A decade ago, Metaverse was a futuristic concept that only existed in sci-fi novels. Now, Metaverse is probably the most anticipated technology in the game development industry. It has gained a lot of traction as several tech giants like Meta, Microsoft, Nike, and Roblox, have shown interest in adopting this technology. Metaverse token development is a hot topic right now but it is worth noting that it is not a standalone technology. It is complemented by various other technologies like Blockchain, Augmented Reality, Virtual Reality, Metaverse Tokens, etc, with Metaverse Tokens being the most essential addition to the Metaverse.
Metaverse Token Development is very profitable right now as it is like the heart of the Metaverse which is responsible for all the transactions taking place in the Metaverse.
Metaverse Tokens are very integral to Metaverse technology. Users can either buy the digital currency or develop Tokens on a blockchain network. But creating Metaverse Tokens is a very arduous task as there are many factors that must be taken into account. Fret not, in this blog, we will highlight everything surrounding Metaverse Development services and how you can effectively create digital currency. But first, let us know more about Metaverse and Tokens.
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Metaverse Tokens are a digital currency which allows users to make transactions and transfer inside the Metaverse. These Tokens are only created to be used inside the Metaverse and can also be used to carry out exchanges with your peers in the Metaverse. It is the native currency of the Metaverse but, keep in mind that every Metaverse operates on a different Token. For example- Decentraland is a Metaverse that uses the MANA Token, which means no other digital Token can be used to make transactions in Decentraland.
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Metaverse Token Development is based on blockchain technology which provides additional security and an ultra-safe environment for transactions. Moreover, there are different digital currencies that are accepted in different Metaverses. Let us take a look at the most popular Metaverse Tokens in the industry.
With the advent of Metaverse Token Development Services, there are now a wide variety of Metaverse Tokens in the industry. Let us take a look at some of the most popular Meta Tokens used in the Metaverse.
It is the native digital currency of a Metaverse known as Decentraland. Decentraland was a pioneer in Metaverse gaming development and is among the first known open-world virtual reality platforms. It is a virtual world where users can trade and purchase virtual lands and even create various things inside the virtual reality. Decentraland is an Ethereuem-based VR gaming platform and MANA is one of the most popular Metaverse Tokens that are in huge demand. The price of MANA is approximately $0.7 and its market cap is close to $1.3 billion.
SAND is the official digital currency of the popular Metaverse called Sandbox. The popular Metaverse was built on the Ethereum blockchain in 2021. Sandbox is also a play-to-earn game where users can earn SAND tokens by completing specific missions. Moreover, big companies like Goldman Sachs and PwC have purchased lands worth millions of dollars in Sandbox. At the moment, the SAND token is valued at around $0.85 and its market cap is around $1.2 billion.
AXS is the official digital currency of Axie Infinity. It is a P2E game that got popular around the pandemic. The popularity of AXS skyrocketed in 2021, making its price roughly $12.83 and its market cap around $1 billion. After mining AXS, it can be traded as a unique NFT in any open marketplace.
Enjin Coin is officially used in Enjin, a popular NFT game that lets anyone create NFTs. It is a leading Metaverse NFT Development game. Much like SAND, ENJ also has a strong grasp of the Metaverse and NFT technologies. It is roughly valued at $0.455 and its market cap is around $455 million.
Theta is the world’s first video-streaming decentralized application and is powered by Theta coins. Digital currency can be used for various purposes like securing the blockchain, making changes in the network, and verifying transactions. Furthermore, many tech giants like Sony, Samsung, anthed Google are involved with Theta. The current value of Theta coin is valued at $1.07 and its market cap is approximately $1 billion.
These are some of the most popular Metaverse Tokens in the industry today. Every token is exclusive to its specific Metaverses and can’t be used outside the specific digital environment. Let us now look at the various features of Metaverse Token Development.
These are some of the most common features of Metaverse Token Development solutions. These features are what make Metaverse Tokens some of the most sought-after collectable currencies in the digital world. Let’s take a look-
| Features | Description |
| Accessibility | Metaverse tokens are one of the most efficient ways to manage digital identity and transactions through a metaverse platform |
| Proof of Ownership | These tokens are developed using blockchain technology which records every transaction. You can display the full record of your transactions to show proof of ownership. |
| Digital Collectability | Metaverse tokens also act as collectable currency that is unique, original, and can’t be destroyed. |
| Exchange Value | These tokens allow users to exchange in-game assets securely across various metaverse areas confidentially. |
| Interoperability | With the help of Metaverse and blockchain, multiple projects can be connected with a single Metaverse. This means that your in-game assets of a specific Metaverse are carried on when you move to another virtual space. |
| Governance | Metaverse as a business will have more control over the governance and management of the platform. |
Read More:- How to Start A Business in The Metaverse- An Exclusive Guide
Metaverse NFT tokens facilitate browsing the Metaverse. There are many benefits of Metaverse NFT development services. These tokens work as a brand for your Metaverse and increase brand awareness among users. Here are some of the benefits of creating Metaverse NFT tokens.
Blockchain-based Metaverse tokens provide added security to the Metaverse platform. The blockchain is based on a decentralized environment and is considered unhackable. It increases the reliability of the Metaverse platform and provides a safe and secure environment where users can make transactions and trade tokens without any security threats.
Speed is one of the most prominent benefits of blockchain technology. Transactions made through Metaverse tokens are faster than fiat currencies and are generally processed in the blink of an eye. Faster transaction speeds will be a boon for users as they can buy commodities and collectables from the Metaverse platform without any hassle.
Metaverse is slowly becoming mainstream and it will be one of the most prominent industries in the world. It is highly beneficial for a business owner to invest in Metaverse NFT development services as it will be one of the most profitable industries in the future. Metaverse is slowly growing and with the advancements in technology, it will soon take over various industries like Healthcare, Business, Sports, and more.
The Blockchain technology coupled with Metaverse tokens offers a decentralized transactions system that doesn’t allow any third-party interference. This transaction cost is significantly reduced by implementing the blockchain system and sets forth a decentralized system.
Developing Metaverse Tokens is not an easy task by any means. There are various factors that must be considered before you can start developing a fungible token. However, it is recommended to employ a Metaverse Token Development Company if you want to successfully complete the process. Here are the essential steps to build Metaverse Tokens.
The first and foremost task in any development process is researching the existing market. You as a business owner must get a general idea of all the tokens that are performing in the market and which tokens are most popular. It is also beneficial to learn about the features of the top tokens of the industry so you can include them in your fungible token according to your business needs.
After you are done with the research, it is time to move on to the next step and choose your token’s standards. One of the most common standards is ERC-20 also known as Ethereum Request for Comment 20. It is one of the most preferable standards for tokens developed on the Ethereum blockchain.
The qualities of a Metaverse token often come directly from token standards. However, you can still customize features as per your needs. Make sure you employ a dedicated Metaverse Token Development Company to take care of this and the ongoing steps in the process as they are fairly technical. While customizing the features, make sure to consider these aspects-
Every type of crypto token is regulated by a smart contract, a program that functions on the blockchain. Writing a smart contract is an essential skill that every crypto specialist should know. If you want to create a fungible token for your Metaverse, writing a smart contract is of utmost importance. Ethereum is the first blockchain that introduced smart contracts which is also the reason why most Metaverse tokens are implemented on the Ethereum blockchain.
This is the most important step of the development process where the Metaverse Token Development Company creates the token. Smart contracts are responsible for regulating the tokens so they play a vital role. However, you don’t have to bother too much with this step as the technical experts will handle the development phase and provide you with a fully-functioning Metaverse token.
It is important to ensure proper testing and quality control of your Metaverse token before deploying your Token. Testing is the best way to ensure that the smart contract is bug-free and works efficiently. Expert Metaverse developers use tools like SafeMath to ensure there are no errors or bugs. If you encounter any bugs or errors, they must be fixed right away. It is essential to continue the testing process until you are left with zero errors.
After you have ensured that the smart contract works with zero errors, it is time to deploy it on the test net. It is important to ensure that the contract runs efficiently on the test net before deploying it to the blockchain. After it performs perfectly on the test net, you can deploy the token on the blockchain and release it to the public.
Since Ethereum is the most widely used blockchain in popular Metaverse tokens like SAND, we will provide you with an estimated cost to develop a token on the ERC-20 blockchain. There are various factors that affect the Development Costof metaverse token. Some most notable factors include-
These factors greatly influence the cost of creating a Metaverse NFT Token. Although, it is tough to provide you with an exact estimate without knowing your full requirements. The cost to develop a Metaverse token along with a wallet application for a single platform will cost around $15,000 to $30,000. However, the cost can be increased depending on your business requirements.
BR Softech is a world-class Metaverse Token Development Company providing ingenious services to our clients. We have experienced and competent developers who are proficient in working with advanced technologies like AR/VR, Metaverse, IoT, NFTs, and more. Our developers strive for customer satisfaction and provide Metaverse development services with a quick turnaround time and remarkable accuracy.
We are fully equipped to fulfill any business need you may have with our reliable customized as well as white-label development solutions.
Metaverse is slowly becoming mainstream as more users are gravitating towards Metaverse platforms. Although it is still widely misunderstood by people, it will undoubtedly be the biggest technological innovation in the upcoming years. Metaverse Development is highly profitable right now as there is minimal competition and you as a business owner will be able to penetrate the market and earn hefty profits. If you want to create a Metaverse game or Metaverse token, BR Softech provides ingenious Metaverse development services.
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The cost of creating a Metaverse is dependent on multiple factors. On average, creating a Metaverse will cost around $30,000 to $50,000 depending on your business requirements.
Metaverse tokens can be used for a variety of activities in the specific Metaverse. Users can shop, game, buy, and trade in-game assets with Metaverse tokens.
Yes, you can write your own code to create a new blockchain that will support a native cryptocurrency.
