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Metaverse Tokens: What, Why and How To Buy Them

2022-03-16

Key Takeaways

  • Backed by recent endorsements from major tech giants, metaverses are finally expanding into the mainstream.   

  • All metaverses rely on internal tokens that can be bought, sold, exchanged, earned or even created by the users themselves.

  • In this article, we’ll walk you through where and how to purchase Metaverse tokens on Binance with crypto or fiat.

The metaverse, a living and breathing space that blends physical and digital, is quickly evolving from a science fiction dream into a reality with endless possibilities. A world where people can interact virtually, create and exchange digital assets for real-world value, own digital land, engage with digitized real-world products and services and much more.    

Major tech giants are beginning to recognize the viability and potential of metaverses, following Facebook’s groundbreaking Meta rebrand announcement. In addition to tech companies, entertainment brands like Disney have also announced plans to take the leap into virtual reality. 

While the media hype is deafening, your average netizen isn’t fully aware of what a metaverse is, how it operates and, most importantly—what benefits and opportunities it can offer them as a user. 

What Is The Metaverse?

In its digital iteration, a metaverse is a virtual world based on blockchain technology. This all-encompassing space allows users to work and play in a virtual reflection of real-life and fantasy scenarios, an online reality, ranging from sci-fi and dragons to more practical and familiar settings like shopping centers, offices and even homes. 

Users can access metaverses via computer, handheld device, or complete immersion with a VR headset. Those entering the metaverse get to experience living in a digital realm, where they will be able to work, play, shop, exercise, and socialize. Users will be able to create their own avatars based on face recognition, set up their own businesses of any kind, buy real estate, create in-world content and assets and attend concerts from real-word superstars—all in one virtual environment,

With that said, a metaverse is a virtual world with a virtual economy. In most cases, it is an online reality powered by decentralized finance (DeFi), where users exchange value and assets via cryptocurrencies and Non-Fungible Tokens.

Metaverses offer a completely immersive experience for its users that leverages blockchain and gamified DeFi mechanics to ensure a functional and digital internal economy. In this case, cryptocurrencies are the logical solution for value exchange in a metaverse; they can be easily spent for in-world products and services and earned through different means, from the buying and selling of assets to content creation and even rent. Users can even use metaverse tokens, or native-service cryptocurrencies, to buy in-game assets like land or items that can be traded with other players. There are also Play to earn games that allow users to obtain more metaverse tokens and NFTs through reward systems. 

What Are Metaverse Tokens? 

Metaverse tokens are a unit of virtual currency used to make digital transactions within the metaverse. Since metaverses are built on the blockchain, transactions on underlying networks are near-instant. Blockchains are designed to ensure trust and security, making the metaverse the perfect environment for an economy free of corruption and financial fraud.

Holders of metaverse tokens can access multiple services and applications inside the virtual space. Some tokens give special in-game abilities. Other tokens represent unique items, like clothing for virtual avatars or membership for a community. If you’ve played MMO games like World of Warcraft, the concept of in-game items and currencies are very familiar. However, unlike your traditional virtual world games, metaverse tokens have value inside and outside the virtual worlds. Metaverse tokens in the form of cryptocurrency can be exchanged for fiat currencies. Or if they’re an NFT, they can be used to authenticate ownership to tethered real-world assets like collectibles, works or art, or even cups of coffee.

Some examples of metaverse tokens include SAND of the immensely popular Sandbox metaverse. In The Sandbox, users can create a virtual world driven by NFTs. Another token is MANA of the Decentraland project, where users can use MANA to purchase plots of digital real estate called “LAND”. It is even possible to monetize the plots of LAND purchased by renting them to other users for fixed fees. The ENJ token of the Enjin metaverse is the native asset of an ecosystem with the world’s largest game/app NFT networks.

Metaverse tokens have been gaining more traction in the recent months, and it doesn’t look like they’re going to slow down. Here are some of the most popular metaverse coins found on Binance exchange: 

  1. Decentraland (MANA), at a price of $2.21 and $4,013.91 million market cap

  2. Axie Infinity (AXS), at a price of $51.87 and $3,160.49 million market cap

  3. The Sandbox (SAND), at a price of $3.17 and $2,932.42 million market cap

  4. Illuvium (ILV), at a price of $579.8 and $372.74 million market cap

  5. Vulcan Forged PYR (PYR), at a price of $9.90 and $236.58 million market cap

  6. My Neighbor Alice (ALICE), at a price of $6.84 and $209.30 million market cap

  7. Aavegotchi (GHST), at a price of $2.03 and $125.52 million market cap

  8. Mines of Darlania (DAR), at a price of $0.71 and $87.78 million market cap

  9. Terra Virtua (TVK), at a price of $0.11 and $76.76 million market cap

  10. High Street (HIGH), at a price of $5.08 and $62.49 million market cap 

* These prices are a reflection of 26 January 2022’s prices.

* This list is ranked according to market cap and does not constitute a recommendation or endorsement by Binance to buy or sell any currency.

Where And How Can I Buy Metaverse Tokens?

If you’re looking to buy Metaverse Tokens, you can get started in minutes on Binance, the largest cryptocurrency exchange in the world. Follow our step-by-step guide to buying metaverse tokens on Binance below:

Step 1: Make a fiat deposit in USD via e-wallet transfer or bank transfer on Binance. Users are advised to check available fiat channels and select their desired fiat currencies. See in-depth guide on “How to Deposit USD via SWIFT”

Optional: Convert fiat currencies to BUSD or USDT on Binance and trade against a wider variety of cryptocurrency trading pairs. 

Step 2: Purchase your preferred metaverse cryptocurrency, like the ones mentioned above, via user wallet purchase or directly with credit/debit card. See in-depth guide on “How to buy crypto with card” 

If you want to use your metaverse tokens in game, you’ll need to transfer the tokens from your Binance address to MetaMask, a versatile crypto wallet that is integrated with most metaverses.

Conclusion

The metaverse has immense potential to revolutionize our lifestyles, providing a virtual environment that blurs the line between digital and reality. 

The development of metaverses has accelerated considerably in the post-pandemic period as online interaction has become the norm and the need for expanded use cases has grown. While metaverse tokens are gaining popularity, users should always do their own research before making a purchase or an investment. 

Ready to buy cryptocurrencies? Kickstart your cryptocurrency journey with Binance

Get started by signing up for a Binance.com account or download the Binance crypto trading app. Next, verify your account. After you have verified your account, there are three main ways to buy cryptocurrencies on Binance using cash: you can buy crypto with cash from Binance via bank transfer, card channels or e-wallets options.  

Buy BUSD, BNB and cryptocurrencies with a Debit Card, Credit Card, or via Bank Transfer

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Disclaimer: Cryptocurrency investment is subject to high market risk. Binance is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.

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