Metaverse cryptocurrencies are back in the spotlight. Y Combinator, a startup incubator in Silicon Valley is expecting the Metaverse to be among the sectors prone to significant advancement.
According to recent reports, the Japanese Government is planning to allow venture capital (VCs) to invest directly in Web 3 companies that only have cryptocurrencies. The report cited that the Japanese cabinet has approved the Act on Strengthening Industrial Competitiveness amendments.
The metaverse concept refers to a vast and interconnected network of 3D virtual worlds that offer immersive experiences to its users. It is still in its early stages, but it has the potential to revolutionize the way we interact with each other online.
Virtual spaces and mixed realities offer various opportunities, such as buying and selling virtual goods, participating in decentralized communities, attending live events and concerts, or owning a digital property. Imagine a shared online space where you can socialize, work, and play, all within a virtual world that never sleeps.
According to experts, there will be a massive boom in the world of metaverse projects in the coming decades. These projects are expected to attract millions of users, reshaping online interactions as we know them today.
But which metaverse coins are worth considering? This article explores the leading contenders driving the virtual revolution, including the best metaverse coins.
Best Metaverse Cryptocurrencies to Look Out for in 2024
Brace yourself for a year of explosive growth in the metaverse space.
From fueling the immersive worlds of the Metaverse to revolutionizing traditional industries, these six (6) metaverse tokens are positioned to make a notable splash.
Discover their unique features and the potential they hold.
- 5th Scape (5SCAPE): Future of immersive entertainment, merging crypto with cutting-edge AR/VR. Imagine exploring vibrant worlds, connecting with communities, and owning your experiences – all powered by blockchain.
- Meme Kombat (MK): Participate in meme battles while channeling your inner gambler, stake for passive gains, and meme your way to victory in the hottest Web3 arena.
- Akash Network (AKT): Open network designed for secure and efficient buying and selling of computing resources that can power metaverse platforms.
- Aptos (APT): Aims to unlock the true potential of Web3 by providing a high-performance, secure, and scalable blockchain infrastructure.
- Forta (FORT): Actively tracks blockchain activity, offering real-time detection to improve security and operational monitoring. Alerts enable protocols and investors to neutralize threats and reduce financial losses.
- Storj (STORJ): Cloud storage provider that uses decentralized storage technology, splits and encrypts data, and stores it across a network of thousands of nodes globally.
Reviewing the Top Metaverse Tokens In 2024 (Review & Analysis)
This year, the spotlight shines on metaverse tokens fueling real-world applications. Join us as we dissect the top contenders, analyzing their projects, tokenomics, and potential to revolutionize industries.
1. 5th Scape: Reality 2.0, Powered by Crypto and Your Mind
5th Scape (5SCAPE) is different from your average crypto project. It boldly ventures into the realm of augmented reality (AR) and virtual reality (VR), aiming to become the “world’s first AR & VR ecosystem connecting the smartest minds.” This ambitious vision combines crypto with immersive experiences, offering a glimpse into the future of entertainment and interaction.
The Future of VR and AR
5th Scape’s core lies in its VR games, hardware, and developer marketplace. The team is committed to developing VR games compatible with popular headsets like Oculus Rift and Meta Quest 3, ensuring accessibility for a wider audience.
They have even unveiled titles in progress, with “Cage Conquest” slated for a Q2 2024 launch.
Additionally, ambitious plans for an in-house VR headset and AR gaming chair hint at a future where the 5th Scape controls the entire immersive experience.
At the heart of this ecosystem beats the 5SCAPE token, acting as the universal currency for games, hardware, and the marketplace. This token fuels various interactions within the platform, fostering a self-sustaining economy.
$5SCAPE Summary
5th Scape is a unique proposition in the crypto space. It merges the ever-evolving world of crypto with the burgeoning industry of AR/VR, offering a glimpse into a future where virtual worlds become seamlessly integrated with our reality.
Overall, 5th Scape is a project worth watching closely. Its unique approach to bridging the gap between crypto and immersive experiences holds immense potential.
5SCAPE is still at the presale stage, which means crypto traders can buy the token at a discounted rate.
| Project | 5th Scape |
| Ticker | 5SCAPE |
| Blockchain Platform | Ethereum |
| Inception | 2024 |
2. Meme Kombat: Memes Brawl, You Win: Bet, Stake, Rule the Web3 Arena
Meme Kombat, as the name suggests, is a gaming platform that blends the virality of memes with the competitive spirit of fighting games.
The collection includes iconic meme coins like Doge, Shiba Inu, and Pepe duking it out in an AI-driven battle arena.
But this isn’t just about bragging rights. Meme Kombat allows users to stake their $MK and wager on the outcome of these battles.
Gamifying the Memeverse
The heart of Meme Kombat lies in its AI-driven virtual battle arena. Here, meme characters represented as NFTs, engage in automated fights determined by on-chain algorithms.
Players can stake their $MK tokens to predict the outcomes, with correct guesses unlocking substantial rewards. Additionally, the platform offers staking opportunities for passive income generation, creating a dual-pronged approach to earning.
Meme Kombat boasts a capped token supply, ensuring scarcity and potential value appreciation. The project hints at future partnerships with smartphone vendors and Ethereum integration, hinting at ambitious expansion plans.
$MK Summary
Meme Kombat presents a promising concept for the Metaverse – combining the meme culture with the play-to-earn gaming trend. This platform offers AI-powered battles and a stake-to-bet system that provides intrigue and strategic depth.
This combination may attract both meme enthusiasts and gamers. However, it is essential to note that the project is still in its early stages.
While the initial funding (nearing $1M at the time of this writing) and influencer attention are promising, the platform’s long-term success will depend on its execution, community engagement, and ability to deliver an engaging and sustainable gaming experience.
| Project | Meme Kombat |
| Ticker | MK |
| Market Cap (Feb, 2024) | N/A |
| Blockchain Platform | Binance Smart Chain (BSC) |
| Inception | 2023 |
3. Akash Network: Revolutionizing Computing Transactions With Secure, Efficient Open-Network Power
Akash Network ($AKT) is a unique player in the constantly changing world of cloud computing.
Its main objective is to democratize access to resources by providing an open-source, public-utility network that securely and efficiently facilitates the buying and selling of computing power. Metaverse platforms demand high computing power, which Akash Network provides at lower market costs.
By doing so, the network challenges the supremacy of centralized cloud giants such as AWS.
Democratized and User-Centric Cloud Computing
Akash Network functions like an Airbnb for data centers. Individuals and businesses with spare computing resources can list them on the platform as Akash Providers, offering versatile and standardized resources at competitive prices.
On the other hand, Akash Tenants – developers and businesses seeking cloud solutions – can lease and deploy their applications (Docker containers) on these resources securely and efficiently. This peer-to-peer model empowers users with greater control over pricing and resource allocation.
Akash stands out from other decentralized platforms by focusing on containerized applications.
This means you can run existing cloud-native applications on the Akash network without needing to rewrite them in a proprietary language. This eliminates vendor lock-in and ensures flexibility in choosing providers.
Additionally, deployment files are transferred over a private peer-to-peer network, ensuring data security and performance for mission-critical applications.
$AKT Summary
Akash Network offers a compelling vision for the future of cloud computing that is much needed in advancing the Metaverse. Its decentralized approach promises increased competition, lower costs, and greater user control.
Moreover, by tapping into underutilized resources, Akash promotes sustainability and resource efficiency.
However, the project may encounter challenges such as achieving wider adoption, attracting large-scale providers, and building a robust developer community.
| Project | Akash Network |
| Ticker | AKT |
| Market Cap (Feb, 2024) | $899,404,266 |
| Blockchain Platform | Cosmos |
| Inception | 2018 (mainnet 2020) |
4. Aptos: A High-Throughput Blockchain for Real-World Use and the Metaverse
Aptos, with its native token $APT, aims to be a game-changer in the blockchain space by tackling the scalability and user experience challenges that hinder mainstream adoption.
The chain can surpass 100,000 transactions per second (TPS), making it a perfect candidate for future metaverse platforms.
High-Performance Network for Web3
Aptos stands out with its unique architecture, designed for high performance and parallel transaction processing.
Unlike traditional blockchains that execute transactions one after another, Aptos leverages a parallel execution engine called Block-STM. This allows it to claim a remarkable throughput of 160,000 TPS, significantly exceeding the capabilities of most existing blockchains.
Aptos Metaverse Museum
Further contributing to its efficiency is Move, the custom-built programming language for Aptos.
Move emphasizes safety and security while enabling parallel execution, further boosting the network’s speed. The consensus mechanism, AptosBFT, is also built on Move, ensuring a secure and reliable network.
$APT Summary
Aptos’s focus on scalability and user experience is commendable. Its high TPS and parallel processing capabilities hold promise for faster and more efficient transactions, potentially attracting mass adoption. Additionally, the Move language’s focus on security and developer experience is a plus.
Acknowledge that Aptos is a relatively young project, and while its technical prowess is impressive, its nascent ecosystem of dApps built on Aptos must mature and attract users for the project to reach its full potential.
However, the Aptos Foundation’s commitment to supporting the network through grants, education, and community initiatives is encouraging. The partnership with Jambo to launch a crypto smartphone for just $99 further demonstrates their focus on accessibility and user experience.
| Project | Aptos |
| Ticker | APT |
| Market Cap (Feb, 2024) | $3,670,628,959 |
| Blockchain Platform | Aptos blockchain |
| Inception | 2022 |
5. Forta: Enhancing Asset Protection and the Metaverse Through Comprehensive Web3 Security Intelligence
In the ever-evolving landscape of Web3, security remains a paramount concern. Introducing Forta ($FORT), a decentralized network that acts as a real-time security camera and alarm system for tracking blockchain activity.
Picture a massive network that constantly monitors public blockchains for risks, irregularities, and possible vulnerabilities within DeFi, NFTs, bridges, and the entire Web3 ecosystem.
Why Metaverse Security Matters?
Being a digital space with potentially millions of users, data privacy is a major concern. The companies must ensure their users’ data is not compromised.
Likewise. the digital identity of the users must be kept secure. Metaverse users may hold a substantial amount of cryptocurrencies and highly-valued NFTs. Identity theft, fraud, and other forms of cyber crimes must be addressed.
Incubated by OpenZeppelin, Forta is providing a platform for blockchain security to safeguard Metaverse assets.
Detecting Threats in Real-Time
Forta’s power lies in two key components. First, Detection Bots act as vigilant scripts, scanning smart contract state changes and transaction characteristics for suspicious activity. Think of them as AI-powered security guards patrolling specific chains.
Secondly, Scan Nodes, operated by a community of over 12,000 individuals, serve as the network’s eyes and ears, analyzing every block and transaction on supported blockchains like Ethereum, Polygon, and BSC. Whenever a bot detects a potential threat, an alert is triggered and stored on a decentralized storage system, accessible to everyone through the Forta Explorer or API.
Forta real-time threats detection
The project boasts impressive credentials. Incubated by OpenZeppelin, a leading blockchain security firm, Forta enjoys the trust of industry giants like dYdX, Compound, Lido, and MakerDAO. It has played a crucial role in flagging over $1.75 billion in hacks and currently safeguards over 52% of the top 30 DeFi protocols by Total Value Locked (TVL).
But Forta isn’t just about passive monitoring. The Forta SDK empowers Web3 developers to build custom threat detection bots, tailoring the network’s vigilance to their needs. This collaborative approach fosters a community-driven security ecosystem where everyone contributes to a safer Web3 landscape.
$FORT Summary
Forta’s real-time threat detection and community-driven approach are undoubtedly valuable assets. Its track record in identifying potential hacks and its impressive reach across DeFi protocols speaks volumes about its effectiveness.
Additionally, the Forta Foundation, dedicated to fostering community engagement and development, adds further stability and direction to the project.
While its growth has been impressive, long-term sustainability and its ability to adapt to the dynamic protocol security landscape remains to be seen.
| Project | Forta |
| Ticker | FORT |
| Market Cap (Feb, 2024) | $79,586,965 |
| Blockchain network | Ethereum |
| Inception | 2021 |
6. Storj: Efficient Global Cloud Storage With Cost Savings and Security
Storj is a revolutionary project aiming to reshape the cloud storage landscape with its decentralized, secure, and cost-effective approach.
Moving away from centralized giants like AWS, Storj offers a globally distributed network powered by individual users, promising unparalleled data protection, privacy, and performance.
Virtual realms demand storage space with extremely high capacity for rendering its graphics. Avatars, NFTs, and user-generated artifacts all have huge demand. This is where Storj comes into play.
Decentralized Cloud Storage
Storj uses a global network of storage nodes powered by individuals who share their unused hard drive space. This network creates a peer-to-peer system where data is encrypted, fragmented, and stored across multiple nodes, eliminating single points of failure and enhancing security.
Users can pay for storage using the native $STORJ token, which incentivizes node operators to maintain the network and ensures data integrity through cryptographic proofs.
The core principle of Storj lies in its decentralized storage technology. Data is encrypted, split into fragments, and distributed worldwide across a vast network of individual computers (Storage Nodes). This eliminates the risk of single points of failure, censorship, and data breaches that are common in traditional cloud storage solutions.
In addition, Storj has impressive security features, including resistance to common network vulnerabilities such as Sybil attacks (fake identities) and Eclipse attacks (network isolation) due to its robust consensus mechanism. Furthermore, data fragmentation and dispersion mitigate “Hostage Bytes” scenarios, making data ransom attempts impractical.
$STORJ Summary
Storj presents a promising secure, efficient, and cost-effective cloud storage solution that can address 3D Metaverse platform storage requirements.
Its decentralized approach and focus on security make it a noteworthy option for individuals and businesses seeking an alternative to traditional cloud storage providers.
That said, the project’s relative infancy and technical complexities are factors to consider for potential users.
| Project | Storj |
| Ticker | STORJ |
| Market Cap (Feb, 2024) | $291,729,947 |
| Blockchain network | Ethereum |
| Inception | 2019 (v3) |
Is the Metaverse Dead?
The Metaverse, once hailed as the future of the internet, has seen its fortunes fluctuate wildly.
While the hype may have subsided in the West, particularly after major players like Disney scaled back their efforts, Asia paints a different picture.
Here, the virtual world shows remarkable resilience and even flourishes.
The Metaverse Is Strong in Asia
- China’s government actively supports the development of the Metaverse: Their Ministry of Industry and Information Technology established a dedicated working group to standardize the nascent industry, showcasing their commitment.
- Tech giants like Huawei and Tencent are heavily involved, indicating significant private sector crypto investment and expertise driving innovation.
- South Korea’s ZEPETO platform boasts over 200 million users. This demonstrates a strong appetite for social VR experiences, particularly among a fashion-conscious demographic.
- Projections show Asia as a key growth driver: The region is expected to contribute significantly to the projected market value reaching $170.9 billion by 2030.
Apple Vision Pro Could Bring the Metaverse Hype Back to the US
Could Apple’s Vision Pro Resurrect US Metaverse Interest? As the Metaverse gains steam in Asia, Apple’s new VR headset, Vision Pro, could be the catalyst to reignite the US market.
Why Apple Holds the Key:
Apple’s unparalleled brand recognition and reputation for user-centric design could attract mainstream consumers hesitant about the Metaverse’s complexities.
If Apple simplifies VR setup and interaction, they could bridge the technical gap hindering wider adoption, making the Metaverse more accessible.
Potential partnerships with major studios and developers, leveraging Apple’s ecosystem, could create high-quality content, drawing users back to the virtual world.
Challenges Remain
The Vision Pro’s premium price tag might limit its reach, and the overall appeal of VR experiences remains a question mark.
However, Apple’s entry undeniably possesses the potential to reignite interest and usher in a more user-friendly era for the US Metaverse. Its success hinges on effectively addressing accessibility concerns and fostering a compelling content ecosystem.
The number of pre-orders is fairly high according to some and bear in mind the product is only available in the United States. When the product will be available overseas it may increase the appetite for Metaverse development projects.
Mark Zuckerberg Reaffirms Metaverse Plans
Despite the West’s lukewarm embrace of the Metaverse, Meta’s CEO, Mark Zuckerberg affirmed the Metaverse is still a major part of Meta’s long vision in the company’s recent earning call according to WSJ. He doubles down on their vision, emphasizing continued development and an upcoming advanced headset following the Quest Pro’s launch.
This renewed focus on hardware aligns with Apple’s rumored Vision Pro, potentially reigniting US interest through user-friendly design and high-quality content partnerships.
While Zuckerberg acknowledges challenges, his unwavering commitment suggests Meta is betting big on the future of an open and interconnected virtual world, driven by both Metaverse and AI advancements. Whether they can recapture the West’s imagination alongside tech giants like Apple remains to be seen.
So, is the Metaverse dead?
Not globally. While the initial hype may have faded, a shift in focus toward building and refining technology is underway.
Asia’s strong foothold and future growth potential suggest the virtual world is far from over. It remains to be seen if the West can reignite its interest and join Asia in shaping the future of this evolving online space.
Comparing the Top Metaverse Cryptocurrencies
| Project | Token | Total Supply | Chain | Staking |
| 5th Scape | $5SCAPE | 5,21B | Ethereum | Yes |
| Meme Kombat | $MK | 120M | BSC | Yes |
| Akash Network | $AKT | 228,250,547 | Cosmos | Yes |
| Aptos | $APT | 1,081,835,508 | Aptos | Yes |
| Forta | $FORT | 1B | Ethereum/Polygon | Yes |
| Storj | $STORJ | 424,999,998 | Ethereum | Yes |
References
- https://www.statista.com/outlook/amo/metaverse/asia
- https://news.bitcoin.com/aptos-foundation-and-blockchain-phone-maker-jambo-partner-to-bolster-global-web3-access/
- https://decrypt.co/198590/new-cryptocurrency-meme-kombat-mk-launches-public-token-presale-staking-platform
- https://www.wsj.com/tech/meta-facebook-metaverse-business-dde9c47f
FAQs
What is the metaverse?
Think of the metaverse as a network of immersive 3D virtual worlds. Imagine socializing, playing games, working, or even buying land, all within these interactive spaces. Think “Mark Zuckerberg metaverse” or “Metaverse app,” but not limited to one platform.
What can you do on the Metaverse?
The possibilities are vast! From attending virtual concerts to collaborating on projects in shared workspaces, the “metaverse news” is full of new experiences emerging. “Buying land in the metaverse” or creating unique avatars are just a few ways to get involved.
Are all Metaverse tokens legit?
Just like any investment, caution is crucial. While “metaverse projects” and “metaverse blockchain projects” hold immense potential, not all associated tokens are created equal.
Is the Metaverse a good investment?
Like any emerging technology, the metaverse carries inherent risks and rewards. While “metaverse stocks” and “best metaverse coins” might seem tempting, consider the long-term vision and potential challenges before investing.
Which crypto will be used in the metaverse?
It’s too early to say definitively. While many “metaverse blockchain projects” utilize their own tokens, the future might see a mix of established and emerging cryptocurrencies across different platforms.
What tokens are used on the metaverse?
Several tokens power various “metaverse projects,” but remember, the metaverse isn’t a single entity. Each platform might have its token or utilize existing ones like MANA (Decentraland) or SAND (The Sandbox)—research individual projects to understand their tokenomics and utility.
What is the most promising crypto metaverse?
The answer depends on your specific interests and risk tolerance. Instead of chasing the “most promising” option, consider exploring established projects with solid communities like Decentraland or The Sandbox. The “industrial metaverse” and other specialized applications might offer unique investment opportunities depending on your goals.
Remember: This is not financial advice. Always do your own research (DYOR) before making any investment decisions. Stay updated on the latest metaverse news and developments to make informed choices as this exciting technology evolves.
