According to data from Coinmarketcap, metaverse cryptocurrencies reached a cumulative market capitalization of $38 billion at the end of the first quarter of 2024. Interestingly, 10 of the top 100 cryptocurrencies are classified as metaverse cryptocurrencies.

Compared to the last decade, a handful of metaverse tokens exist today. The reason is an open secret. The concept of blockchain and the metaverse have been tipped to form a core part of advancing technology.

As the metaverse continues to gather attention, cryptocurrencies are becoming the backbone of this digital space, helping to facilitate transactions, ownership, and governance.

Criteria for Selection

When deciding which metaverse crypto should be on your list, your focus would be identifying projects with potential success and impact within the metaverse ecosystem. Market capitalization, technology and innovation, team and development, community engagement, adoption and partnership, and innovation are some factors to consider. Positive results from these factors increase the likelihood of a metaverse crypto performing well.

In no particular order of preference, here are 15 metaverse cryptocurrencies you should watch out for in 2024.

Top 15 Metaverse Crypto

Internet Computer (ICP)

Source: internetcomputer.org

The Internet Computer Protocol is a blockchain network developed by DFINITY to facilitate better efficiency, speed, and decentralization, improving traditional Internet operations. For example, the traditional internet monopolizes services, offers poor internet security, and misuses personal data. However, the ICP platform allows users to run and host websites and DApps on a secure, reliable, low-cost distributed network.

The native token for Internet Computer (ICP) is used to reward network participants, facilitate governance, and compensate nodes that perform computations. Since its launch, the project’s market capitalization has reached $5.7 billion.

Render (RNDR)

Source: rendernetwork.com

The Render Network (RNDR) is a decentralized GPU network that facilitates distributed rendering of computer-generated imagery (CGI), animations, and other graphics-intensive applications. RNDR is the utility token of the Render Network and is used to pay for services offered on the platform. RenderToken is built on the Ethereum blockchain and utilizes smart contracts and decentralized protocols to enable secure transactions between renderers and clients.

Renderers provide unused GPU services such as animations, motions, and graphics for clients on the Render Network and get paid in RNDR tokens in return, thus creating a peer-to-peer network. The RNDR token caps at $4.3 billion on the market, and because using Render is fast and cost-effective, the RNDR token is poised to garner adoption by artists, studios, and freelancers.

Stacks (STX)

Source: stacks.co

Stacks (STX) is a cryptocurrency and layer-1 blockchain protocol that connects to the Bitcoin network, allowing developers to build DApps and execute smart contracts using Bitcoin as the underlying asset. Through stacking, participants, known as stackers, can lock up STX tokens to support the network and earn Bitcoin rewards in return.

The Stacks layer allows developers to access and utilize $500 billion worth of capital in Bitcoin for their decentralized applications. Currently, Stack’s market cap is about $3.8 billion. Additionally, the Stacks Foundation provides grants, funding, and support to projects and initiatives that contribute to the growth and adoption of the Stacks ecosystem.

Theta Network (THETA)

Source: thetatoken.org

The Theta Network is a decentralized video delivery network and blockchain-powered platform designed to improve video streaming, content delivery, and bandwidth sharing on the Internet. The network aims to address high costs, poor quality, and centralized control in the video industry, competing with established video streaming platforms like YouTube and Netflix.

Theta Network uses a decentralized peer-to-peer streaming technology that enables users to share their excess bandwidth and computing resources to relay video streams with other users. This approach leads to lower costs and faster streaming speeds.

Content creators can earn Theta tokens as an incentive for sharing their bandwidth and catching video streams. The THETA token can also be staked and used for governance. TFUL, on the other hand, is used as a utility token to pay for content delivery, bandwidth sharing, and incentivizing network participants. Users can also earn TFUL rewards by staking THETA.

Theta Network has partnered with content and media companies such as LIONSGATE, MGM, Samsung, and SONY. The THETA token currently has a market cap of about $2.6 billion. The network aims to launch the first hybrid cloud computing platform, called the Theta Edge Cloud, which may further drive the adoption of the THETA token.

Floki (FLOKI)

Source: floki.com

Floki, sometimes referred to as Floki Inu, is a cryptocurrency that initially emerged as a meme coin inspired by the Shiba Inu meme, similar to Dogecoin. Floki is named after Elon Musk’s dog, named after a Vikings character.

Floki aims to work on four utility projects by building an NFT gaming metaverse called Valhalla, an NFT marketplace called FlokiPlaces, a content and education platform called the University of Floki, and launching many decentralized finance products.

Although the project still has a lot in the works, FLOKI has a market cap of about $1.6 billion and more than 400,000 holders.

MultiversX (EGLD)

Source: multiversx.com

Initially known as Elrond, MultiversX is a decentralized platform that aims to facilitate the creation, distribution, and trading of digital assets within virtual worlds, gaming, and the metaverse. Through sharding, MultiversX is designed to achieve high-speed, low-cost transactions.

EGLD is the native token for MultiversX. It is used to participate in governance, earn rewards, and pay network and transaction fees. The market cap for the token is about $1.5 billion, and to encourage adoption, MultiversX supports developers by allowing them to earn up to 30% of the smart contract fees as royalties.

Axie Infinity (AXS)

Source: axieinfinity.com

Axie Infinity (AXS) is a blockchain-based online game that follows the play-to-earn gaming model that rewards users with AXS tokens for contributing to the gaming ecosystem. Players can collect, breed, raise, battle, and trade fantasy creatures known as axies. These axies are NFTs built on the Ethereum blockchain that players can own, buy, sell, and trade.

The game’s play-to-earn model has gained significant attention because players can earn real income by playing Axie Infinity and selling their earned assets on secondary markets. Axie Infinity’s current market capitalization is about $1.5 billion.

Axie Infinity has become one of the most popular blockchain-based games, with dedicated players and investors. Its innovative combination of gaming, NFTs, and DeFi gives it the potential to revolutionize the gaming industry through blockchain technology. This growth will likely increase the adoption and demand for AXS tokens.

The Sandbox (SAND)

Source: sandbox.game

The Sandbox is a virtual world and gaming platform allowing users to create, own, and monetize their gaming experiences and assets. In the Sandbox metaverse, users can purchase virtual land, known as LAND, which can be developed and monetized using the platform’s creation tools.

Another key feature of the Sandbox metaverse is the integration of NFTs, which users can create, trade, and sell within the platform’s marketplace. Through the platform’s play-to-earn model, users can also earn rewards in SAND, the platform’s native token. Users can be rewarded for participating in the gameplay, contributing to the ecosystem, and creating valuable content.

The Sandbox has attracted developers, gamers, artists, and investors who are actively involved in shaping the virtual world and driving its growth. The crypto currently has a market cap of $1.3 billion.

With its focus on user-generated content, decentralized ownership, and play-to-earn model, the Sandbox significantly changes the gaming industry. It empowers users to create, share, and monetize their virtual experiences like never before.

ApeCoin (APE)

Source: apecoin.com

ApeCoin is an ERC-20 governance and utility token created to empower the community within the APE ecosystem. ApeCoin was built to support the famous Bored Ape Yacht Club.

Bored Ape Yacht comprised a collection of about 10,000 unique NFT cartoon images and successfully sold NFTs worth millions of dollars. ApeCoin allows token holders to participate in the APE ecosystem through ApeCoin DAO and gain access to exclusive games and services.

ApeCoin is often associated with the broader sense of meme coins, whose value and longevity are usually determined based on community interest, engagement, and speculation. Although the token’s market cap is about $1.1 billion, further research can be done before investing.

Decentraland (MANA)

Source: decentraland.org

Decentraland (MANA) is a virtual reality platform built on the Ethereum blockchain that allows users to create, experience, and monetize digital content and applications. In decentraland, users can explore the metaverse, interact with other users, participate in activities, and buy and sell virtual lands and assets using MANA tokens.

Decentraland’s native token is MANA, an ERC-20 token, which can be used to purchase parcels of LAND, represented by an ERC-721 NFT token. To purchase LAND tokens, MANA tokens must be burnt, reducing the supply of MANA in circulation and increasing its market value. MANA tokens are also used to participate in governance decisions related to developing and operating the Decentraland platform.

Decentraland is a user-driven platform that attracts interest from content creators, businesses, and investors looking to benefit from the opportunities presented on the platform.

Enjin Coin (ENJ)

Source: enjin.io

The Enjin blockchain platform is designed for the gaming industry. It aims to enable game developers to create, manage, and monetize virtual goods and assets. Enjin uses NFTs to represent unique items in video games, like rare weapons or special characters. As more custom tokens are minted, ENJ coins are removed from the ecosystem, making them scarcer.

The ENJ token supports the digital assets created through Enjin, enabling them to hold real-world value and can be exchanged, bought, and sold within and outside the game ecosystem.

Illuvium (ILV)

Source: illuvium.io

Illuvium (ILV) is a blockchain-based gaming ecosystem combining DeFi, NFTs, and player-vs-environment (PvE) gameplay elements. Illuvium creates a decentralized universe where players can collect, battle, and trade digital creatures known as ‘Illuvials.’ The NFTs obtained in-game can be traded on the platform or Opensea.

The ILV token is an ERC-20 token used to reward players for their in-game achievements and participate in governance. Illuvium also features a decentralized exchange (DEX) platform called IlluviDEX, which can be used to exchange Illuvium assets. ILV stakeholders earn rewards from the platform’s sales.

SushiSwap (SUSHI)

Source: sushi.com

SushiSwap is a decentralized crypto exchange (DEX) and an automated market maker (AMM) platform built on the Ethereum blockchain. It is a community-driven project that provides users with a decentralized and efficient way to swap and trade cryptocurrencies. SushiSwap offers yield farming opportunities, allowing users to earn rewards by staking their cryptocurrencies in designated pools and earning SUSHI tokens in return.

SUSHI tokens enable their holders to have governance rights within the SushiSwap ecosystem. The token’s market cap is currently about $384 million. Since its launch, the platform has seen continuous development and improvement with new features, partnerships, and integrations. These developments enhance user experience and improve the platform’s functionality.

Zilliqa (ZIL)

Source: zilliqa.com

Zilliqa is a blockchain platform designed to address many blockchain networks’ scalability issues, such as slow transaction speeds and high fees. Zilliqa solves the scalability issues by using the sharding process, which enables the network to accommodate many transactions per second.

Zilliqa’s native token, ZIL, is used to pay transaction fees, execute smart contracts, and participate in decentralized applications. Zilliqa seeks to be the blockchain of choice for large enterprises in advertising, gaming, and entertainment, which may increase the adoption and value of the ZIL tokens. ZIL currently has a market cap of $564 million.

Star Atlas (ATLAS)

Source: staratlas.com

Star Atlas is a blockchain-based gaming platform combining space exploration, strategy, and economics elements within a virtual universe. It creates a metaverse where players can explore, conquer, and trade in futuristic space.

Star Atlas is built on the Solana blockchain, allowing players to purchase NFTs. These NFTs can represent unique spaceships, lands, and other digital assets used in-game. Players earn ATLAS for participating in the game and completing objectives, just as in typical games. However, the coins earned in Star Atlas have real-world value and can be exchanged for real currency. ATLAS’s market cap is about $113 million.

Conclusion

Most metaverse platforms offer immersive experiences and are community-driven. Developing and adopting metaverse cryptocurrencies may foster new opportunities for creativity, collaboration, and financial progress.

Although investors, gamers, and developers are mainly behind the innovations we see on metaverse projects, cryptocurrencies are volatile, and investing in them is not risk-free. Before you decide to invest in any crypto, it is beneficial to research appropriately and only risk what you can afford to lose.