when NFTs weren’t even in existence. However, now it’s a virtual environment that’s all about NFTs. You can create, sell and buy NFTs from other members using the native token TVK.
Since this project is banking on NFTs, it has massive potential given the surge in NFT investment. The platform is compatible with web, PC and augmented reality/VR environments, according to CoinMarketCap.
Virtua recently integrated the Cardano blockchain to help make its marketplace more sustainable. It previously integrated Polygon, the first carbon-positive blockchain, NFT Evening reported.
Star Atlas is a metaverse project based on a game offering stunning graphics. The game shows the future — the year 2620 to be exact — where players can conquer land and collect resources in a highly futuristic setting.
The metaverse recently partnered with iBuyPower, a PC manufacturer that’ll serve as Star Atlas’ hardware provider, in a deal that’s expected to expand the game’s membership.
The game involves a metaverse token, ATLAS, which is earned by playing the game. Think of it as an average reward-based game where you earn coins as you play and accomplish things. But in this case, the rewards have the potential to make gains.
You’ll see a lot of metaverse coins in games, and Enjin is no exception. It’s a metaverse-style gaming environment where you can “mint” the local token, ENJ, which you can then use to buy assets that will help you progress in the game.
Everything in the game, from medicine to feature enhancement of your character, can be paid for with ENJ. So it’s also like a marketplace.
Epik Prime is a metaverse project that has become all about NFTs. The cryptocurrency EPIK is available on PancakeSwap, Hotcoin Global, KuCoin and Huobi Global. Epik has over 300 gaming clients and licenses NFT collectibles and experiences to companies like Warner Music and Universal, according to CoinMarketCap, suggesting it’s likely to bounce back after the slump of the last few months.
EPIK was released just last year and has a market cap of $5.3 million as of Oct. 24. That’s the smallest by far of the coins on this list, but use cases from major companies make it worth considering.