The new trend in the virtual world of 2025: An overview of key players in the Crypto Metaverse ecosystem

Metaverse: The Economic Bridge from Virtual to Reality

The virtual world is no longer just a synonym for gaming. Empowered by blockchain technology, the metaverse is evolving into a complete economic system where users can establish real assets, conduct commercial activities, and even diversify income. This shift from traditional digital environments to decentralized virtual spaces has attracted more and more developers, investors, and ordinary users.

In the crypto metaverse sector, a batch of innovative projects emerged in 2024. Through unique mechanism designs and large-scale user bases, they are rewriting the rules of the virtual world. These projects not only represent technological progress but also herald a new era of investment full of possibilities.

The Essence of the Metaverse: Blockchain Endowing Virtual Assets with Real Value

The metaverse is a persistent shared virtual space composed of augmented reality, virtual reality, 3D avatars, and other digital communication methods. Within this space, users can interact as they do in the real world, with blockchain and cryptocurrencies serving as the infrastructure for its operation.

NFTs (Non-Fungible Tokens) give virtual assets clear ownership, while cryptocurrencies enable cross-platform value circulation. This mechanism allows virtual real estate, digital collectibles, and even personal identities to be truly owned and traded. Compared to traditional virtual worlds controlled by a single company, blockchain-driven metaverses offer unprecedented freedom and economic opportunities.

Explosive Market Growth

According to Market.us forecasts, the global metaverse market will grow from $9.41 billion in 2023 to $234.62 billion in 2032, with a compound annual growth rate of 44.4%. This figure demonstrates the development potential of the field.

As of May 2024, the total market capitalization of the entire metaverse sector exceeds $31.7 billion, with nearly 300 related projects listed on CoinMarketCap. This diversified project ecosystem reflects the sector’s transition from early exploration to large-scale development.

In-Depth Analysis of Core Crypto Metaverse Projects

The Sandbox (SAND) - User Content Creation Engine

Current Price: $0.12 | 24-Hour Change: -0.67% | Market Cap: $226.46M

The Sandbox is a decentralized virtual world built on Ethereum, launched in 2018, quickly becoming a benchmark project in the metaverse field. Its core innovation lies in providing users with a complete creation toolchain.

Evolving from mobile games, The Sandbox offers VoxEdit, Game Maker, and Marketplace tools, enabling anyone to become a content creator. Players can use SAND tokens to purchase virtual land (LAND), build games and experiences on it, and earn revenue.

The project’s funding history is impressive: raised $3 million in an ICO in 2020, and in 2021, received $93 million from SoftBank. Collaborations with well-known IPs like Atari, CryptoKitties, The Walking Dead, and Snoop Dogg greatly enhanced its ecosystem appeal. Recently, staking on the Polygon network has enabled zero-fee transactions and periodic rewards, attracting many participants.

Decentraland (MANA) - Virtual Real Estate Trading Hub

Current Price: $0.12 | 24-Hour Change: -0.67% | Market Cap: $226.46M

As a pioneer launched in 2017, Decentraland has established a unique position in virtual real estate trading. Users purchase virtual land with MANA tokens adhering to the ERC-20 standard, with ownership verified via ERC-721 NFTs.

Decentraland’s advantage lies in its ecosystem diversity: supporting virtual gaming, social experiences, and providing spaces for merchants to set up virtual shops and art exhibitions. Hosting the first Metaverse Fashion Week demonstrated its capacity for large-scale event hosting.

Governance is managed via DAO, with MANA holders voting on platform development. Recent features like voice chat, graphic optimizations, and desktop clients are gradually enhancing user experience. Partnerships with tech giants like Samsung and Meta further strengthen its position in mainstream markets.

Axie Infinity (AXS) - Play-to-Earn Pioneer

Current Price: $0.84 | 24-Hour Change: +0.10% | Market Cap: $141.47M

Founded by Sky Mavis in 2018, Axie Infinity pushes the concept of “play and earn” to the extreme. Inspired by Pokémon and Tamagotchi, this on-chain game allows players to breed, raise, and battle virtual creatures called Axies to earn AXS and SLP tokens.

The project has secured significant funding, with Andreessen Horowitz leading a $152 million investment round. Its Ronin sidechain greatly reduces transaction costs and enhances scalability. The booming NFT market has made Axies and virtual land plots like Lunacia highly sought after.

Recent innovations include the launch of AXS staking, upcoming land gameplay mechanics, and decentralized exchanges on the Ronin network, reinforcing its leadership in the GameFi ecosystem.

Illuvium (ILV) - Benchmark for Blockchain Gaming

Current Price: $5.79 | 24-Hour Change: -0.51% | Market Cap: $54.97M

Illuvium is regarded as the first AAA blockchain game. Its open-world setting launched in 2021 breaks many stereotypes about on-chain gaming. Players capture creatures called Illuvials, participating in RPG and auto-battle combat.

The game features over 100 unique creatures, each with different classes and affinities, determining combat strength. ILV tokens serve as in-game currency and governance tokens. Players can stake ILV for rewards or use sILV for instant in-game benefits.

IlluviDEX offers gas-free NFT trading, and integration with Immutable X further enhances scalability. Recent releases like Illuvium: Zero mini-games and upcoming major updates show ongoing evolution.

Enjin Coin (ENJ) - Infrastructure for NFT Creation

Current Price: $0.03 | 24-Hour Change: -0.76% | Market Cap: $52.14M

Launched in 2017, Enjin Coin aims to simplify virtual asset creation and management. In 2023, Enjin announced the launch of its own blockchain mainnet, migrating ENJ from Ethereum to Enjin Mainnet, significantly improving scalability and reducing transaction costs.

ENJ’s core value lies in serving as a store of value for NFTs, ensuring each token has real worth. Developers use ENJ to create in-game items, which can be traded on the Enjin Marketplace. Efinity network enables cross-chain NFT interactions, and Enjin Wallet simplifies digital asset management.

Partnerships with giants like Microsoft, Samsung, and Oracle validate its technological potential across industries. Efinity, as a Polkadot parachain, further enhances interoperability.

OriginTrail (TRAC) - Guardians of Decentralized Data

Current Price: $0.41 | 24-Hour Change: +1.47% | Market Cap: $181.64M

Although not a traditional metaverse project, OriginTrail’s decentralized knowledge graph (DKG) plays a key role in data integrity within virtual worlds. Founded in 2011 and pivoting to blockchain in 2018, OriginTrail focuses on supply chain transparency and efficiency.

The project spans multiple blockchains including Ethereum, Polygon, Gnosis, and has its own Polkadot parachain, NeuroWeb. TRAC tokens are used for data publishing, node operation, and data trading. Collaborations with Walmart, Oracle, and the EU demonstrate its value in the real economy.

NeuroWeb deployment aims to further reduce costs and improve network efficiency, which is vital for building a trustworthy metaverse economy.

Yield Guild Games (YGG) - Virtual Asset Investment Fund

Current Price: $0.07 | 24-Hour Change: +0.42% | Market Cap: $45.36M

Yield Guild Games is a decentralized autonomous organization (DAO) investing in and managing virtual assets. Since its founding in 2020, it has become a key player in the metaverse ecosystem. Its mission is to generate income for community members by optimizing virtual asset utilization.

As an ERC-20 token, YGG supports governance participation, staking rewards, and ecosystem service payments. The Guild Advancement Program and Superquests help members build on-chain identities. Deep collaborations with Axie Infinity and Ronin network make YGG a vital supporter of these ecosystems.

Recently, YGG tokens launched on the Ronin network, enhancing accessibility and utility, further consolidating its position in virtual world investments.

Wilder World (WILD) - High-Fidelity 3D Immersive Experience

Current Price: $0.05 | 24-Hour Change: +1.27% | Market Cap: $22.69M

Wilder World, created by renowned digital artist Frank Wilder, is an immersive 3D metaverse based on Ethereum. Using Unreal Engine 5 and AI technology, it promises near-photorealistic visuals and dynamic interactions.

The first city, Wiami, modeled after Miami, serves as a hub for exploration, quests, and storytelling. Its “5D metaverse” vision combines VR, real-time rendering, and blockchain to build a truly immersive environment.

WILD tokens are central to the ecosystem, supporting transactions, governance, and staking. Players can create unique digital assets, participate in governance via Wilder Nation DAO, and earn rewards through challenges. NFT series like AIR WILD kicks, Wilder Wheels, and Wilder Cribs are deeply integrated into the economy. Strategic partnerships with artists and tech firms help Wilder World attract both Web3 enthusiasts and mainstream users.

Hooked Protocol (HOOK) - Gamified Web3 Education Platform

Current Price: $0.04 | 24-Hour Change: +0.42% | Market Cap: $11.87M

Hooked Protocol, launched in late 2022, accelerates Web3 adoption through innovative learning mechanisms. Its core product, Wild Cash, adopts a “learn-to-earn” model, rewarding users for taking quizzes, participating in mining games, and social referrals.

This approach has attracted over 3 million monthly active users, especially in emerging markets. Teams from Uber and Google are dedicated to lowering the barriers to Web3, achieving this through intuitive educational content and user onboarding.

HOOK tokens serve governance and utility functions, supporting platform decision-making, exclusive NFT access, community activities, and in-app purchases. They will also be used as gas tokens for on-chain transactions within the Hooked ecosystem. Ongoing platform improvements and AI integration are driving its central role in large-scale Web3 adoption.

My Neighbor Alice (ALICE) - Farming Fun

Current Price: $0.17 | 24-Hour Change: +0.40% | Market Cap: $15.90M

Developed by Chromia, My Neighbor Alice launched in early 2021. It is a multiplayer blockchain game combining casual farming with virtual socialization. Players buy and develop virtual land in a fantasy world called Lummelunda Islands, engaging in quests and interactions.

Its appeal lies in its friendly aesthetics combined with blockchain mechanics, attracting both gamers and crypto enthusiasts. ALICE, an ERC-20 token, is the main currency supporting land purchases, in-game item trading, and governance participation.

Players can earn ALICE by completing tasks and participating in events. Recent beta releases introduced player-to-player trading and expanded user-generated content. Partnerships with Chromia enhance scalability. The 2024 roadmap emphasizes full decentralization and new features, aiming to boost player engagement and overall experience.