Metaverse Ecosystem Overview: Which Top 10 Token Projects Are Leading the Virtual World?

Question

Do you still remember that immersive virtual world in “Ready Player One”? What was once a sci-fi fantasy is now becoming reality in Web3. With technological advances, the concept of the metaverse has evolved from a niche idea to a major trend in the crypto ecosystem, attracting a wave of innovative projects into this blue ocean.

Recent on-chain data shows that the total market cap of metaverse-related tokens has hit new highs, but what players care about most is: Who are the real protagonists? This article reviews the top 10 metaverse sector projects to see which ones are truly driving industry evolution.

Infrastructure Layer: The Brains Behind It All

Internet Computer (ICP) has paved a new path—using a “reverse gas fee model” to allow users to interact at zero cost. Its ambition is big, scaling by adding subnets to support seamless deployment of Web3 apps, games, and even metaverse solutions. The ecosystem also features free game engines like BOOM DAO, directly lowering the barrier for developers.

Enjin started with NFT tools and gradually evolved into a multi-chain Web3 development platform. The ENJ token is used for governance and transaction fees. Want to quickly deploy assets in the metaverse? Enjin provides the answer.

Computing and Rendering Layer: The Gas Station for 3D Content

Render (RNDR) does something imaginative—using distributed GPU resources to provide on-demand rendering services for 3D artists. In an era of booming demand for metaverse modeling, animation, and AR/VR applications, Render has become a critical piece. After migrating to Solana in 2023, both transaction costs and speed improved dramatically.

Gaming and Entertainment Layer: The Core of “Play-to-Earn”

The Sandbox (SAND) and Decentraland (MANA) are two leading metaverse games. The former uses NFTs to give users true ownership of virtual land and assets, while the latter emphasizes social interaction and governance. Both support monetizing user creativity—game development, virtual concerts, brand exhibitions, and increasingly diverse ways to play.

Axie Infinity (AXS) has long proven the viability of the “Play-to-Earn” model. Although its popularity has declined somewhat, it has proven one thing: virtual assets do have real economic value.

Illuvium (ILV) has upgraded the experience—cross-game asset interoperability has truly been realized on Ethereum for the first time. The NFTs you own in one game can be used in others, a key signal for metaverse interoperability.

Treasure (MAGIC) has recently become a dark horse, hailed as the “decentralized Nintendo” thanks to its community-driven development model and more than 15 ecosystem games, making waves in the Arbitrum ecosystem.

Newcomers and Long Tails: Forces Not to Be Ignored

Floki has transformed from a pure “MemeCoin” into a complete Web3 ecosystem—metaverse 3D NFTs, DeFi tools, the Valhalla game… Its story is a testament to what iterative upgrades can achieve.

OriginTrail (TRAC) takes a more advanced approach—using AI and knowledge graphs to build trust foundations for the metaverse, covering supply chain, healthcare, culture, and more. This is the foundational infrastructure required for the metaverse to mature.

Market Overview

From infrastructure to content creation, from GameFi to utility tools, the metaverse ecosystem has begun to take shape. But there are also obvious issues:

User retention: Most projects’ daily active users are far below traditional gaming standards
Unclear regulation: The legal status of virtual land and asset transactions is still being explored
Cross-chain interoperability: Most ecosystems are still siloed, fragmentation remains mainstream

Investment Perspective

Don’t get swept up by the hype. The metaverse is indeed a trend, but:

✓ Infrastructure projects are relatively more resilient (like ICP, Enjin)
✓ Game projects depend on user engagement and monetization ability (Sandbox, Illuvium have supporting data)
✗ Pure concept projects and those with high market caps still require cautious observation

The true metaverse is still in its early days—investing now means betting on the future infrastructure, just like how the survivors after the Internet bubble were those building the foundations.