The metaverse is a three-dimensional immersive virtual world that allows people to carry out daily activities similar to the physical world. Although the metaverse and cryptocurrency are two different things, they are somewhat interdependent.
Both the metaverse and cryptocurrency exist virtually and utilize blockchain technology to perform decentralized transactions. The Ethereum blockchain pioneered many dApps and decentralized cryptocurrencies in the metaverse, alongside blockchains like Avalanche and Solana.
One of such cryptocurrencies built on the Ethereum blockchain is the Enjin Coin (ENJ), while Metamortals (MORT) is a new cryptocurrency with its blockchain.
With their unique use cases in the metaverse gaming world, the latter two cryptocurrencies, like the Ethereum blockchain, can revolutionize the metaverse.
A Gamers Paradise – Enjin Coin (ENJ)
Enjin Coin is an ERC-20 token used by the Enjin online gaming creation platform. The platform hosts an ecosystem of interconnected blockchain-based gaming products.
The Enjin blockchain supports a decentralized, integrated ecosystem for creating games, NFTs, and software products that can efficiently help everyone develop, trade, monetize, and market with blockchain.
Subsequently, game developers can tokenize in-game items and use the Enjin Coin (ENJ) to back the digital assets created on its platform, which in turn, is backed by the Ethereum blockchain.
The ENJ token drives the Enjin ecosystem and is anti-inflation crypto since the ENJ token backs all digital assets minted on the Enjin platform. It supports transactions and smart contracts and is exchangeable with fiat currencies or other digital currencies. It is also available for sale on major cryptocurrency exchanges like Coinbase, Binance, and Gemini.
It’s All In The Game – Metamortal (MORT)
Metamortals is a new cryptocurrency set to enter the coin market as a GameFi project. GameFi incorporates decentralized financial features into the concept of crypto gaming.
It is a DeFi blockchain where people can enjoy play-to-earn games in a realm of fantasy and adventure. Therefore, users can enjoy an exciting experience while navigating the game and earning or performing DeFi activities like staking, yield farming, and token swapping.
Also, to boost interest, players can customize their gaming experience with added features for an exhilarating gaming experience. Additionally, Metamortals will create a virtual social world where people from all over the world can interact. Interaction can be done virtually in real-time, incorporating technologies such as social media, augmented reality, virtual reality, and mixed reality.
The Metamortals token, MORT, fuels the play-to-earn ecosystem. Players are rewarded with the MORT tokens after carrying out different tasks in the game, such as exploring, providing liquidity, staking, etc.
The token is a BEP20 utility token designed to be safe, fast, and have low trading costs. It can also be used to acquire the governance token, $MORT DAO, which grants voting rights to its holders in the DAO.
The Old Guard Making Big Moves – Ethereum (ETH)
Ethereum is a blockchain like Bitcoin. However, its programmable smart contracts blockchain allows for the creation and development of decentralized applications (dApps) – from decentralized autonomous organizations (DAOs) to Initial Coin Offerings (ICOs), stablecoins, decentralized finance (DeFi), and non-fungible tokens (NFTs).
For example, users can leverage smart contracts on the blockchain to establish their ownership of digital objects, to which no one else can claim ownership on the blockchain – even if they save a copy to their computer. These various applications are key innovations in cryptocurrency and the metaverse by extension.
The Ethereum blockchain is powered by its native cryptocurrency – Ether (ETH) – and enables developers to create new types of ETH-based tokens that power dApps through smart contracts. Most ETH-based cryptocurrencies are built using the ERC-20 token standard.
As the popularity of NFTs increases, the Enjin online gaming creation platform would expand to become the main base for developing and trading more NFTs using the Enjin Coin (ENJ). Also, its direct peer-to-peer interactions hold the promise of instantaneous settlement of funds and near-zero fees.
Meanwhile, the Ethereum blockchain is the mother of dApps and, through its smart contracts, initiated a cascade of other decentralized activities in cryptocurrency and metaverse.
Upcoming Metamortals (MORT) decided not to toe the same line of creating an NFT gaming platform as its other counterparts. By acting as a bridge between the gaming and finance industries, it aims to drive the massive adoption of cryptocurrency gaming, e-commerce, and social interaction in the metaverse.