Ethereum (ETH) is a key part of many projects in the Metaverse

Ethereum (ETH) is a key part of many projects in the Metaverse

Have you ever heard the saying, “Invest in picks and shovels when there’s a gold rush?” This can be used to explain Ethereum, which is the most popular smart contract platform and provides the most important infrastructure for most of the top metaverse coins. In fact, three of the five tokens on this list were built on Ethereum.

Smart contracts are an important part of blockchain-based metaverses because they make it possible for them to work safely without a central authority. Thousands of decentralized applications (dApps) are already running on Ethereum’s network, so it has already proven itself. Its dominance in DeFi, for example, has never been matched since DeFi became popular. Even now, 59% of all DeFi transactions are still done on Ethereum (DeFiLlama).

Going forward, developers of metaverses are likely to use Ethereum as their chain of choice. With the recent success of Ethereum Merge, it seems even more likely that this will happen. This is because it makes it possible for the network to use sharding, which is expected to speed up Ethereum to more than 100,000 transactions per second while cutting fees by a lot.

Since all transactions in any Ethereum-based metaverse will require gas fees to be paid in ETH, the token could become much more popular as metaverses become more common. Ethereum is one of the best metaverse coins to buy right now because it can be used in other parts of the crypto world.

close

We don’t spam! Read our privacy policy for more info.

Related Articles

Kefi Gold Hires Advisors for Dual-Listing in Saudi Stock Market

01/31/2023

Kefi Gold Hires Advisors for Dual-Listing in Saudi Stock Market (Bloomberg) —...

Ukraine Latest: Heavy Artillery Is Part of $2 Billion in US Aid

01/31/2023

Ukraine Latest: Heavy Artillery Is Part of $2 Billion in US Aid...

Wolfspeed to announce new electric vehicle chip plant in Germany – sources

01/31/2023

Wolfspeed to announce new electric vehicle chip plant in Germany – sources...

US, Allies Impose New Sanctions on Myanmar Two Years After Coup

01/31/2023

US, Allies Impose New Sanctions on Myanmar Two Years After Coup (Bloomberg)...

Bangladesh Buys Gas for First Time in Eight Months on Price Drop

01/31/2023

Bangladesh Buys Gas for First Time in Eight Months on Price Drop...

Intel Slashes CEO Pay by 25% as Part of Companywide Cuts

01/31/2023

Intel Slashes CEO Pay by 25% as Part of Companywide Cuts In...