You’ve probably heard the term “Metaverse” by now. If not, you might have heard that Facebook changed its name to Meta because it plans to offer products and services within the metaverse. So, what is it? In this article, we will provide a guide to the metaverse and how it relates to crypto.
What is the Metaverse?
The metaverse is a virtual world or digital universe where people can connect. The metaverse is still in its infancy since virtual reality headsets are not widely available or mainstream. The idea though is that one day, people will be able to socialize, work, attend appointments and meetings, play, earn, and pretty much live their lives in a virtual world. There are several cryptocurrencies in existence today that help to fund metaverse crypto projects.
Why Does the Crypto Metaverse Matter in 2024?
In 2020, a shift took place. People were forced to work from home and attend meetings online via video. Since then, many people prefer to work from home and businesses are seeing fewer reasons to force staff back into an office. This has prompted the rise of many online and virtual companies that seek to benefit from this new era where people stay mostly at home. Virtual reality games and headsets are not new, and nor is the idea of a metaverse, but we are starting to see a virtual world come to fruition. The growth of this space will continue into 2024 and beyond.
Key Features of Metaverse Crypto Projects
With a digital universe comes digital payments. Cryptocurrency is important because it allows people to trade peer-to-peer and eliminate banks. In the metaverse where thousands of 3D worlds are connected, there’s no place for centralization. It’s about people connecting with others, virtually.
Crypto facilitates payments within the metaverse. If you want to buy digital land, you’ll need to buy it with crypto. If you want to buy an in-game NFT, you’ll need to buy it with crypto. If you want to buy a virtual event ticket, you’ll need crypto. With all of these items, whether it be a ticket or a patch of land, each is an NFT, making them unique and fraud-proof. This puts a value on the items, thus allowing people to earn while they play games in or explore the metaverse.
What are Metaverse Tokens and Coins
There are several metaverse coins helping to fund and operate metaverse crypto projects. Some of the most popular projects include games where players can earn crypto.
The most popular metaverse coins in 2021 included:
The Sandbox (SAND)
The Sandbox is a game that allows players to create 3D games and monetize their playing experience. Players can use the SAND token to buy and sell in-game assets and integrate them into their game creations. Players can buy land, build on it, and rent it to increase the land’s value.
SAND was $0.09 in January 2021 and is now trading at around $4.49.
Decentraland (MANA)
Decentraland is a virtual world where users can buy plots of land and monetize them. Users can rent out the land to others, host events on their land, build, and use the Decentraland marketplace to buy and sell items using the MANA token. Virtual concerts and events can be held in Decentraland and users can meet others and explore while they earn.
MANA price in January 2021 was $0.11 and is now $2.83.
Axie Infinity (AXS)
Axie Infinity is a game that allows users to buy, sell, breed and battle creatures called axies. Each axie is unique and users can earn tokens by winning battles against other players and completing quests with their axies. Players can also choose to breed axies and sell them.
AXS was trading at $0.6 one year ago and is now trading at $70.
How and Where Canadians Can Buy Metaverse Crypto?
You can buy metaverse crypto coins on popular crypto exchanges including Binance and Crypto.com. See our best exchanges in Canada guide for help choosing a good crypto exchange.
To buy crypto metaverse coins on crypto.com, simply sign up for an account.
Once you’ve been verified, you can make a deposit to your fiat wallet. Crypto.com makes it easy for Canadians because it supports Interac e-Transfers.
- Go to accounts
- Select fiat wallet
- Select transfer
- Select deposit. If you haven’t already, choose “set up a new currency” and choose Canadian dollars.
- Next, you will be presented with instructions. You will see the email address you need to send the deposit to, plus a reference number which you should include in your message when making the e-transfer.
- Go to your bank and make the e-transfer. Once done, the deposit should arrive quickly, but it can take up to 48 hours to process.
- Once the money is in your fiat wallet, you can search for the metaverse coin you want to buy.
- On the home screen select “trade” then “buy”. You will see a list of cryptocurrencies. You can search for the one you want in the search bar. Select the coin you want to buy, then you will see the buying options. Hit “fiat wallet” at the top. Now, you can adjust how many coins you want to buy. Follow the steps to confirm the purchase. The app may ask you for your password or biometrics.
Once you’ve made the purchase, the coin will appear in your crypto wallet.
Should I Get Involved in the Metaverse?
The metaverse is just getting started. We think getting involved in it now, or at least learning about it, is a good choice to make. Many big-name companies are getting involved in the metaverse, not just crypto projects. Facebook has renamed themselves Meta, which shows just how seriously they are taking the metaverse. Facebook plans to make products and services that allow people to connect in the metaverse, and we think other companies will soon follow.