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.