- Bloktopia (BLOK-USD): Brings users together in an immersive environment
- Enjin Coin (ENJ-USD): This expanding gaming network is also focusing on virtual real estate
- Meta Hero (HERO-USD): Investors are watching how the platform can capitalize on the creation of meta avatars and meta-objects through the 3D scanning technology
Metaverse cryptos were among the best performing digital assets over the past year. Boosted by the exciting metaverse narrative, many investors have been ready to put capital into these platforms. But along with the volatility in broader markets, many altcoins saws their value plummet in 2022.
Yet, despite the decline in the price of cryptos, metaverse projects are still making headlines. According to a new report by Global Market Estimates, between 2022 and 2027, the global metaverse market could grow at a compound annual growth rate (CAGR) of over 45%. Furthermore, the gaming segment is expected to be the largest one within the metaverse market.
Brock Pierce, chairman of the Bitcoin Foundation, predicts a battle in 2022 between crypto-native metaverse and ones launched by Big Tech. According to die-hard fans, metaverse cryptos play a vital role as they empower users to securely own assets and move them across various platforms without the permission of a central authority.
With that information, here are three metaverse cryptos with robust long-term potential:
|HERO-USD||Meta Hero||5.5 cents|
First on our list is Bloktopia (BLOK-USD). This decentralized Metaverse project that features a 21 story virtual reality skyscraper, a reference to the 21 million supply of Bitcoin (BTC-USD). Each level in the building offers unique experiences. User can also purchase virtual real estate via non-fungible tokens (NFTs).
The platform was launched in October 2021 on the Polygon (MATIC-USD) blockchain. BLOK-USD is the primary utility token that powers the network. Virtual real estate on the platform can be resold or leased for passive income opportunities.
Leading crypto companies such as KuCoin, CoinMarketCap and Coingecko already have their virtual offices within Bloktopia. The network aims to provide a robust virtual reality (VR) experience, bringing users together in one immersive environment. Bloktopia is currently developing its next-generation metaverse with the engine Unreal Engine 5 by Epic Games.
BLOK-USD trades a bit over 2 cents, down 88% from its high in late October. Nonetheless, the altcoin has increased 24% over the past month. Its market capitalization of $188 million positions Bloktopia among the top 300 largest tokens in the market.
Enjin Coin (ENJ-USD)
Our next name, Enjin (ENJ-USD), is a social gaming platform. In other words, users can create groups, gaming websites, chat or even host virtual item stores. The blockchain platform has been integrated into many games and has seen significant growth. Now it boasts over 250,000 gaming communities and 18.7 million registered players.
Meanwhile, Enjin has also developed an NFT ecosystem that allows individuals and businesses to create and trade in-game assets across several platforms. Thus, it offers gamers a way to manage their digital assets across different platforms on the Ethereum (ETH-USD) blockchain. Additionally, users can also convert their NFTs back to ENJ at will.
In late 2021, Enjin launched the Efinity Metaverse Fund. Analysts expect it to raise $100 million to support metaverse projects. Now, the expanding blockchain gaming network is currently looking past tokenized items to focus on virtual real estate. Metaverse bulls believe virtual real estate could grow significantly in future years.
ENJ-USD hovers around $1.80, down 63% from its high in November. It has also declined 32% over the past 12 months. Its market cap of $1.55 billion positions Enjin among the top 75 altcoins.
Meta Hero (HERO-USD)
Meta Hero (HERO-USD) depicts itself as “the gateway to the Metaverse.” Creating realistic avatars as well as models of real-world objects will be crucial in the development of the metaverse.
In that race, Meta Hero is looking at using NFT smart contracts and ultra-HD photogrammetric scanning technology to create such hyper-realistic avatars and environments. The network has a partnership with Wolf Studio, a prominent name in the 3D scanning world. The group’s long-term mission is to develop the largest database of scanned objects and people.
On the platform, users can create, scan or transact using the native currency HERO. It hovers a bit above 5 cents, down 77% from its peak value in December. The altcoin is also down around 58% YTD. Its market cap of $260 million puts Meta Hero among the leading 250 altcoins.
On the date of publication, Tezcan Gecgil did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.