The metaverse is a virtual universe that allows users to replicate their experiences from the real or physical world on a virtual platform by creating their avatars. The concept has been gaining traction in the wake of the COVID-19 pandemic due to restrictions on meetings and physical gatherings.

The metaverse allows people to work, shop, exercise, do business, buy land, or even make art in a virtual environment.

But just as every economy needs a currency, the metaverse, which is also a fully immersive virtual economy, needs a mode of payment. Since all activities and interactions in the virtual world are done through a user's avatar, transactions in fiat currency (traditional paper currency) are not possible.

So how do you buy land or a work of art? This is where cryptocurrencies come in.

Some metaverses already use cryptocurrencies as a form of payment. The use of cryptocurrencies makes all virtual transactions spontaneous, and the blockchain technology that powers them makes transactions highly secure and reliable.

Blockchain-based, Metaverse-like apps like Decentraland, Axie Infinity, and SecondLive allow users to own virtual lands, play to win, and experience much more.

Digital assets can be owned through non-fungible tokens (NFTs) which are nothing more than cryptographic tokens in which the ownership details of virtual assets are encoded. An NFT could even be in the form of digital art, any game property, etc.

While the metaverse itself isn't new, Facebook's rebranding as Meta has reignited interest in the concept.

A look at some of the biggest cryptos in the Metaverse

• Decentraland (MANA): Decentraland is a virtual reality space that allows people to buy/sell, maintain and manage a virtual property called LAND. In this Metaverse, people can develop their EARTH in any way they see fit, be it via phone, laptop, or desktop.

Decentraland MANA is the game's native crypto that one must own and transact in order to pay for the goods and services they choose to avail in the metaverse game.

MANA is based on the Ethereum blockchain and has been well received by the masses (including novice users), boosting its value by 400 percent shortly after Facebook changed its name to Meta. This also triggered a new level of interest in cryptocurrencies.

• Sandbox (SAND): Sandbox is another virtual world that allows people to manage virtual land and other digital assets through an alternative but native metaverse cryptocurrency called SAND. The digital experience can be easily monetized online through this cryptocurrency.

Sandbox is unique in that it allows people the freedom to use SAND, whether it's conceptualizing their own game, using it in other games, or managing other virtual assets. SAND is also powered by the Ethereum blockchain, which makes it highly secure. In addition, SAND is backed by SoftBank through its Vision Fund, one of the most popular technology investment names in this space.

• Star Atlas (ATLAS): Star Atlas allows people to explore virtual alien space where they can use a custom spaceship to access an incredibly unique metaverse, create their own virtual world, and create or join a faction. These in-game activities are enabled by the ATLAS Metaverse token on the Solana blockchain, which is much cheaper, faster, more secure, and even more scalable than the Ethereum blockchain.

ATLAS can also be implemented to earn an in-game currency called POLIS, which might become an annoying aspect for some, but also allows people to virtually live additional experiences that are enabled through POLIS.

There are dozens of other cryptos associated with multiple virtual platforms or metaverses.

The metaverse land and cryptocurrencies work in close association and open up a great possibility of experiences that can only be lived virtually. The blockchain platform not only adds safety and security to digital transactions, but also unlocks the concept of virtual asset ownership, which was previously a less explored field.

However, since these platforms are still in their infancy, users should exercise caution as most of them are not regulated.

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