As the Metaverse trend picks up, we see more and more emerging projects entering the scene. While there are a lot of great teams exploring the new sector, in this article we will focus on the 5 hottest Metaverse projects that have the highest trading volume right now. The list below is ordered based on the 24 hour trading volume, lowest to highest.
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#5 WEMIX (WEMIX) – $323 million
WEMIX is a blockchain based gaming platform developed by WEMADE, a South Korean gaming company operating for over 20 years. One of WEMADE’s most popular games is “The Legend of Mir,” which received over 500 million downloads globally.
WEMIX already has a list of games that users can download via the App Store or Google Play. While their games do contain some bugs, it’s understandable since the team just recently started to develop blockchain-based games.
Most of the trading volume for WEMIX is coming from the WEMIX/KRW pair on the Bithumb exchange. This makes sense as Bithumb is a South Korean exchange. WEMIX is definitely catching traction in South Korea, placing it as the top 5th hottest metaverse project on the market right now.
As the WEMADE team continues developing and improving their games, it wouldn’t surprise me to see WEMIX’s valuation double or triple by the end of 2022.
#4 Enjin Coin (ENJ) – $499 million
Enjin is an all in one platform that allows users to create digital assets, and integrate them into a variety of games and apps. In recent news, Enjin has announced a $100 million Efinity Metaverse fund that’s aimed at helping accelerate the development of a decentralized Metaverse on the platform.
When it comes to Metaverse crypto projects, we’ve been seeing two types of trends. Either a game development company hops on board, looking to make decentralized blockchain games, or blockchain developers decide to focus on creating a virtual world around their tokens and NFTs.
Part of the reason Enjin is one of the hottest Metaverse projects right now, is because the team was clearly able to deliver on the NFT hype, creating an active marketplace full of rare and desirable NFTs.
As such, traders and investors alike are betting that Enjin will also be a top contender in the Metaverse sector. Overall a solid project with a team that has proven it can deliver in the past.
#3 Axie Infinity (AXS) – $554 million
Axie Infinity is an NFT-based blockchain game, developed by a Vietnamese studio called Sky Marvis. It features an ERC-20 token – AXS – that’s used as currency on the Axie Infinity platform. AXS allows you to interact with the platform, buy, sell and trade Axies.
Axies are monsters that can have certain traits and can be upgraded or traded. Players will be able to use their Axies to battle other players in an arena and earn rewards.
Players can battle using their Axies, and earn a variety of rewards. There are tons of guides on YouTube showcasing the different battle mechanics and how to win Arena games.
Axie Infinity has some of the best design out of all the Metaverse projects I’ve seen, and their extremely active marketplace is a big reason that AXS has over $554 million in trading volume over the past 24 hours alone.
With their highly anticipated Axies Battles V2 in 2022, this project could easily double in valuation next year. Definitely worth keeping an eye on.
#2 The Sandbox (SAND) – $2.7 billion
By far the most anticipated Metaverse game right now is The Sandbox, a virtual world where players can build, own, and monetize their piece of LAND. The project also features SAND, a utility token that allows users to buy LAND and ASSETS in the Metaverse.
The Sandbox is scheduled to launch on November 29th. In anticipation of the launch, users can explore the NFT marketplace and purchase LAND, that they can then customize.
With a 24 hour trading volume of $2.7 billion and a market cap of $2.8 billion, it’s clear that The Sandbox is one of the kings of the Metaverse. As the launch date approaches it would be interesting to see how the market responds. If the launch is successful, there’s no doubt that SAND price could set a new all time high.
#1 Decentraland (MANA) – $3.3 billion
The king of all Metaverse projects is Decentraland. While most projects are still working out the bugs in their code, Decentraland has been running a fully operational Metaverse since February 2020.
Users can easily sign up using their MetaMask wallets and start exploring the Decentraland virtual world. The game feels extremely smooth and the controls are intuitive.
In recent news, Decentraland welcomed the Government of Barbados to their platform. It’s clear that this project is months ahead of the rest, and deserves the top spot on this list. Since 2022 will be a great year for Metaverse, chances are Decentraland will hit a new all time high as well.
Conclusion
It’s clear that the Metaverse is the next iteration of crypto applications, following NFTs and DeFi. As with any new space, a variety of solid projects will compete for their market share. It’s great to see competition in the crypto space, as competition improves quality, and quality brings in more users.
All of the projects listed above have a great outlook for 2022, because they all pivoted in one way or another to focus on the Metaverse. Moreover, December is still one of crypto’s hottest months, so this year might still surprise us.
Disclosure: This is not trading or investment advice. Always do your own research before purchasing any cryptocurrency.
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