Metaverse tokens are now the cool kids on the block as everyone goes crazy for the hype. As Ethereum suffers from a busy network, competitors such as Solana and Luna are closing in to dethrone the queen. The Metaverse coins could be the next big bullish market to come.
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What are Metaverse Tokens?
To explain Metaverse tokens, we must first explain the term Metaverse itself. Metaverse refers to a virtual universe that is unlimited in terms of well, everything. These universes can be accessed by either a computer or VR headsets. It is an amazing topic of conversation from all aspects to talk about the potential and the possibilities that metaverse can provide. You can work in a virtual office sporting a Gandalf skin or just simply walk around and absolutely demolish NPCs before it gets illegal. However, whatever one might choose to do in this West World-esque universe, they will need some sort of currency to pay for the utilities. Enter the cryptocurrencies!
Metaverse tokens are the virtual currencies that allow for transactions within the metaverse. They are no different that cryptocurrencies and are all based on the blockchain network.
To monitor their price, you can check out their list on CoingGecko.
Ethereum Killers Closing In
Considering the hype and publicity surrounding metaverse, analysts are predicting massive rallies for this side of the market. Large institutions are chipping in and big tech companies are joining the race. Facebook went full bananas and changed their name to Meta.
All that said, metaverses need a blockchain network to base their transactions on. Many of them are Ethereum-based ERC20 coins. However, the Polygon and Solana network have been faster, cheaper and better than the Ether network by a long shot.
A few days ago, we reported on how Solana has had 17000% growth in less than one year. As of now, SOL in 4th in the ranks by market cap. We can see that Ethereum competitors are using the strong metaverse tokens momentum to fight Ethereum. And so far, they have been dangerously closing in.
Much like all of our articles regarding Ethereum, we should wait for Ethereum 2.0 to see if ETH can finally be as fast and scalable as other competitors like SOL and ADA.
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