With everything happening in the world you start understanding why more and more people prefer to go away from reality to virtual worlds – metaverses where you can make your dreams come true and live the way you like. And even though the majority of people on Earth are not taking the concept of metaverses seriously, let alone know about them, with every new generation, the population of digital worlds will increase more and more.
For most IT companies, it is obvious that metaverses have huge potential; such giants as Meta and Microsoft are working hard to develop and improve digital worlds not only in a technical sense but economically as well.
In these articles, we are telling you about alternatives to money that could replace ineffective fiat currencies and revive the economy. Today, metaverses are a significant part of the world’s financial infrastructure, so we would like to take a closer look at their inside currencies.
Metaverses keep developing constantly, and with every day, there are more and more opportunities that help blend the virtual part of life with the real one. Now people in the digital world can not only talk and play but also work, run a business, make art, trade digital valuables and assets. This is not a game anymore, but a huge part of everybody’s lives.
The basics of any metaverse are its digital economy: it becomes a bridge between a simple online game and real life inside the digital space. And since the economy still cannot survive without money, every metaverse has its own currency.
By the way, we have some insights about the economy without money. You can read our article “Can Economies Survive Without Money” to find out more.
Today, there are several most popular metaverses with their own cryptocurrencies that outgrew their parenting projects and are used in the outside world:
- The Sandbox with SAND cryptocurrency;
- Decentraland with its MANA cryptocurrency;
- Star Atlas that uses the ATLAS cryptocurrency.
We will dwell on each of these tokens to look into their pros and contras, problems and future prospects to understand if any of them is a perfect currency for the metaverses of the future.
This token is based on ETH and is used for transactions in Sandbox metaverse. With SAND, users can trade digital land and assets but its use is not limited to gaming processes. The SAND token is also used to attract investment into the project and is widely traded in crypto exchanges.
The Ethereum blockchain is making the token stable and safe, but it still cannot be the ideal currency due to high gas commissions that are characteristic of all ERC-20 tokens.
Decentraland is another metaverse with the blockchain economy. The MANA token is used inside the game, but the project’s popularity made it a very promising token. Its main perk is the opportunity to monetise all the digital property created in the game. Gamers can earn money by making digital objects and selling them or, for instance, placing ads of real companies on their virtual land.
MANA is a deflational token. It means that the smart contract has a built-in mechanism for burning a part of tokens from every transaction. With this, the share of each tokenholder grows in percentage to the whole emission with every new MANA transaction.
The disadvantages of this token are the ETH-inherited gas commission and the low number of Decentraland audience. The metaverse is aimed at VR gadget owners, which means that MANA tokens are only demanded in this community. This does not eliminate speculative interest altogether but makes it harder for this token to integrate into the real economy.
The third metaverse cryptocurrency is different from the first two in that it is based on the Solana blockchain so it is decentralised, fast, serverless, safe, and cheap. This token can be earned in a game and then exchanged for fiat or crypto; moreover, gamers can not only earn on selling their game property but also lend money to each other.
Looks like this is the main candidate to become the perfect metaverse currency. The only little drawback is that the project is still in its development stage, so the token can only be viewed as an investment instrument in crypto exchanges. Its great graphics and wide game opportunities make ATLAS a very lucrative asset, but we still don’t know what the token is going to be like, how its economy would function and, most importantly, if it manages to build itself into the real economy.
We have already looked into an opportunity of replacing fiat money with the existing cryptocurrencies. If you are interested in this topic, pay special attention to our article “Why Bitcoin Is Never Going to Replace US Dollar”.
The perfect metaverse cryptocurrency is a digital asset that can change our world into a better place. With such companies as Meta and Microsoft working on launching global virtual metaverses beyond the physical world and making a new dimension, the digital economy will inevitably develop into an independent industry. With that scale in mind, metaverse currency would become an essential part of the world economy.
This is why it is important to create a cryptocurrency as early as while developing the concept of metaverse; a cryptocurrency that would be effective inside the game ecosystem and outside as well. The Reserveum Group findings are aimed at creating this exact type of currency; right now, we have already managed to eliminate all the drawbacks of the existing metaverse currencies and make sure our token is secure, decentralised, and safe from inflation.
According to the analysis group findings: reserveum.org