NFT coins support the economy and growth of NFTs and Metaverse-based projects. This article discusses the top 5 hottest Metaverse crypto coins and how you can buy them on Binance.
NFTs have seen explosive growth since they entered the crypto scene, whether in their adoption rate, creation rate, or use case. In short, NFTs have made their way into mainstream media and future developments such as the Metaverse. The expansion of NFT applications and utility allows NFT holders to tap into and exploit exciting opportunities. Behind the scenes, Metaverse coins are working hard to support NFTs and are gaining attention lately as they support creation, transaction, and trading in the Metaverse. Here you will learn what NFT coins are, how they differ from NFTs, which NFT coins are popular, and how you can sign up on Binance to enter the NFT market. The Binance platform hosts a wide range of NFT coins and other tools to help users achieve financial freedom.
What are NFT Coins?
Metaverse crypto coins are any cryptocurrency token used to support NFT ecosystems. Axie Infinity, for example, is an NFT blockchain game that uses its token, AXS, to facilitate betting and voting and maintain the play-to-earn economy. AXS, then, is Axie Infinity’s NFT coin. NFT coins like SAND, SLP, and AXE help decentralized applications with various essential functions, from play currency to voting. And like any other cryptocurrency, NFT coins can be traded or invested in.
As mentioned earlier, NFT coins are the token currencies that drive the economy of NFT projects. The main difference between NFT coins and NFTs is their fungibility. NFTs (Non-Fungible Tokens) represent property rights in unique digital or real assets, while NFT coins are fungible, claiming they can be traded or exchanged for other NFT coins of the same value.
5 Top NFT Coins to Add to Your Portfolio
Whether they are used as a medium of exchange, a reward for wagers, or an in-game currency, NFT coins greatly use the projects’ metaverses. Following are the top 5 most popular NFT coins on Binance, with prices of NFT currencies based on the opening price on February 22, 2022, on the Binance exchange.
Decentraland (MANA) is a virtual reality Land related platform that allows users to build, experience, and earn through content and applications.
Players can use MANA to acquire LAND NFTs and other virtual assets on Decentraland. Users can use MANA tokens to pay for a range of wearables, avatars, and names on the Decentraland marketplace. Additionally, Decentraland creators can use MANA to incentivize virtual structures, theme parks, experiences, and other entities.
Decentraland (MANA) is valued at $2.79 and has a market cap of $4.48 million as of February 22, 2022.
SAND is the primary utility token and medium of exchange in The Sandbox ecosystem that allows users to own, create, and monetize their gaming experiences.
Players can collect SAND by playing games and then spend SAND to play games, buy gear, or customize avatars. Creators can also spend SAND to buy items like LAND or upload items to the Sandbox Marketplace. As a SAND owner, you can also participate in decision-making processes and use SAND tokens to earn rewards.
The Sandbox (SAND) is valued at $3.22 and has a market cap of $3.18 million as of February 22, 2022.
Axie Infinity is a blockchain-based trading and fighting game represented by Axies, the NFT characters in the game.
The Axie universe’s native governance token is AXS. AXS is a native currency of the Axie NFT marketplace. Users with AXS coins can claim rewards when they use their tokens, play or participate in important votes
Gala Games uses GALA as a native token to operate its player-controlled blockchain gaming platform with various blockchain games. The GALA token purchases items, upgrades, and other in-game assets and serves as a governance token. Players who own NFTs can influence the control of games within the Gala Games ecosystem.
Gala Games (GALA) is valued at $0.25 and has a market cap of $1.55 million as of February 22, 2022.
Enjin Coin is a native token of Enjin. This company aims to provide blockchain gaming services that enable anyone to develop, trade, monetize, and market using blockchain. ENJ is a virtual store of value that underpins the value of blockchain assets such as NFTs and provides true liquidity for gaming assets.
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How to Buy Metaverse Crypto Coins?
Buying Metaverse crypto coins is simple. Usually, the process involves four simple steps, but they may vary depending on the asset you are interested in. Among the Metaverse coins, some are less popular and don’t have the support of major crypto trading platforms.
Step 1 – Select a crypto-exchanging platform
There are hundreds of trading platforms for digital assets, but it’s best to stick to the leading platforms in terms of reported trading volume, supported assets, and ease of use.
Step 2 – Top up your account With Crypto
Following the creation of your account on one of the centralized platforms, you will need to transfer some fiat currency.
Decentralized exchanges (DEXs) let users exchange directly without transferring assets between accounts. They are easier to access but less user-friendly, especially for beginners.
Depending on your chosen platform, you may need to exchange your fiat coins for another form of cryptocurrency, like ETH, to buy your preferred Metaverse crypto coins. Otherwise, other platforms support pairs that include the fiat currency (e.g., USD) for the asset of your choice.
Step 3 – Trade
Once you find the trading pair you want, make the trade and convert your fiat currency to cryptocurrency and then to the Metaverse cryptocurrency of your choice. Alternatively, you can convert your fiat currency directly into the asset of your choice. Now that you have your Metaverse coins, it’s time to put them to use.
Step 4 – Transfer them to an external wallet
Most of these Metaverse platforms require you to hold their native tokens in supported wallets. Most of them are Ethereum-supporting wallets. If you are eager to participate in an obscure Metaverse, you will need to transfer your newly acquired coins to their native cryptocurrency wallets.
For most Metaverse platforms, the MetaMask cryptocurrency wallet is sufficient to ensure that you can safely store your coins and connect to these virtual universes. Finally, send your assets from the exchange account to your wallet to start your Metaverse journey.
NFT coins play an important role in the rise of NFTs and the Metaverse, especially in ecosystems where transactions and game economies play an important role. Regarding use cases and liquidity, NFT coins will continue to grow as more projects and users enter the arena. You might consider investing in NFT coins as a long-term investment or as part of your trading portfolio. And as always, DYOR before you buy or invest in NFT coins.