If you are new to the cryptocurrency industry, then there is a high possibility you may only know about a few cryptocurrencies. You may only have Bitcoin, Ethereum, Binance, and a few more cryptocurrencies in your notice.
The cryptocurrency industry has many more cryptocurrencies than you can imagine. Let me tell you there are almost 20,000 cryptocurrencies that have been introduced so far.
However, these cryptocurrencies have been launched through several blockchain networks into so many subsectors. Yes, over time, the cryptocurrency sector has been subcategorized into many spaces.
Among so many subcategories, the ones that have gained strong recognition and adoption are non-fungible tokens (NFTs) and metaverse.
I will now layout what both spaces have to offer and what major segments these subcategories have to offer. I will also mention the major cryptocurrencies that are currently being offered within the particular spaces.
The NFT sector has been around since 2013 but it rose to fame in early 2021. Since then the NFT sector hasn’t looked back and it is constantly growing stronger.
The NFT sector has gained popularity in the gaming, music, artwork, virtual reality, and collectibles sector. People are willing to pay in millions in order to acquire the digital NFT artworks.
The NFTs cannot be copied or replicated and can be embedded with lifetime royalty claiming feature and ownership. This is where the music industry is benefiting tremendously from the NFTs
In the gaming sector, NFTs are adopted in the form of in-game collectibles and items that the players can win and sell to make money.
At present, some of the most prominent cryptocurrencies being offered within the NFT segment. The major NFT cryptocurrencies interacting with the gaming industry are Decentraland, The Sandbox, and Axie Infinity.
As for the artwork sector, the major NFTs include BAYC, MAYC, Otherdeed for Otherside, and Azuki among others.
The metaverse is the multi-universe experience that the people are able to benefit from. The metaverse experience deals with virtual worlds. Many game development, music artists, real estate, advertising, and real companies are adopting metaverse.
The metaverse is taking over the virtual reality industry at a very fast rate. Decentraland, The Sandbox, ApeCoin, Theta Network, and Enjin Coin among many are also part of the metaverse.
Compared to all other major sectors within the crypto-verse, it is the metaverse sector that is gaining tremendous adoption.
At present, the overall valuation of the metaverse is worth $14.97 billion and it has experienced a 4.66% surge in the past 24-hours.
The 24-hour trading volume for the overall metaverse has also surged at a significant (69.23%) rate. The trading volume exhibited for the metaverse is currently standing at $4,417,601,314.