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April 17, 2022

How To Use Crypto In The Metaverse

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The metaverse is meant to be a digital approximation of our offline lives, granting us access to many of the same opportunities and activities that we have daily. In other words, it’s basically virtual reality, giving us a means to live and play in a digital world.  

Of course, money and currency are an important part of our everyday lives. That means that the metaverse will need to have a functioning economy, so crypto coins are a necessity in this virtual world. 

In this post, we’ll go over how you can use crypto in the metaverse. We’ll also explain what crypto coins are, how to buy them, how to track their prices, and list the best crypto coins you can use in the metaverse.   

What Are Metaverse Crypto Coins? 

Also known as a cryptocurrency or just crypto for short, a metaverse crypto coin is a digital currency that’s powered by blockchain technology. These crypto coins are used in the metaverse and stored on encrypted and decentralized blockchain networks, making them impossible to counterfeit. Plus, they’re not issued by any central authority, financial institution, or government, so they’re theoretically immune to interference or manipulation. 

There are currently only a few dozen that are widely used, although there are actually over 18,000 different crypto coins in existence. Of course, the crypto coin used in a given metaverse will depend entirely on which blockchain is hosting that metaverse. That being said, crypto coins have their own blockchains, meaning that they can be mined directly in their corresponding metaverse. 

Crypto coins are not the only items in the metaverse that hold value or act as digital currency - metaverse tokens are also widely used. However, there are subtle but important differences between crypto coins and metaverse tokens. First of all, tokens do not have their own blockchain; instead, they operate on the blockchain of their corresponding crypto coin. Plus, token transactions are handled by smart contracts instead of on the blockchain like crypto coins. 

Additionally, crypto coins are a representation of underlying value whereas metaverse tokens are the actual digital asset. In most cases, these metaverse tokens take the form of non-fungible tokens (NFTs). For instance, in the case of metaverse real estate, an NFT effectively functions as the deed representing ownership of the virtual land. 

In other words, metaverse tokens are something that you own whereas metaverse crypto coins represent what you’re capable of owning. In fact, you can actually buy metaverse tokens with crypto coins in certain situations. 

How Do I Buy Crypto Coins in the Metaverse? 

First and foremost, you’re going to need a crypto wallet. Also known as a blockchain wallet or digital wallet, a crypto wallet allows you to both send and receive crypto coins. Two particularly popular choices are MetaMask and Ronin Wallet, especially if you’re going to use crypto in a metaverse on the Ethereum blockchain.

Additionally, you use this crypto wallet to store any digital assets that you acquire via buying trading in the metaverse. This includes crypto coins, metaverse tokens, crypto commodities, music NFTs, art NFTs, and/or parcels of virtual land. 

Once you’ve set up your blockchain wallet, you then have to identify the proper cryptocurrency for the metaverse you want to explore or invest in. Currently, most metaverses are on Ethereum, but there are some on other blockchains, including WAX, Solana, and Polygon. As a result, you should always double-check which crypto coins you’ll need to use for a given metaverse. 

Following that confirmation, you’ll have to transfer your fiat currency into cryptocurrency using a tool commonly known as a fiat to crypto exchange. The most popular exchanges include: 

Once you load your crypto wallet with the right cryptocurrency, you can then use these crypto coins in your chosen metaverse in a variety of ways. 

Can I Earn Crypto Coins Within The Metaverse? 

Yes, absolutely! It’s 100% possible to actually earn crypto coins in the metaverse. Of course, once you’ve earned them, they’re stored in your blockchain wallet, just like any other digital assets that you acquire. Keep your crypto wallet secure with a private key so you can then use these crypto coins in the metaverse whenever you want. 

The most consistent and reliable way to earn cryptocurrency in the metaverse is via play-to-earn (P2E) crypto games. These are essentially video games that reward players for completing tasks or challenges with crypto coins and/or metaverse tokens. The type of crypto coin the player earns will depend on which blockchain hosts that particular metaverse. 

That means that if you’re good at these P2E crypto games, you can earn significant amounts of cryptocurrency and/or tokens (in the form of NFTs). You can then either use the crypto coins or NFTs directly in the metaverse or on an NFT marketplace. If you decide to capitalize on the crypto coins you earn, you can also use one of the exchanges listed above to transfer them back into fiat currency like dollars, euros, or pounds. 

What Are Metaverse Crypto Prices? 

Over the past several years, cryptocurrency values have largely trended upwards, despite some smaller peaks and valleys. But metaverse crypto prices are still somewhat volatile, largely due to lower liquidity and less regulation than the fiat currency markets. However, financial experts are still saying that 2022 will be another banner year for crypto.

Additionally, the values of cryptocurrencies are inextricably linked with the values of various metaverse assets, including in-world NFTs and virtual land. So if you want to effectively use crypto in the metaverse, you’ll have to accurately track its prices and values. To do this, you can use a handy tool called a cryptocurrency price tracker. 

It’s pretty self-explanatory what this tool does: it tracks prices and values for various cryptocurrencies. However, these tools also provide other critical information, including:

  • Historical data 
  • Market capitalization (aka market cap)
  • Trading volume
  • Price charts

Currently, CoinMarketCap is the gold standard for cryptocurrency price trackers. For each crypto coin listed, there’s information about the price, current market cap, total supply, 24-hour trading volume, circulating supply, 24-hour value change, and a weeklong price graph. There’s also information about the historical price over adjustable time frames and the current price on multiple exchanges. 

There are other price tracker tools at your disposal, including: 

Most of these tools offer similar functionality to CoinMarketCap. However, each one has a different interface and “feel”, so choosing the right tool will ultimately depend on personal taste.

How Can You Use Crypto In The Metaverse? 

Let’s take a look at some of the ways you can use crypto in the metaverse: 

Shopping

Commerce in the metaverse is basically a digital version of commerce in the offline world, including the use of cryptocurrency as a functional substitute for conventional fiat currencies. In other words, crypto is used in the metaverse for just about every conceivable business and/or financial transaction, each of which is recorded on the blockchain. As a result, retail and shopping are some of the most obvious ways you can use crypto in the metaverse.

Every metaverse has a commercial center or hub - frequently in the middle of the map - that contains multiple virtual businesses. This commercial center usually sees the highest foot traffic in the entire metaverse. Plus, the spawn point is usually right next to this commercial center, so when people enter the metaverse, they do so in that immediate area. 

That being said, there are various items that one can use crypto to buy in the metaverse. This includes digital assets like NFTs as well as in-game items known as wearables. These are essentially modifications to your avatar, including hairstyles, eye colors, outfits, jewelry, and accessories. 

Buying Virtual Land

Virtual land, also known as metaverse real estate or digital land, is land that’s available for purchase in a given metaverse. If you want to buy any of this metaverse land, then you’ll have to use the cryptocurrency that corresponds to that metaverse’s blockchain. 

Let’s say you want to buy three parcels of virtual land in a metaverse that’s on the Ethereum blockchain. To complete this transaction, you’ll need enough Ether (ETH) crypto coins in your crypto wallet to make the purchase. However, if you don’t have that kind of liquidity on hand, then you can use crypto to get a metaverse mortgage.  

Once you actually buy the land, you’ll receive an NFT to your crypto wallet that designates you as the rightful owner. Since this is an NFT, it’s 100% unique and can’t be duplicated, meaning that your virtual land is yours and yours alone. In other words, this NFT is basically a deed for the virtual land. 

Much like land in the offline world, virtual land can appreciate or depreciate in value. For example, the average price for each parcel of land in The Sandbox metaverse was $2,620 in mid-October of 2021. However, following Facebook’s Meta announcement, this jumped to an impressive $11,042 just one month later.   

Let’s take a look at some other figures: 

By just about any metric, these figures are impressive. This means that buying virtual land is a sensible and potentially profitable way to use crypto in the metaverse.  

Developing Your Land

So you’ve used some crypto coins to buy land in the metaverse. Now what? You can take it one step further and actually develop the land. 

First, you’ll need to consider the size of your virtual land. The basic unit is called a parcel or packet and is 1X1 pixels. However, the pixel size will depend on the metaverse. For instance, in the Sandbox, the player’s avatar would experience the parcel as 96X96 meters while in the Decentraland metaverse it would be 16X16 meters.

If you buy multiple conjoined parcels, then you can create what’s known as an estate. You can then use all that space to build all kinds of exciting developments. However, unlike in the offline world, metaverse buildings are not constrained by the rules of physics, meaning you can get really creative. 

There are even metaverse architects and designers that you can hire to design exciting and innovative developments for your virtual land parcel or estate. If you build something really impressive, then other metaverse users will want to visit your developed land. In fact, they may even pay for the ability to do so.

Transferring Value Between Metaverses

You can also use crypto coins in the metaverse to transfer value between different metaverses or blockchains. That’s because, unlike regular metaverse tokens, crypto coins have value outside of a given metaverse. You can use the independent value of crypto coins to buy tokens in a different metaverse, allowing you to transfer value from one metaverse to another.  

In other words, you can use crypto coins in various metaverses indirectly. Let’s say you earn crypto in Metaverse A, you can then take those coins, switch to Metaverse B, and buy tokens for Metaverse B. This is an easy way to transfer value between metaverses.  

Taking Part In Metaverse Governance 

You can also use crypto in the metaverse to make critical administrative decisions about how that metaverse functions. These decisions can include gameplay rules, metaverse land development, virtual events, and/or upcoming NFT drops. In other words, you’ll take part in the governance of that metaverse and help determine its future.

The easiest way to do this is to buy metaverse tokens with your crypto coins. If the metaverse in question has utility tokens, then usually token-holders can take part in crucial decisions regarding the future and governance of that metaverse. 

Token-holders usually govern via decentralized autonomous organizations (DAOs), a member-owned community that’s free from centralized leadership and totally transparent on the blockchain.   

Traveling Within The Metaverse

In many metaverses, users can “teleport” or fly between various locations, even if they’re very far apart on the map. In some cases, you can also use crypto coins to buy better in-game transportation items for that metaverse. For instance, you could be able to buy some sort of motorized vehicle with any crypto that you may have. 

That being said, other metaverses have different travel systems. For example, in the Upland Metaverse, you can teleport instantly between different parcels of your virtual land, even if they’re on opposite sides of the map. However, if you want to teleport to virtual land that’s not yours, then you’ll have to use crypto to pay a send fee. 

You’ll actually send this crypto-based send fee to the owner of the virtual land destination you want. If you’re planning on traveling extensively throughout that metaverse, then you’ll have to use crypto fairly frequently to do so. 

This means that you can also earn crypto in that metaverse if you make your virtual land a desirable destination. That way other users will be paying you send fees to come and see what you’ve built. 

Entertainment & Attending Special Events 

The metaverse isn’t all just about work - users will be spending lots of time there to enjoy themselves as well. As a result, entertainment is a big part of the metaverse. 

Current popular entertainment within the metaverse includes movie theaters, virtual reality theme parks, museums, art galleries, sports stadiums, and sports betting. Additionally, multiple big-name artists like Imagine Dragons, BTS, Muse, Travis Scott, and Post Malone have begun putting on virtual concerts in the metaverse.  

There are also special events that are being developed by creative users and brands. For instance, Tokens.com actually hosted the first Metaverse Fashion Week in March of 2022 in the Decentraland metaverse. This event was a success, drawing many premier apparel brands and substantial ad buys, allowing the organizers to actually make a profit.   

Best Metaverse Crypto Coins 

The best crypto coins to use in the metaverse include: 

  • Ether (ETH). This is the primary cryptocurrency of the Ethereum blockchain. Since there are multiple metaverse platforms and NFT marketplaces on the Ethereum blockchain, Ether is definitely one of the most popular crypto coins to use in the metaverse. 
  • $HUSL. This is the native utility token and crypto coin of the Huslverse, an Ethereum-based metaverse that focuses on entertainment. This includes art, music, athletics, and film. You can use this crypto coin in this metaverse by buying unique art or music NFTs and gaining access to exclusive events. Plus, token-holders can take an active part in governance, including voting on new NFT drops. 
  • SAND. This is the token and in-game currency for The Sandbox, an Ethereum-based metaverse platform that’s focused on gaming. As both a utility token and a cryptocurrency, it can be used to buy and sell LANDS and/or ASSETS as well as general monetary transactions, staking, and governance via a DAO.  
  • Linden Dollar (LD). This is the in-game currency used for Second Life, a massively multiplayer online role-playing game (MMORPG). However, unlike other MMORPGs, this game is centered around exploring a massive metaverse and interacting with other players. 
  • MANA. This is the primary token and crypto coin for Decentraland, another metaverse on the Ethereum blockchain. Within this virtual world, MANA can be used to buy and sell plots of metaverse land or in-world digital assets as well as the ability to customize your avatar and attend virtual events.   
  • Stacks (STX). Although this cryptocurrency is built on its own blockchain, it’s also connected to the Bitcoin blockchain via a consensus mechanism known as Proof of Transfer. Since it’s integrated with Blockchain, you can use its crypto coins in the Moonray metaverse. This is a 3rd-person sci-fi and action RPG that’s built on the famous Unreal Engine, making it extremely popular with gaming aficionados and enthusiasts.     
  • Enjin Coin (ENJ). This is an ERC-20 token and cryptocurrency on the Ethereum blockchain that’s used primarily to create and manage virtual goods like NFTs. Plus, developers can even launch their own cryptocurrencies backed by Enjin Coin, making gamification much easier. This crypto coin can also be used in the Enjin Network, a metaverse that’s focused on gaming and social interaction in units known as clans. 
  • WAX (WAXP). This is a blockchain that operates on a consensus mechanism known as delegated proof-of-stake (DPoS), which was specifically designed to make eCommerce transactions safer and faster. Developers utilize the WAX blockchain to back multiple crypto coins that can be used in several metaverses, including Office Land, BlockchainRPG, Farmers World, and Alien Worlds.        

All the examples listed above are cryptocurrencies, although some of them could be considered both crypto coins and tokens. 

Earn Crypto Coins In The Upcoming Huslverse

The Husl is a Web 3.0 entertainment company and NFT marketplace that’s developing The Huslverse, an upcoming metaverse that will be on the Ethereum blockchain. 

The Huslverse map is divided up into quadrants: The Land of Movie Stars, The Land of Athletes, The Land of Musicians, and The Land of Artists. These quadrants are located around Husl City, which will be the commercial hub and cultural center of the Huslverse. 

Additionally, each quadrant will have its own unique play-to-earn (P2E) crypto games that will be based on the theme of each area. These are essentially games that you play and as you achieve objectives or pass tasks, you then earn crypto coins or metaverse tokens that you can then use in the Huslverse. 

Once you’ve done that, you can decide to use the crypto coins in this metaverse in a variety of ways, including buying NFTs or attending exclusive events. You can also use any crypto coins that you’ve earned to use one of the multiple landmarks in the Huslverse, including a Cineplex, Art Gallery, Recording Studio, Sports Village, and Olympic Stadium.

Follow the HUSL and stay tuned for the upcoming Huslverse!