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Wednesday, 03 Nov 2021
Crypto Notes
Crypto Notes ₿ by Rohas Nagpal
By Rohas Nagpal

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Crypto Notes – All about the Metaverse

Over the last few weeks, we discussed Dogecoin (DOGE), Cardano (ADA), Binance Coin (BNB), Solana (SOL), Bitcoin (BTC), Ether (ETH), Filecoin (FIL), Polkadot (DOT), Polygon (MATIC), Chainlink (LINK), and Theta. This week we take on the leading Metaverse cryptos.

     

Let's start with some interesting crypto news.

Action in meme coins is heating up with SHIBA INU reaching a market capitalization of almost $40 billion and Dogecoin crossing $38 billion.

Justin Sun, the founder of the Tron Blockchain, has reportedly withdrawn billions of dollars of crypto from leading DeFi protocol Aave. It is rumored that this is because of suspected security vulnerabilities in Aave.

AnubisDAO, a crypto project, raised and then lost $60 million in ETH to a suspected phishing attack.

Squid, a "play-to-earn" crypto inspired by the South Korean Netflix series Squid Game has turned out to be a rug pull and its developers have scammed over $3 million.

1. What is Metaverse?

Metaverse = Internet + Augmented Reality + Virtual Reality

The best way to understand Metaverse is by watching 7 movies - Ready Player One, Minority Report, Avatar, Iron Man, Matrix, Inception, and Wreck-it Ralph.

Facebook's rebranding to "Meta Platforms" has brought Metaverse to the front, but it is actually an old concept.

I remember using Second Life in the early 2000s. Second Life created a user-defined world in which people could interact, play, do business, and communicate. The major band Duran Duran performed a concert in the Second Life virtual world in 2006!

2. Metaverse cryptos

The top Metaverse cryptos are

Axie Infinity (AXS),

Decentraland (MANA),

Enjin Coin (ENJ), and

The Sandbox (SAND).

Axie Infinity is an Ethereum-based virtual world where you can collect, breed, battle, and trade virtual pets called Axies. These virtual assets are represented by tradable ERC-20 or ERC-721 tokens.

Decentraland is an Ethereum-based virtual reality platform where you can buy, build upon and monetize plots of virtual land.

Enjin enables developers to tokenize "in-game" items on Ethereum. Enjin Coin is an ERC-20 token that backs these digital assets.

The Sandbox is a blockchain-based virtual world where you can create and trade digital assets in the form of a game. Its a place where decentralized autonomous organizations (DAO) meet non-fungible tokens (NFTs).

Price metrics

  AXS MANA ENJ SAND
Current Price: $ 140 $ 3.24 $ 2.83 $ 2.69
All-time high $ 164.15 $ 4.69 $ 4 $ 3.27
All-time low $ 0.1234 $ 0.008 $ 0.016 $ 0.029

Supply metrics:

  AXS MANA ENJ SAND
Cir. supply 61 M 1.82 B 834 M 892 M
Total supply: 270 M 2.2 B 1 B 3 B
Maximum supply: 270 M NA 1 B 3 B

Note:

M = million and B = billion.

Circulating Supply is the number of coins / tokens in public hands.

Total Supply is the number of coins / tokens created minus the number burned.

Maximum Supply is the maximum amount of this crypto that can ever exist.

Figures have been rounded off for convenience.

Marketcap & Volume metrics:

  AXS MANA ENJ SAND
Market Cap ($): 8.5 B $ 5.9 B $ 2.4 B $ 2.4 B
Fully Diluted Mcap ($): $ 38 B $ 7.1 B $ 2.8 B $ 8 B
Volume (24h) ($): $ 600 M $ 8 B $ 1 B $ 8.7 B
Volume / Mcap ratio: 0.07 1.35 0.44 3.65

Note:

Market cap = Current Price x Circulating Supply.

Fully Diluted Market Cap is the market cap if the maximum supply was in circulation.

Volume (24h) is the fiat value of this crypto traded over the last 24 hours.

Dominance measures a crypto's total market capitalization relative to the total market cap of all cryptos.

Volume / market cap ratio = 24h Volume / Marketcap.

Total Value Locked = Total assets value currently staked or locked in the protocol.

Figures have been rounded off for convenience

Note: The data/graphs are from CoinMarketCap, Messari, and Future Money Wallet.

     

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Rohas Nagpal is an author, an amateur boxer, a blockchain architect, a Tintinologist and a retired hacker.

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