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What if I told you that the Metaverse is potentially a trillion-dollar market, and it's still in its infancy? Would you take a cue from history and invest in it? I mean, the internet was dubbed a fad by Wall Street. And Bitcoin? Well, it is disrupting the global financial system as we know it.
So what is the Metaverse? In simple terms, the Metaverse is an immersive virtual world, where multiple users and participants can interact with each other. Increasing convergence of digital and physical worlds through the internet, rising demand for virtual assets and increased usage of NFTs to trade digital assets, are key drivers to the growth of the global metaverse industry. Canadians looking to invest in the metaverse concept can look to VirgoCX, a one-stop integrated digital asset provider.
The Metaverse, gaming, and NFTs: are you paying attention?
The Metaverse is giving users creative ownership opportunities in the $152 billion dollar gaming sector. It is a digital hub where you engage in finance, work, travel, social interaction, and entertainment through virtual or augmented reality. Think of the following billion-dollar projects: Minecraft, Roblox, and The Sims; they were the forerunners of the Metaverse.
The players also use these specific coins for their Non-Fungible Tokens (NFTs). NFTs enhance the player experience by capitalizing on the concept of exclusivity and rarity. NFTs allow players to have exclusive ownership of their virtual assets and digital items, such as pictures, videos, and in-game properties owned by blockchain users. Players have the ability to sell those assets to other players, move them to other supported platforms, or simply keep these digital assets for their intrinsic value.
Investing in the Metaverse with VirgoCX
The metaverse is still untapped, which means that investors can capitalize on its growth potential at the beginning and become early adopters of this new and exciting space. VirgoCX is at the forefront of the NFT and metaverse space, providing easy access to blockchain powered metaverse. Canadians can invest in Metaverse coins and NFTs through their robust platform services.
VirgoCX is quickly becoming one of Canada’s leading crypto service providers. Their crypto trading platform is easy to use, low cost with competitive pricing, and they use cutting-edge security protocols. You can fund your VirgoCX account with either a bank wire or eTransfer instantly, making trading easy and convenient for beginner or advanced traders.
That means if you want to trade on the VirgoCX platform, you don’t need to have your own cryptocurrency wallet to start trading. That’s great news for crypto beginners! But if you’re not new to this space, you can still trade with crypto you already have in other digital wallets.
Top Metaverse Coins to Watch
Metaverse refers to the dynamic virtual environments where land, buildings, and even avatars are traded using cryptocurrencies. These coins are gaining attention for their value and role in the metaverse. Here are five of the top cryptocurrencies in the $1 Trillion dollar Metaverse. You can access them on VirgoCX, one of Canada’s best crypto trading platforms. The Canadian-based cryptocurrency trading platform is dedicated to streamlining the trading experience and empowering a digital economy with advanced technology, superior liquidity, and best-in-class security.
You can buy Decentraland (MANA) coins with Ethereum or Bitcoin. The game is an open-source, decentralized platform for a shared virtual reality world. In Decentraland, everything from the scenery to the buildings to the avatars are owned by its users.
Decentraland users transact with MANA, the platform's native token used to buy land and content; in this way Decentraland's economy is user-driven. MANA has a current real-world market cap of $5 million USD. It has seen a price increase of 24% in just one day following its listing on CoinMarketCap.
Axie Infinity (AXS) coin is used in Axie Infinity, a blockchain-based game and one of the most popular games. The game revolves around virtual pets called Axies, which you can buy, trade or breed with other players. You can also buy, sell, or trade your items or collectibles in the marketplace that is built into the game.
Every Axie pet is also NFT minted and exchanged on the Ethereum network.
Axie Infinity’s native governance token is the AXS. In the last year alone, the price of a single AXS coin has increased to an all-time high of $160 USD on November 6th, 2021.
Enjin (ENJ) is the coin that powers the Enjin gaming platform that allows for the creation and management of video games on the Ethereum blockchain. ENJ coin is the cryptocurrency used by gamers to purchase virtual goods, in-game items, and other collectibles from within the ecosystem.
With ENJ, users can buy, sell, and mint NFTs, all within a social gaming network. Since its launch, ENJ has increased in value by over 11,700%. It has a current market capitalization of around $3 billion with a total supply of 1 billion coins, over 800 million of which are in current circulation.
Gala (GALA) coin powers the Gala Games Ecosystem and it is a gaming platform on the Ethereum network. You can use the coin to buy Gala NFTs, used as in-game collectibles achievement rewards or simply as objects of value that you own.
Gala Games has stated in its mission that it intends to create blockchain games that players would actually want to play, giving players control of the games and in-game assets through the use of blockchain technology and by bringing back creative thinking into games. Since its launch in September of 2020, the price of a Gala coin has risen by over 33,000% from $0.0007 per coin to a current price of $0.61 per coin.
The Sandbox is a player-driven decentralized gaming platform, giving users the freedom to change the story, edit characters and create their own virtual world. This is one of the biggest advantages of using blockchain technology in games; a completely immersive experience. Players are able to create and exchange digital assets with other players without any interference from a central authority or third-party company. The platform’s utility token, SAND, has risen in value by over 61,000% from $0.06 to $6.60 since August 2020.
How to trade Metaverse coins and NFTs
Crypto enthusiasts and investors will find the tools they need to master the crypto market and grab their piece of the Metaverse. VirgoCX offers MANA, AXS, ENJ, GALA, and 34 other cryptocurrencies to choose from. VirgoCX is also the first Canadian crypto trading platform to launch an NFT Brokerage Service to its platform service line-up, allowing clients to find, trade, and collect trendy NFTs and digital assets.
Buying into the Metaverse now could be the early adoption of Bitcoin and cryptocurrencies. Open your VirgoCX account today and participate in the rapid evolution of Web 3.0 and the fast-growing NFT industry
Compare dozens of Canadian crypto exchange platforms and find the one that best suits your needs.
About The Author: Heidi Unrau
Heidi Unrau is the senior Finance Journalist at Hardbacon. She studied Economics at the University of Winnipeg, where she fell in love with all-things-finance. At 25, she got her first bank job as an entry-level teller. She moved up the ranks to Credit Analyst, Loans Officer, and now a Personal Finance Writer. In her spare time, you'll find her hiding in the car listening to Freakonomics podcasts, or binge-watching financial crime documentaries with a pint of Häagen-Dazs. When she's not chasing after her two little boys, she's in the hot tub or arguing with her husband over which cash back card to use for date night. She’s addicted to coffee, crypto, and obsessively checking her credit score on Borrowell.
Fun Fact: Heidi has lived in five different provinces across Canada, loves her free Tangerine bank account, and will never cut back on Starbucks. Like ever.
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