Top Crypto Trends for 2022: Gaming and the Metaverse
In 2021, a number of trends dominated the crypto sphere. Non-fungible tokens (NFT’s), DeFi and meme coins exploded, and we saw the emergence of Web 3.0, the next stage in the evolution of the internet.
As we move ahead in 2022, crypto gaming and the metaverse are considered by many to be the top trends that are set to shape the way the crypto space develops in the coming year.
The Metaverse: What It Is and How It Works
Let’s begin with a basic definition. Essentially, the metaverse is a digital universe. It is a virtual environment where you can work, play, learn, explore new locations, socialize, or join a marketplace, creating a digital avatar to represent you as you navigate the online space.
Metaverses, as a concept have been around for a long time. For example, you may remember, or have heard of “Second Life”, a multi-media platform from the early 2,000’s, where characters spent time in a 3-D virtual world.
The metaverse is a vast virtual arena powered by a range of technologies such virtual reality (VR), augmented reality (AR) and a creator economy. All these technologies combine to create a wholly immersive digital experience.
Top Gaming and Metaverse Cryptos
Gaming and metaverse cryptos serve as the currencies of these virtual universes. They can be used to play the games set in the digital environment you have entered, enabling you to buy in-game items within the metaverse, purchase land, or perform a wide variety of other virtual transactions.
Crypto gaming has soared in popularity in the last year alone. Some of the biggest cryptocurrencies in the space in 2022 include Axie Infinity (AXS), Enjin Coin (ENJ), Gala (GALA), Decentraland (MANA), and The Sandbox (SAND).
These crypto gaming coins represent a lucrative world of investment opportunities. For example, Axie Infinity (AXS), a battle game that takes place in the Axie metaverse, is currently priced at $72, with a market cap of 4.4 billion. Users battle creatures called Axies, unique ERC-721 NFTs, whereas Smooth Love Potions (SLP) are ERC20 tokens earned by playing and can be used to generate new Axies. Meanwhile Axie Infinity Shards, (AXS), can be earned by playing and creating content and they enable the holder to stake, play and vote.
Another important name in the crypto gaming arena isEnjin Coin (ENJ), an Ethereum-based cryptocurrency that backs the value of both NFTs and fungible tokens. The Enjin marketplace allows participants to purchase and sell ERC-1155 crypto assets. With a market cap of $2 billion, the Enjin platform enables game developers to issue in-game Ethereum tokens.
Then there is Gala (GALA), with a market cap of $2.4 billion. Players using the gaming platform, earn GALA, the non-refundable utility token, which can be used within the game ecosystem and can provide voting power for determining which games the platform develops.
Another major crypto gaming token is MANA, the coin powering the Decentraland metaverse, an Ethereum based platform where you can purchase land, build on it and then monetize the plot. Decentraland’s ERC-20 MANA token has a $5.7 billion market cap. It can be used to buy avatars, names, wearables as well as other in-game purchases, and it can be burned to gain LAND tokens, which are unique NFTs.
One more top crypto gaming coin is $SAND, the coin behind the Sandbox play-to-earn metaverse, which has a $4.5 billion market cap. In this blockchain-based digital world plots of virtual real estate can be bought and sold. Gaming experiences can be built and monetized using NFTs, which can be integrated into games with the metaverse’s Game Maker.
Advantages and Disadvantages of the Metaverse
There are a variety of benefits to the growth of the metaverse. Firstly, as the pandemic has proven, digital environments provide the opportunity for improved communication within the educational sphere and the workplace. Participants can join from anywhere and it allows for a more engaging, interactive experience in rich 3-D virtual environments.
Additionally, in the sphere of marketing, the metaverse could allow users to view a virtual version of a product in real-time, creating a realistic user-experience when testing out a brand. It also provides a virtual economy, where crypto assets with genuine economic value can be exchanged, creating a new trading space that can be accessed from anywhere.
The metaverse also offers a way to connect multiple games and associated users. In-game assets in the form of NFT’s can be traded and used across platforms with ease, without requiring intermediaries.
In spite of all these advantages, there are downsides. Firstly, global access to the metaverse is limited by the technological requirements, which can be costly, complex or simply hard to access, such as fast internet, and high-end VR headsets.
Then, there is the issue of privacy and security, with metaverse and gaming applications collecting user data, with risks ranging from unwanted advertising to identity fraud.
Finally, there is also the issue of virtual worlds potentially blurring the lines between reality and fantasy. Users can become addicted to a virtual existence and withdraw from their actual lives, damaging real-world relationships.
Whether you believe that the metaverse is a positive or a negative development, it unarguably serves as fertile ground for blockchain innovation, with its support for tokenization, crypto gaming, decentralized finance and NFT’s.
One Project, Multiple Opportunities
Here at ArbiSmart, we are in the process of incorporating a number of the latest crypto trends, as we transition from an automated crypto arbitrage platform into a full-service crypto ecosystem.
At the start of January, the listing process began, and our native token is already available on a variety of top-tier exchanges. While the current token price is under $1 it is projected to soar in the months ahead, as a stream of new utilities is introduced.
This month we are introducing a decentralized yield farming program, offering staking rewards of up to 190,000% APY plus 0.3% of the fees on every transaction. This will be followed up next quarter by the introduction of an NFT marketplace. Participants will be able to purchase NFTs, certifying ownership of a collection of 10,000 digital items, using RBIS. Later in Q2, we will also be introducing an interest-generating wallet for FIAT and crypto, which will offer safe storage and rates of up to 45% a year.
In the second half of 2022 and into 2023 we will also be introducing a mobile application for buying storing and exchanging digital assets, a crypto exchange, and a launchpad for promising crypto assets..