Going back to the past few years, we might have heard the term “Metaverse” only in some science fiction movies like Ready Player One, Avatar, Inception, etc. But in the current world, Metaverse is the most spoken term across the nook and corners of the world. What is the fascinating fact about Metaverse and what does it mean??
Metaverse is an imaginary world filled with virtual reality where you can feel a realistic experience. You can virtually create and interact with other digital assets without any hassles. You can explore the Metaverse with smartphones, computers, and a VR headset for a more realistic experience. Various factors together frame a Metaverse.
- Being present and lively
- 360-degree turn
- Being persistent
- Enhanced user experience
- A wide range of participants
- Unmatched interoperability
Even various virtual tokens can be created in Metaverse. Having a futuristic view of anything will lead to success. In that sense, many people are interested in creating metaverse tokens for their businesses.
In this blog, we shall walk through the Metaverse tokens, how to create metaverse tokens, top metaverse tokens in the crypto marketplace, etc.
Without any delay, let’s take a closer look at…
What are Metaverse Tokens?
Metaverse tokens are digital tokens that are used for making digital transactions within the Metaverse. Some of these tokens can be accessed only within the space whereas some will be found on prominent exchanges like Binance, WazirX, Coinbase, etc.
All these tokens are built over the blockchain and maintained securely. These tokens are not much distinct from the other cryptocurrencies. The token creators might access various services and applications of the particular space. Currently, there are multiple tokens available in the crypto market and some of the popular tokens in the industry are listed below.
Top 5 Metaverse Tokens in the Market
The below-listed are the well-known Metaverse tokens in the crypto ecosystem that have gained popularity in recent times.
Decentraland (MANA)
It is a virtual reality-based gaming platform developed on the Ethereum platform where various tokens can be created, experienced, and monetized. MANA is the native currency of Decentraland. It is developed with the ERC20 token standard of the Ethereum blockchain. These MANA tokens can be used for multiple purposes like buying avatars, wearables, and other crypto tokens. You can trade your MANA tokens on various crypto exchanges that might be centralized or decentralized.
Axie Infinity (AXS)
AXS is a governance token developed for the Axie Infinity game. With this token, the players can battle, nurture, and trade non-fungible tokens within the game. Holders of Axie infinity tokens will have the full authority to vote for the enhancement of the gaming universe. These tokens have become more popular nowadays and it was found on the most prominent exchanges like Binance, Coinbase, FTX, and also on most decentralized exchanges. Even some more Axie infinity tokens like silky love potion(SLP) are created in this gaming platform for breeding more actions.
Enjin Coin (ENJ)
Enjin coin is the native currency of the Enjin ecosystem developed with the ERC20 token standard. Any NFTs can be easily accessed within this space and the Enjin NFTs use the ERC1155 token standard i.e semi-fungible token standard of Ethereum. For creating an NFT in this space, a specific amount of ENJ tokens will be required. A certain level of funds has to be locked for an ENJ token creation. These tokens are available on all crypto exchanges like Coinbase, Binance, FTX, etc.
SandBox (SAND)
Sandbox will be developed with the Ethereum blockchain in 2021. In the sandbox, it allows the users to access, trade, and sell all the sandbox tokens. These tokens are also used for monetizing assets. SAND is available on all popular crypto exchanges like OKEX, Binance, Mandala exchange, FTX, CoinTiger, etc.
Star Atlas (ATLAS)
Players can create, play, and earn 3D virtual cosmos in Star Atlas, an online game. This platform includes both real-time and cinematic landscapes. This metaverse platform is built over the Solana blockchain. NFTs can be easily created and accessed in this space and ATLAS is its native currency. MEXC, Hotcit, and Gate.io are the platforms where these NFTs can be traded.
On considering all these tokens, you might be curious to create ERC20 tokens on Metaverse for your business. Additionally, numerous benefits come along with Metaverse token development. Those benefits are included below.
Why Should You Create Metaverse Tokens?
Creating a Metaverse token comes with numerous benefits in its tail. Those benefits are the major reasons behind choosing these tokens for their business.
In-Minute Transactions
Transactions made with these tokens can be made at lightning speed. Every individual will be interested in making ultra-fast payments so that they have become a boon and the highest priority by all the startups.
Security
As all the tokens drive over the blockchain, they offer higher-end security. As Metaverse comes with many outstanding features, all those will come along with their tokens too. Hence, greater safety and reliability will be offered for the crypto token creators.
Decentralization
Any Metaverse tokens can be created and transacted without the help of any third parties or intermediaries. No commission or third-party fee will be involved for the token development. Hence, your token creation can be executed at a minimal cost.
Great Returns
Metaverse has started ruling the technological world and it is expected that business initiated in Metaverse might yield greater profits in the future. So, as a startup, creating tokens in Metaverse will help you in the long run.
Now, you might have decided to create your own Metaverse tokens. But, how to create them? The following comes below.
Steps to Create Metaverse Tokens
Developing a Metaverse token is not as easy as pie. Certain steps have to be keenly followed for effective metaverse token development.
Set a Business Goal
This is the core part to be focused on for creating a token. At first, you have to perform competitor analysis and should come up with a great idea that will help you at present and also in the future. So, draft a perfect plan on how your token should be and the tokenomics to be included.
Choose the Best Blockchain
Numerous blockchains are prevailing in the crypto space for Metaverse token creation. Ethereum, Tron, and BNB chains are some of the popular blockchains currently popular for developing these tokens. You can choose your desired blockchain to create your own metaverse tokens. Every blockchain has its features and characteristics so choose the suitable blockchain accordingly.
Determine the Token Standard and Features
Once an idea is decided, you have to fix the token requirements and the features to be included within it. To be precise, most of these tokens are created with Ethereum’s ERC20 token standard. ERC20 is the fungible token standard that you can develop and swap with any other tokens. Here, you have to fix the token parameters like token name, symbol, the total supply of tokens, the balance of, decimal value, and all other mandatory factors required to create metaverse tokens.
Launch in a Legalized Nation
Already, many countries have legalized and regulated cryptos as their mode of payment. Some are in a move to regulate cryptocurrencies in their nations. Hence, creating your Metaverse tokens will help you for the reduction of risks and quicker reach. Some of the crypto-legalized nations include Switzerland, Malta, the United States, Germany, Denmark, the United Kingdom, etc. Analyze and create your tokens in a legalized nation to avoid regulatory clashes.
Metaverse Token Development
This is where you’ll create a smart contract and incorporate all your token parameters within it. Once all the said processes are done, your token will be ready for deployment. While speaking of the metaverse token development process, it can be done in two means viz. Developing on your own or approaching an esteemed metaverse token development company.
As a newbie to this technology, you might not be aware of developing these tokens. Having professional guidance by your side will help you in the long run. In that regard, reaching out to a reputed Crypto Token Development Company will be helpful for uncomplicated token development and reach.
Run Beta Testing
Once all the details are included in the smart contract, then beta testing has to be executed to fix any bugs or errors that happen before the token deployment process. If any error is found in between, then they have to be rectified properly. Once all the hassles are fixed, the token will be ready for deployment.
Metaverse Token Deployment
If the development and testing phase is completed, your token will be ready for deployment. You can move your tokens from the testnet to the mainnet of the Ethereum blockchain.
By following these steps keenly, you can create your Metaverse tokens without any hassles. Once after create tokens, you might be interested to know the features of creating the metaverse tokens.
Outstanding Features of Metaverse Token Development
Features play a major role in choosing any of the products or services. In that regard, many jaw-dropping features come along with metaverse token development. Those include:
- High liquidity
- Risk-free transactions
- Secured wallet
- Greater compatibility
- Top-notch efficiency
- Cost-effectiveness
- P2P payments
- Third-party neglection
- Global capital investment
Many entrepreneurs have considered these mind-blowing features of metaverse token development and they’ve started creating their own tokens. Hope you’ve got an idea of the benefits and features involved but are unaware of the cost of creating a token. No worries. Here comes the following.
Cost to Create Metaverse Tokens
To be clear, any development process doesn’t come with an exact cost. The creation cost of a token might alter based on various factors based on the customizations you wish to make. Some of the major factors include:
- The complexity of a token
- Features of a token
- Design of a token
- Total quantity to be developed
- Development team size (members)
So, the development cost will be determined only after fixing these factors with the development company. On the other hand, we might give you an approximate range of the cost to create Metaverse tokens. It might range from $8k and it might vary based on your business complexities and needs.
On knowing completely about this, you might be interested in creating your metaverse tokens. However, developing those tokens on your own is not advisable as you’re not very well experienced in this area. On the other hand, you can approach a reputed Metaverse token development company in the crypto marketplace to get your desired results.
Why Choose Icoclone for Metaverse Token Development?
Icoclone is a veteran of developing Metaverse tokens in the crypto marketplace. We have more than 7+ years of experience in offering multiple services in the crypto marketplace. Not only in Metaverse token development, but Icoclone also offers a first-class ICO and STO script, crypto wallet development, crypto token development, NFT development, etc. Just by insisting on your idea, you can develop your Metaverse tokens in a minimal time. However, our developers will always be available to aid you even after the token deployment. So, contact Icoclone immediately for an ideal Metaverse token development and succeed in your crypto business!!!