List of 10 Web3 Coins – Explained!

Web3 coins, also known as Web3 tokens or blockchain tokens, are digital assets that are typically built on top of blockchain technology, specifically on a Web3-enabled blockchain. These coins are decentralized, meaning that they are not controlled by any central authority or organization. They are often used as a form of payment or a store of value within a specific decentralized application (DApp) or ecosystem.

They can also be used for governance, utility, and other purposes. Some examples of web3 coins include Ethereum, EOS, and TRON. These web3 coins are used to facilitate transactions and interactions within a decentralized application, and to pay for the computational resources required to execute smart contracts on the blockchain.

Here is a list of some popular web3 coins that are related to the metaverse:

1. Ethereum (ETH): The second-largest cryptocurrency by market capitalization, Ethereum is an open-source blockchain platform that enables the creation of decentralized applications (dApps) and smart contracts. It’s the most popular blockchain for building web3 projects and is the foundation for most metaverse projects.
2. Bitcoin (BTC): The first and largest cryptocurrency by market capitalization, Bitcoin is a decentralized digital currency that can be used to make peer-to-peer transactions. It’s not a web3 native coin but it’s still widely used and accepted in the web3 ecosystem.
3. Decentraland (MANA): A cryptocurrency that represents ownership of virtual land in the Decentraland metaverse. It allows users to access and build on the land they own.
4. Somnium Space (SOMN): A cryptocurrency that represents ownership of virtual land in the Somnium Space metaverse. It allows users to access and build on the land they own.
5. The Sandbox (SAND): A cryptocurrency that represents ownership of in-game assets and allows players to buy, sell, and trade assets in the Sandbox metaverse.
6. Axie Infinity (AXS): A cryptocurrency that represents ownership of in-game assets, it allows players to buy, sell, and trade assets in the Axie Infinity metaverse.
7. Decentral Games (DG): A cryptocurrency that represents ownership of in-game assets, it allows players to buy, sell, and trade assets in the Decentral Games metaverse.
8. Sorare (SORA): A cryptocurrency that represents ownership of unique in-game assets, it allows players to buy, sell, and trade assets in the Sorare metaverse.
9. Enjin Coin (ENJ): A cryptocurrency that is used to create, manage, and trade virtual goods in games and other digital environments.
10. MakerDAO (DAI): A decentralized stablecoin, which is pegged to the value of the US dollar, it’s used to provide stability to the value of assets in web3 projects.

Is Web3 the same as crypto?

Web3 refers to the decentralized web, which is built on blockchain technology and enables the creation of decentralized applications (dApps) and smart contracts. It’s a new way of creating and interacting with online services and it’s considered the next evolution of the internet, where users have more control over their data and interactions. It’s also often associated with the metaverse, a collective virtual shared space that is created by the convergence of virtually enhanced physical reality and physically persistent virtual reality.

Cryptocurrency, on the other hand, is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. Cryptocurrency is a key component of web3, as it allows for secure and transparent transactions on the decentralized web. Cryptocurrency is typically used to buy, sell and trade assets on web3 platforms and to incentivize the participation of users in web3 projects.

Web3 is essentially a new way of interacting with online services and it’s built on blockchain technology, and most web3 projects use cryptocurrency as a medium of exchange and to incentivize users.