The ‘Metaverse’ is a futuristic concept that has attracted many investors, individuals, and technology enthusiasts. Based on blockchain technology, we can play or work in a fantasy world or real world like malls, homes, offices, etc. Metaverse can be accessed from any computer device or a virtual reality device for a more immersive experience. We can create our avatars, purchase land, start a business, and participate in a concert that has real-world celebrities performing live yet virtually.
Now if we need to conduct a transaction in the metaverse world, we need a virtual currency called a metaverse token. It creates an ecosystem that is free from financial fraud and corruption, thanks to blockchain technology. When Justin Bieber performed live in the Metaverse, virtual land acquisition skyrocketed for concert venues, buildings, shopping malls, and similar entities.
When you buy a commodity or service in the real world, you pay for the service through a currency. Similarly, you need a currency in the digital world to support ownership proprietary of the digital asset. These digital assets could be land, avatar, rented office space, accessories, clothes, etc.
Each metaverse platform has its token to support the digital transaction and proprietary ownership gets registered through a token in the blockchain network. This virtual realm provides access to various services and apps via metaverse token development.
Some tokens may provide you access to game-specific skills, and some of them may let you buy land, clothes, or a membership. Not all metaverse tokens hold value just in the virtual world; these can be traded for ownership authentication of real-world assets. We can create our Metaverse tokens, and it is the next big entity in the digital space.
Mana is an Ethereum based native currency of Decentraland, developed by a group of developers from Argentina. It is a virtual game that allows players to experience, create, and monetize content. One must buy land to play the game and can use it indefinitely until sold. It promotes transparency since players have control over the land and cash in the game. It is designed to get NFT LAND ERC-721 tokens. MANA currency can be purchased on various central and decentralized channels and swap services.
SAND is an Ethereum based cryptocurrency used in the Sandbox. Many DEXs and CEXs like OKEx, Mandala, FTX, and Binance own sand tokens. This metaverse game lets the user transform into characters, buy, and sell in NFT land.
It uses the ERC-20 token for interactions and transactions. It is an experience of real estate where people buy land and populate it with assets, games, and experiences. Assets can be traded in the digital marketplace using ERC-1155 standards.
AXS is another blockchain-based native currency of the Axie infinity game. It is a governance token that provides you voting rights to influence the gaming universe. SLP is another token that you earn while winning battles and adventures but does not have governance rights. We can trade it on various crypto and decentralized exchanges.
Atlas tokens are native to star atlas, a multiplayer online game that allows players to create avatars. It uses the Solana blockchain to transact in the NFT marketplace.
Based on the Ethereum platform, ENJ allows easy transactions of NFTs. It can be traded on various crypto and distributed exchanges.
To metaverse token development, three basic elements need attention:
Within the metaverse world, Avatars can transit between various virtual places and transfer objects from one place to another. This should be backed with high-speed processing yet economic solutions.
One should focus on online presence to communicate with others in the metaverse world. A digital avatar is your representation in the virtual world.
Following technical standards in a virtual project allows for service sharing and interoperability across virtual worlds. As of now metaverse games like Sandbox, Decentraland, and Axie infinity exist for metaverse token development. Horizon and mesh from Facebook and Microsoft respectively are the other two big metaverse meeting applications. Metaverse token development is safe from external threats and un-hackable due to blockchain technology.
By now you might have understood all about the Metaverse tokens and how to develop them. The metaverse has a massive potential to bridge the gap between the virtual and real world. And this is possible by transforming the way of life and creating a digital environment. The Metaverse saw high visibility across the world during Covid times. The metaverse tokens have gained momentum and became popular quickly.
Before you invest, it is important to do the groundwork and find who can cater to your custom requirements. If you wish to develop a metaverse token on any of the blockchain networks, contact Juego Studios today. We at Juego Studio provide the best-in-class services related to metaverse token development. We have a team of experts who specialize in futuristic innovative technologies, NFT game development, and metaverse game development.