While a lot of it might seem like a pipe dream in Africa, several businesses there are well aware of the opportunities the metaverse might offer. Africans may participate in designing the metaverse from the very beginning, which has the potential to open doors to new creative, social, and economic opportunities.
Since Facebook changed their name to “Meta” in the latter half of 2021, the phrase “metaverse” has been used increasingly frequently in relation to cryptocurrency exchanges. The use of crypto projects in metaverses can improve social interaction.
The future and strategies to make the metaverse a reality are already on the minds of several IT businesses, including Meta. It cannot be created or owned by one entity alone, and in order to prosper, it must be open and interoperable.
Due to our vibrant Internet economy, Africans will have numerous options to participate in this collaborative future.
Opportunities For African Economies
African brands will have a big potential to sell themselves and share their unique tales in very compelling ways thanks to the metaverse. Many IT analysts believe that the metaverse will offer up economic prospects in Africa as Africa’s population grows to become the world’s largest workforce by 2035, pointing to its relevance to the changing post-pandemic world of labour.
More interestingly, a paper estimating the impact of the metaverse 10 years after adoption expects that the metaverse will add approximately 1.8% GDP growth to the Sub-Saharan African economy, representing a $40 billion increase.
Here are the top 10 metaverse platforms for Africans
Decentraland – The Best Metaverse Crypto For 2022 In South Africa
Because of its popularity, the crypto metaverse project Decentraland has regularly made waves. Furthermore, the platform’s native token, MANA, has gained tremendous value as a result of the NFT mania.
As a result, several NFT owners started displaying their NFTs on the site. The metaverse platform consists of more than just NFTs. The option to purchase virtual land is the site’s main feature.
In Decentraland, Sotheby’s luxury goods and art broker built a facsimile of its London offices. This demonstrates that even huge corporations are investing in metaverse projects.
Decentraland was established in 2017, however it has taken some time for the idea to acquire traction. Despite its poor performance, the market cap of MANA, the largest metaverse token by market capitalization, is $4.79 billion as of early 2022. MANA, like many other cryptocurrencies, has plummeted since January. However, it is up 126% from the previous year.
The Sandbox is a noteworthy crypto metaverse initiative. The platform’s native token, SAND, steadily increased throughout 2021 before finally crossing $1 in the fourth quarter.
With a VR component, this project embraces the concept of the metaverse. The game Sandbox is supported by Atari, one of the most well-known gaming companies. In its metaverse, HSBC just purchased virtual acreage. On the other hand, it is strongly dependent on NFT trading. Players are able to produce NFTs using the SAND metaverse tokens.
The project, like many others, is built on the Ethereum platform. Another thing that makes the project intriguing is the limited coin supply of 3 billion tokens, of which 1.14 billion are now in use. The $3.87 billion market worth of the project.
Axie Infinity – The Metaverse For Play-to-Earn Gaming
Although it is more comparable to the Metaverse definition than Axie Infinity, it is still mostly a game. The AXS token serves as the in-game currency in this play-to-earn metaverse game.
The largest of all the metaverse currencies, Axie has a market worth of approximately $4 billion. Its YTD performance is currently 26.78%, nevertheless. Investors might not find that encouraging, but the coin has started to appreciate once more.
In Axie Infinity, characters known as “Axies” are non-fungible tokens that players can purchase and exchange. Axies can also be fused together to create new Axies through breeding.
Additionally, Axie Infinity offers virtual real estate, which can draw non-gamers to become investors. For instance, a plot just sold for $2.3 million.
It is unique from the other games on this list because it doesn’t try to make a virtual environment with gaming elements. Enjin, in contrast, offers a framework that makes it simple for developers to produce NFTs for blockchain-based metaverse games.
With the help of Enjin’s software development kit (SDK), anyone, regardless of skill level, can manufacture Ethereum-based NFTs, leading to the creation of over 1.1 billion digital assets.
One of Enjin’s most alluring features is its ability to instantly produce NFTs. To put it another way, developers of NFTs made with Enjin, such as digital artwork, in-game objects, or virtual assets, can “melt” their NFTs for $ENJ, Enjin’s native currency.
Enjin NFTs will never be illiquid due to their melting value, even though melting values vary between assets.
The Ethereum blockchain is the foundation for all four of the top Metaverse projects examined above: Decentraland, the Sandbox, Axie Infinity, and Enjin Coin.
Ethereum must also be taken into account if you want to invest in the industry as a whole because this is the case with practically every Metaverse project that we came across.
The operation of virtual Metaverse worlds must be secure and decentralized, and Ethereum is the world’s top blockchain for smart contracts. Additionally, this year, Ethereum will transition to a proof-of-stake consensus method, opening up the possibility of even more Metaverse applications.
Ethereum 2.0 will significantly boost transaction speed and scalability while lowering fees to almost zero levels.
Render Token – Growing GPU Space Project for Metaverse Platforms
Let’s be clear: Metaverse platforms need a lot of GPU space. As a result, some of the top Metaverse participants execute several transactions per second, raising the underlying blockchain’s throughput requirements.
As a result, transaction costs are rising, and processing times are long. Render Token fills this need because it provides a distributed GPU rendering network that all Metaverse projects can access.
Render Token was introduced in 2020 for $0.05. It rose to an all-time high of $8.76 during that time.
SushiSwap – A Metaverse NFT Marketplace for Decentralised Exchange
SushiSwap is a well-known decentralised exchange that enables users to buy and sell virtual currencies directly from one another. Due to this popularity, SushiSwap has since expanded to have a market capitalization of $500 million by early 2022.
SushiSwap’s business strategy has changed as a result, becoming an NFT marketplace built on top of the Metaverse. NFT improves the NFT trading experience and makes it possible for buyers and sellers to deal decentralised by making its marketplace available on SushiSwap.
Ontology is a blockchain project with its own network that was established in China in 2017. Ontology claims that its blockchain can process 12,000 transactions per second and 4,000 transactions per second in specific test scenarios.
Additionally, transaction costs start at 0.05 ONG. At the time of writing, the cost is only $0.02.
Given all of these considerations, some market analysts think that Ontology is the most suitable blockchain network for hosting Metaverse projects.
Ontology’s token price has fluctuated over the past year from highs of $2.94 to lows of $0.40. You can, however, invest at a bargain as a result.
Known for its expertise in the Metaverse, Wilder World is a low-cap gem. With the help of the project, users can buy and create a variety of personalised in-game things. Land, apartments, statues, and more are among the items. Tradeable NFTs will serve as each of these representations.
This Metaverse coin has a less than $150 million market cap as of the time of writing. However, if you want to increase your upside potential, Wilder World can be one of the greatest Metaverse cryptocurrency coins to buy.
Illuvium – Fantasy Battle Game Meets Metaverse
Illuvium, the final project in our ranking of the top Metaverse crypto, was established in 2020. The team at Illuvium has created an open-world gaming platform based on an RPG (role-playing game) architecture.
Players are charged with hunting creatures known as Illuvial as part of an entirely immersive experience.
Early in 2021, Illuvium offered the ILV token for sale for only $68. The ILV token increased by more than 4,000% after seven months to a high of almost $2,800. Illuvium’s price has decreased as a result, approaching $600, making it a desirable entry point.