The advancement of blockchains and the Internet of things opened new opportunities for platforms to create virtual ecosystems filled with decentralized applications (dApps). These systems have the potential to grow into full-blown metaverses.
Most would agree that a true metaverse is yet to be created. However, two projects seem to make significant steps toward building their unique virtual worlds. In this article, you will learn about the two most popular crypto ecosystems — Decentraland and Axie Infinity. You’ll see an AXS vs MANA comparison and be able to decide which token is the go-to option for you.
A closer look at Decentraland
After Facebook announced its rebranding into Meta last year; metaverse crypto projects experienced a spike of interest amongst crypto enthusiasts. One of those projects was Decentraland.
Decentraland is a virtual reality browser-based platform founded by Esteban Ordano and Ariel Meilich in 2017. The platform went live in January 2020. Decentraland’s initial coin offering (ICO) raised over $24 million.
Decentraland’s ecosystem is a massive sandbox game. Players can buy land and build whatever they want or enjoy ready-made mini attractions.
There are a total of 90,601 parcels in the Decentraland world. Parcels present themselves as NFTs on the Ethereum network. They can be bought and sold on a decentralized marketplace. The space within the ecosystem is measured in LAND (16 square meter spaces). Its price can go as high as 2 million MANA tokes.
Parcels, wearables, and names within the ecosystem are purchased using Decentraland native coin, MANA. It’s an ERC20 token. You can use MANA to
- purchase LAND;
- customize your character or space;
- buy tickets for virtual events and art pieces in Decentraland galleries;
- gamble in the Decentraland world.
Decentraland utilizes a decentralized autonomous organization (DAO) structure for governance. MANA holders can vote on any changes in the Decentraland world.
MANA token is in the top 35 by market cap. Almost every crypto exchange online lists MANA as one of its tokens.
What to know about Axie Infinity?
AXS is one of the top play-to-earn cryptocurrencies. It’s the native token of Axie Infinity. The platform was founded by a software company called Sky Mavis in 2018. Games like Tamagotchi and Pokémon inspired it.
Axie Infinity is an NFT, token-based game with its ecosystem. Every player can create their in-game character known as Axie. It’s an NFT that you can sell or buy within the game. Users can also raise, breed, and battle with their characters. The value of your Axie is determined by its looks and battle abilities.
Axies fight in teams of three. Players earn Smooth Love Potion (SLP) tokens when their team defeats an enemy team. They are required to breed Axies.
Axie Infinity’s world is called Lunacia. Similar to the Decentraland world, you can buy land in Lunacia. Last year, a plot of in-game land was sold for 550 ETH (the equivalent of $2.3 million). All purchases in Lunacia are made using AXS coins.
AXS is an ERC20 token, meaning it’s a secure token that you can trade on any crypto platform. Players can stake their AXS coin to earn weekly rewards. AXS is top 46 by market cap.
Today, Sky Mavis makes the most decisions within the Axie Infinity platform. However, they plan to turn the platform into DAO and provide AXS holders the right to vote on governance by September 2023.
Comparing MANA to AXS
For a better perspective, let’s compare MANA to AXS.
The chief difference between Decentraland and Axie Infinity ecosystems lies in their governance. Decentraland is a DAO, meaning every MANA holder can participate in on-platform voting.
Both coins are ERC-20 tokens. However, AXS’ supply limit makes it less exposed to inflation.
What is the most promising Cryptocurrency?
There is no clear winner when it comes to Decentraland vs. Axie Infinity. They are decent platforms that strive to develop their virtual worlds. If you want to be a part of a Metaverse that resembles real-life — choose Decentraland. If you like playing games and earning crypto along the way — Axie Infinity would be your choice.
Also Read: How to Effective Sell NFT in India?