Top Metaverse Coins in 2024

The cryptocurrency market has shown strength in 2024, with Bitcoin reaching new all-time highs in March. As Bitcoin and Ethereum lead the pack, investors are beginning to look toward altcoins as an alternative investment in the cryptocurrency space.

The metaverse gained public attention following COVID-19 and was further catalyzed by virtual reality and augmented reality innovations, such as Apple’s Vision Pro. Metaverse cryptocurrencies first gained traction during the 2021 bull market, and some tokens have seen renewed interest as the blockchain industry gains momentum.

Take a look at some of the top metaverse coins in 2024, considering what’s already been built and how you can invest in these tokens via Coinbase.

What Are Metaverse Cryptocurrencies?

It’s helpful to think of the metaverse as a concept instead of an actual product. The metaverse is the concept of human interaction online and its progression to become more immersive over time. More practically, metaverses can be social media, multiplayer games or virtual reality (VR) spaces where people can connect online. 

Metaverse cryptocurrencies are tokens that are associated with blockchain metaverse projects. These currencies may have in-game utility, or they may offer streams of revenue from whatever they’re trying to accomplish in their metaverse. However, valuations of these metaverse cryptocurrencies are generally not based on fundamentals; rather they are valued based on speculation on what these projects could one day accomplish.

How Can You Buy Metaverse Coins?

Getting your hands on metaverse cryptocurrencies is a process similar to acquiring Bitcoin or Ethereum — you’ll need to access a cryptocurrency exchange. These exchanges function as digital trading platforms, comparable to traditional online brokers like Fidelity Investments or Charles Schwab, allowing you to buy and sell digital currencies using U.S. dollars or other cryptocurrencies. Some of the best options for their industry-leading security are Coinbase and eToro.

Here's a step-by-step guide:

Step 1: Register with a Crypto Exchange

Select a reputable crypto exchange like Coinbase, Kraken or eToro. Create an account and complete the necessary onboarding steps, which involve providing your information and verifying your identity.

Step 2: Verify Payment Details

Choose a payment method, usually wire transfers for U.S.-based crypto exchanges, to fund your trading account. Coinbase offers several payment methods, including PayPal and debit cards. Next, you’ll need to confirm your payment details to initiate the deposit.

Step 3: Pick the Metaverse Token, Check Market Price and Make the Purchase

Once your account is funded, explore the available metaverse tokens on offer. Choose the one(s) you want to buy, review the current market price and proceed to place a buy order for your desired amount. Opting for a market order ensures a quick transaction, with the acquired tokens promptly showing up in your trading account's wallet.

Top Metaverse Coins to Buy Today

While investing in altcoins can be risky, well-timed buys and sells have made investors mouth-watering returns. Below is a list of some of the most widely known cryptocurrencies building in the metaverse, so you can get a headstart on the leaders in the industry.

1. Decentraland (MANA)

Market cap: $1.5 billion

Decentraland is a leading metaverse project where users can buy and sell virtual plots of land using MANA. The project has been building its metaverse since 2017 and has since gained a modest user base in its open world.

2. The Sandbox (SAND)

Market cap: $2 billion

Similar to Decentraland, The Sandbox is a virtual reality space where users can build games on their virtual plots of land. The Sandbox has had notable partnerships with several household names, including Snoop Dogg and Atari.

3. ApeCoin (APE)

Market cap: $2.1 billion

ApeCoin is the currency of choice for the Bored Ape Yacht Club universe. Its Metaverse, called Otherside, has been in development for a few years and has a vocal community surrounding it. Yuga Labs, the creators of Bored Apes, has notable investors including Google Ventures, Andreessen Horowitz and Animoca Brands.

4. Render (RNDR)

Market cap: $3.9 billion

Render disrupts traditional rendering services by harnessing the power of decentralized physical infrastructure networks (DePIN), facilitated by RNDR tokens. These tokens enable users to access cost-effective, high-performance graphic processing unit (GPU) power for graphics-intensive tasks like 3D rendering.

5. Axie Infinity (AXS)

Market cap: $1.4 billion

Axie Infinity pioneered the play-to-earn gaming model, where players breed, battle and trade fantasy creatures called Axies to earn AXS tokens. This blockchain-based game creates an in-game economy, allowing players to monetize their time and skill. As AXS tokens circulate within the Axie Infinity ecosystem, they become a vehicle for value transfer and governance within the Axie ecosystem.

6. Enjin Coin (ENJ)

Market cap: $800 million

ENJ Coin empowers users to create and manage blockchain-based assets for gaming and virtual worlds. By using ENJ, developers can tokenize in-game items, enabling true ownership and interoperability across multiple games and platforms.

7. Theta Network (THETA)

Market cap: $3 billion

Theta Network is a decentralized video streaming platform that aims to redefine how people interact with digital content through tokenization. Users are rewarded for sharing their excess bandwidth and resources, creating a decentralized video streaming platform.

8. WEMIX (WEMIX)

Market cap: $1.1 billion

WEMIX, with its native token by the same name, establishes a blockchain-based platform for user-generated content. By incentivizing participation through WEMIX tokens, the platform encourages content creators to contribute and engage in the decentralized digital environment.

9. Zilliqa (ZIL)

Market cap: $600 million

Zilliqa is its own layer one blockchain that uses the ZIL token to interact with its smart contracts. With a focus on scalability, Zilliqa offers a robust infrastructure for decentralized applications. Because of its focus on scalability, Zilliqa attracts metaverse projects to build on top of it.

10. WAX (WAXP)

Market cap: $300 million

WAX facilitates the trading of virtual items as NFTs, using WAXP tokens to facilitate these transactions. As the backbone of the WAX ecosystem, WAXP empowers users to engage in buying and selling certain NFTs.

Where Can You Buy Metaverse Coins?

Because of the large market capitalization and large investor interest, many centralized exchanges offer access to the coins listed above. This means there’s no need to set up a wallet or interact with blockchains to invest in these metaverse cryptocurrencies. If you don’t already have an account, signing up on Coinbase or Kraken only takes around five minutes.

Is Metaverse Crypto a Good Investment?

Metaverse cryptocurrencies have been a great investment for investors who bought at opportune times. Conversely, many investors lost the majority of their investments by purchasing these coins at the top of the last bull market. While it’s impossible to say where a specific investment is headed, the metaverse cryptocurrency space has shown strong growth over the long term.

Pros of Investing in Metaverse Coins

Some pros of investing in metaverse coins include high potential upside, deep liquidity on centralized exchanges and potential utility or staking rewards.

Cons of Investing in Metaverse Coins

Some cons of investing in metaverse coins include high volatility and risk, lack of fundamental value and cash flows and strong competition within the sector.