Top 3 VR Tokens Powering the Metaverse by@BlockchainAuthor

Top 3 VR Tokens Powering the Metaverse

CryptoBlastoff HackerNoon profile picture


Writing for the love of disruptive technologies

We're All Very Early to the Virtual Party

Nobody can pinpoint the Metaverse's exact definition at this point in its short life. In other words, we know that we're onto something huge but have no idea what the Metaverse will one day become.

However, we can say with 100% confidence that untold fortunes await those bold enough to snatch opportunity from the jaws of uncertainty. After a recent 10x user explosion, an estimated $1.5T is up for grabs.

The Metaverse promises a network of engaging virtual environments providing endless entertainment, some of which reward users with tokens in exchange for time and attention.

While "under construction" is a common theme, that merely indicates how early the Metaverse is in its lifecycle. To date, there are very few cohesive environments and far fewer support Virtual Reality headsets, which add a thick layer of immersion to Metaverse activities.

Discovering the token-powered organizations shaping the Metaverse is only a few clicks away. CoinGecko's Metaverse category continues to expand, but the entire list occupies only a single page. Fantastic news for early-stage investors!

Curious to go a little deeper, I used CoinGecko's Virtual Reality filter to find Metaverse tokens belonging in overlapping categories due to an additional feature set. Only three of the six digital assets listed have measurable market capitalization and trading volume.

But don't let that fool you into thinking they're all shitcoins! Markets and the people who invest in them are irrational, and token prices don't always reflect fundamentals. Research is the key, and while you'll find some below, you're always encouraged to do your own.

On that note, ranked by MarCap, here are the top 3 VR tokens for January 2022 …

1) Somnium Space ($CUBE)

Resources: Somnium Space|Economy Paper

Maximum Token Supply: 100M

Blockchain Network: Ethereum

Somnium Space is a persistent VR world featuring its own economy and digital currency, allowing creators to build whatever they'd like on virtual plots of land.

The ecosystem's virtual real estate NFTs, known as CUBEs, freely trade on OpenSea. Somnium Space NFTs also trade on the FTX NFT marketplace, and the FTX exchange is building a virtual HQ inside Somnium's Metaverse environment.

Somnium Space rewards creative developers who enjoy building and monetizing their work.

Currently, in beta mode, the web app lets users explore the realm as a guest avatar or login for a more customized experience. The VR feature works across multiple platforms, and Somnium Space wants to own the entire experience, including a custom VR headset.

Metaverse advertising is a growing market segment Somnium Space intends to leverage through a recent partnership with Admix. Interested in picking up a plot and constructing a billboard? Here's a walk-through covering the land purchase process:

With a heavy focus on creation, Somnium Space is geared towards those willing to spend upwards of 50 hours on avatar design alone. In other words, Somnium Space rewards creative developers who enjoy building and monetizing their work.

2) VFOX Token ($VFOX)

Resources: RFOX VALT|RFOX Ecosystem|RFOX Blackpaper

Maximum Token Supply: 21M

Blockchain Network: Binance Smart Chain

VFOX token is a reward token inside the expansive RFOX multiverse. The Metaverse-builder is one of the industry's frontrunners taking a picks and shovels approach to leverage Metaverse expansion.

Clicking into space-themed Metaverse environments are distinct business entities operating in DeFi, NFTs, media, play-to-earn mobile blockchain gaming, with other ventures and acquisitions to come.

The RFOX VALT retail and entertainment Metaverse experience has four distinct quarters with unique aesthetics. For example, the gaming-themed Arkamoto (arcade + Nakamoto) quarter is in constant dark mode, while the sun always shines in the Callinova (calligraphy + supernova) quarter.

VFOX is a semi-passive reward token entitling holders to a percentage of every transaction occurring inside the RFOX VALT retail and entertainment Metaverse experience.

As for the other two quarters, they've yet to go on the auction block. Per the 2022 RFOX roadmap, the music-themed quarter will have a round of auctions in Q1 of this year.

Unlike other Metaverse environments, the unreal estate inside the RFOX VALT is exceptionally scarce. Plots are known as SHOPs and use NFTs as proof of ownership. Only 25 SHOPs per quarter are available to the public, meaning once VALT construction is complete, only 100 plots will be outside of the RFOX organization's control.

A small sampling of additional SHOPs goes to the brands and organizations responsible for bringing traffic into their respective quarter. These marquee clients include CoinGeckoYield Guild Games, and VOID Cyber, the go-between that connected Reebok with the RFOX NFTs platform to launch a collection of digital kicks.

Visitors enter SHOPs — taking a space train in between quarters — where they can purchase digital and, later, physical items. Although the VALT is a game, its focus is on the Metaverse’s retail aspect.

SHOP owners monetize NFTs either by selling products or leasing the space out through the help of an assigned Quartermaster. Once fully fleshed out — hopefully by the end of 2022 — the VALT intends to offer a Ready Player One experience of ordering real-world food from a virtual space.

All VALT transactions settle through $RFOX, the ecosystem's payment currency, operating on the Ethereum network and BSC. And 1% of every in-Metaverse purchase goes into a pool to reward $VFOX holders. So as not to be construed as a security, claiming rewards occurs in fully audited staking contracts on RFOX Finance.

3) Revomon ($REVO)

Resources: Revomon|Whitepaper

Maximum Token Supply: 100M

Blockchain Network: Binance Smart Chain

Revomon is the combination of "revolution" and "monsters" and has no qualms over showcasing its Pokémon inspiration. "Gotta catch 'em all!"

The open-world RPG Metaverse environments consist of islands where players can battle, capture, and train unique NFT monsters.

Revomon is a play-to-earn VR-powered Metaverse experience mimicking Pokémon’s monster-training activities.

Paying further homage to a classic Nintendo series, Revomon's characters have a Zelda-meets-Pokémon vibe going. Here's a gameplay video giving an inside look at the VR-powered world:

Players earn $REVO by participating in the ecosystem. One look at the project's documentation reveals a heavy focus on tokenomics. Holders of $REVO token can stake them and also use them to vote on community-driven proposals.

While crypto, Pokémon, and VR aren't new, it's a novel idea to put them all together. Is the game fun or rewarding? I'll let you decide.

Wrapping Up

Although King Bitcoin is 13 years old, it's still far from Satoshi's vision of being the globe's dominant payment system. That said, the combination of DeFi, NFTs, and play-to-earn video gaming is pushing cryptocurrencies into the limelight.

Retail and institutional investor demand continues to rise, and crypto transactions surged 550% in 2021 to hit $15.8 trillion, the equivalent of roughly $43B in daily volume.

The Metaverse's creation and appeal show no signs of slowing down. The crypto-VR-Metaverse cocktail is potent and provides a risky yet potentially rewarding investment.

I'm no financial guru and can't/won't/don't offer you any advice on such matters. However, from a passive investment standpoint, my money is on $VFOX for several reasons.

For starters, $VFOX also has a max supply that’s only 1/5th of the other two, perfectly matching Bitcoin at 21M. There's no need to be or become a creator to profit from the RFOX VALT's success. Just holding the tokens is enough.

The RFOX ecosystem is a sleeping giant. The organization is building a super dApp encompassing distinct business entities across numerous white-hot sectors. And as the RFOX VALT grows, so do the payouts to $VFOX holders.

Although the other two Metaverse environments on this list are already in beta, I suspect that RFOX VALT will one day outshine them both.

*Disclaimer: At the time of writing, the author held BNB, ETH, RFOX, VFOX, and other digital assets.