Metaverse as a concept has boomed in the last year. Major tech giants have been focusing on the development and growth of the metaverse platforms including Microsoft, who recently purchased Activision Blizzard in an attempt to secure a major spot in the metaverse.
Moreover, major companies like Meta (formerly known as Facebook) are also entering into the space. Although the timing of Facebook’s rebranding seems a little opportunistic and pre-planned, it had massive positive results for the brand as they were successful in building an image that Meta is pioneering the metaverse.
With huge amounts of capital flowing into metaverse prospects and more traditional organizations jumping onboard, the opportunities appear endless. To help you get a good grasp of why metaverse tokens might be the most profitable types of cryptocurrencies this year, let’s go through a detailed list of four metaverse tokens you should have a look in 2022.
4. Enjin Coin (ENJ)
History
Enjin Network was originally launched on the Ethereum mainnet in June 2018. However, the company behind — Enjin, was founded in 2009 as a developer of blockchain-based gaming products. This makes Enjin one of the oldest players in the metaverse and overall crypto market. The community gaming platform was focused on developing a platform that will allow multiplayer access to ensure that people can interact with new players worldwide.
However, the company only started to gain importance from 2017 with its ICO that managed to raise a total of $18.9 million. This boosted the growth and popularity of ENJ and helped the business venture to develop systematic and standardized blockchain tools and services.
Market Capitalization
Enjin Coin has been a huge success in 2021 according to most crypto pundits. Starting in January 2021, ENJ had a market cap of $100 million. Luckily, the bull run of Q1 2021 accompanied ENJ with it too by inflating its market cap to ten times greater value in a matter of 2 months. By the end of March 2021, ENJ had a new all-time high market cap of $1B. As the metaverse hype reached the peak, ENJ hit a high of $3.93 billion in market cap. Currently, the token sits at a market cap of $2.18 billion.
Token Utility
Since ENJ has been in the crypto market for the longest time, the developers are well aware of blockchain applications. For this reason, ENJ tokens can be used by developers as in-game currency. The platform plans to partner with over 250,000 existing gaming websites for the successful integration of ENJ as in-game currency.
3. Epik Prime (EPIK)
History
Epik Prime (EPIK) is an NFT platform founded in 2018 with the mission to improve the quality of digital items for both brands and games. The idea was to bring control in the hands of the players and provide premium quality digital assets to enhance the way people express themselves.
Since digital items collections are generally targeted towards a specific theme correlating to the status, identity, or performance of the item, EPIK is making its way as a prominent signifier for premium digital assets for both brands and games.
Market Capitalization
Despite being epic with the implementations, EPIK’s journey of market capitalization has been rather dull. Although the metaverse token gained a considerable response from its initial funding round, its market cap has been in constant decline since its public launch.
Starting from December 2021, when its market cap was $92 million, it has been in constant decline due to the overall bearish trend. However, it has further gone down to the current value, which is more than 50% lesser than the launch value at $42 Million.
Token Utility
If you’re an EPIK token HODLer, you’re in for a treat as the HODLers will be able to have dedicated access within the EPIK ecosystem. The platform allows users to stake their EPIK tokens to get access to Epik Prime (a premium service). Moreover, if the users wish to upgrade their membership from Epik Prime to Epik Prime+, they can become eligible for exclusive NFT airdrops other than the staking rewards.
Moreover, you can use your EPIK tokens in the following games:
– AdventureQuest 3D (Korn: Battle Concert Arena)
– Avakin Life: HEAD
– Food Truck Chef (featuring Chef Duff Goldman)
– Scotty McCreery at Club Cooee
– ULTRAMAN: Arena of Valor
2. Meta Hero (HERO)
History
While most of the metaverse tokens present in this list have been around for at least 2 to 3 years in the crypto community, Meta Hero (HERO) has only been around for a year. However, this lack of experience hasn’t overshadowed the depth of capabilities of the platform and its team.
Meta Hero provides metascanning technology — a 3D chamber consisting of 16 movable stanchions and four cameras. Moreover, a total of 64 devices are set to capture images ensuring perfect synchronization of the object.
Market Capitalization
When HERO revealed its project idea and showcased a prototype to the world about their business implementations, their IDO sale were highly anticipated. The depth in their implementation of its next-generation 3D technology resulted in Meta Hero inflating its market cap to $700 million in the first month of its public launch in December 2021.
Although the overall crypto market is clouded with consistent bearish trends, HERO has managed to stand firm holding its position, and has only witnessed a drop of 30% in its market cap with a current valuation at $500 million.
Partners
HERO is adamant about revolutionizing the level of detail of avatars in the metaverse. Their 3D scanning technology is primarily targeted towards accurate measurements of 3D avatars. Hence many small and large-scale investors have partnered with the metaverse token to fulfill its goal. Some of which are mentioned below:
– Bloktopia,
– Sony.
Bloktopia x Metaherohappened with a common motive to provide accurate 3D avatars to people signing up for their gaming sessions on Bloktopia’s network.
Token Utility
Since Metahero is an intelligent mixture of B2B and B2C models, it brings great advantages for all of its users. The token is used for all transactions in the Meta Hero ecosystem — including HD metascanning, licensing and NFT sales.
With 3D printing being the most important utility of Metahero alongside the expansion towards recyclable plastics, the HODLers of HERO token are in for a treat.
1. RedFox (RFOX)
History
While the majority of metaverse projects are fixated on bringing products to the market, the world hasn’t witnessed many service-based cryptocurrency projects. RedFox (RFOX) aims to be the global leader in immersive metaverse experience focused on retail, media, gaming and rewards.
Since its launch in February 2021, RedFox has been active in becoming Southeast Asia’s first blockchain venture builder. The initial idea of the metaverse project is to develop several business ventures within the crypto scope to populate the crypto community with noteworthy and intuitive business ideas.
Market Capitalization
Due to the unique and intuitive structural changes in its version of the metaverse, RFOX started trading at a market cap of $100 million in February 2021. Since then, the metaverse token 4X in value in the first quarter of 2021,
However, the bearish trends of Q2 2021 got hold of RFOX too and dragged it down to an all-time low market cap of $43 Million. Luckily, RFOX bounced back to reach a new all-time high of $440 million in Q4 2021. RFOX token is currently valued at a market cap of $100 million.
Token Utility
Since RFOX has an all-round approach towards providing business opportunities to new ventures, its utility can be categorized into various different dimensions:
– RFOX VALT: Helps the users to interact within RFOX’s ecosystem.
– RFOX NFTs: Trade NFTs using RFOX as the payment method.
– RFOX Games: Play RFOX games with the help of RFOX tokens and even earn RFOX tokens as rewards within the system.
– RFOX Media: Users can use RFOX tokens to purchase media content such as images and videos.
– RFOX Finance: Participate in DeFi products like staking and liquidity pools to earn RFOX tokens.
