The “Metaverse” is a shared digital space that integrates real-world elements such as ownership, identity, and financial value. The Metaverse Index project is designed to enable you to invest in the evolution of this digital sector.
Index Coop has launched the Metaverse Index, a collection of tokens created to capitalize on the trend of entertainment, sports, and business shifting to the virtual realm. MVI and ERC-20 token represents the index.
MVI makes it possible to invest in the Metaverse by giving investors access to a diverse set of protocols rather than relying on a single token.
Read on to learn everything you need to know about Metaverse Index (MVI) and how to buy Metaverse Index on CoinStats in a few simple steps.
What Is Metaverse Index (MVI)
The Metaverse Index (MVI) is a virtual economy index driven by NFTs and blockchain technology, designed to capture the trend of entertainment, sports, social activity, and business shifting to a virtual environment.
Inclusion Criteria for MVI Tokens
The index follows a methodology to assess tokens for inclusion. Each token must meet the following conditions to be accepted into MVI:
Ethereum Token: The token must be available on the Ethereum blockchain. If the Set Protocol infrastructure becomes multi-chain, this requirement will be revised.
History: The protocol should have been operational for at least 3 months, and the token must have a 3-months price and liquidity history.
Market Capitalization: The circulating market capitalization must be more than $50 million.
Liquidity: The token must have reasonable and consistent DEX liquidity on Ethereum.
Protocol Categorization: The protocol must be in one of the following token categories on Coingecko: Non-Fungible Tokens, Entertainment, Virtual Reality, Augmented Reality, or Music. As the market grows, more categories will be introduced.
Staking: At the index launch, no tokens will be staked. This is subject to change as liquidity increases and staking becomes a safe way to earn income.
Security: The protocol should have undergone an independent security audit, with the results verified by the product methodologist. In the absence of an audit, the methodologist makes a subjective assessment of the protocol based on the criteria listed above and discussions with the team.
Methodologists maintain the index’s quality by monthly maintenance, divided into two phases:
Determination Phase: During the last week of the quarter, the inclusion criteria are re-evaluated, and tokens are added and removed from the index computation accordingly.
Rebalancing Phase: Following the conclusion of the determination phase, the index composition will change to the new weights in the first week of the following quarter.
Underlying Tokens in the Metaverse Index as of April 2022 Rebalance:
Illuvium (ILV), Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA), Enjin (EFI), Rally (RLY), WAX (WAXE), Audius (AUDIO), Yield Guild Games (YGG), Decentral Games (DG), Whale (WHALE), Terra Virtua Kolect (TVK), Ethernity Chain (ERN), Rarible (RARI), NFTX (NFTX), REVV (REVV).
Simplicity: Based on the concept of the Metaverse, MVI offers a simple solution to capture a broad market trend without having to research and rebalance a portfolio continually.
Risk Management: Holding an index reduces the volatility of individual tokens.
Cost-effectiveness: Lower gas fees as compared to buying and selling tokens separately.
Transparency: To evaluate tokens for inclusion and removal, the index follows a set of transparent rules.
Where Can You Buy Metaverse Index (MVI)
$MVI can be purchased at app.indexcoop.com/mvi and is available on both Ethereum and Polygon. Simply connect your wallet and swap ETH for MVI. You can also buy it on major cryptocurrency exchanges such as eToro and Crypto.com, as well as decentralized markets such as Uniswap.
Metaverse Index has joined forces with the Set Protocol, enabling the creation, maintenance, and trading of “Sets,” baskets of ERC-20 tokens representing a portfolio of underlying assets.
How to Buy Metaverse Index on Coinstats
Some cryptocurrencies, such as the Metaverse Index, can only be acquired on decentralized exchanges with another coin. To buy Metaverse Index, you must first buy Ethereum (ETH) and then use ETH to buy Metaverse Index (MVI).
Let’s learn how to buy Metaverse Index on CoinStats:
Step #1: Connect Your Wallet
Once you click on the “Connect” button, you’ll see various wallet choices offered by CoinStats. Search for your wallet and connect it.
You can connect it by scanning the QR Code via WalletConnect or manually adding the Blockchain/Crypto and Wallet address in your web or mobile application.
Step #2: Select Token
After successfully linking your wallet, choose the token you want to swap by providing the data either in cryptocurrencies or USD/EUR.
For example, we are swapping ETH for MVI or buying Metaverse Index (MVI) with ETH.
In the “From” field, select the ETH token from your wallet, and in the “To” field, select “MVI.”
Step #3: Click Swap
Click on Advanced Options to change the slippage and gas settings. When you’re finished with customizing, scroll down to the bottom of your screen and click the “Submit Swap” button.
After you’ve submitted your swap request, you’ll be prompted to confirm it. To begin the swap, review the information displayed on your web or mobile app screen, and click the “Confirm” button.
Your transaction is now being processed. The pace of your transaction will vary depending on the gas parameters you select. You can trace your transaction from the loader at the bottom right corner or the wallet’s home page.
NOTE: You’ll be charged Network Transaction fees, also known as gas fees. This refers to the charge necessary to complete a transaction on the blockchain. In essence, gas fees are paid in the native currency of the network, i.e., Ethereum for the Ethereum network. CoinStats also charges a small swap fee in addition to the gas fees.
Step #4: Purchase a Wallet (Optional)
After completing your Metaverse Index Purchase, choosing a crypto wallet to store your coins safely is the next step. Your coins can be saved in your brokerage exchange wallet, but we strongly recommend creating a private wallet with your own set of keys. Depending on your investment preferences, you can pick software or hardware wallets, the latter being a more secure option.
A hardware wallet, also known as cold storage, is a physical device that stores the private keys necessary to receive and transmit cryptocurrency. Hardware wallets are often regarded as the safest option to store your cryptocurrency since they offer offline storage, which decreases the risk of hacks. They are password-protected and will erase all data after multiple failed attempts, preventing physical theft. Hardware wallets also let you sign and confirm blockchain transactions, adding an extra layer of protection against cyber threats.
Ledger wallets are undoubtedly the most secure hardware wallets available to users of all skill levels. The Ledger Nano X is ideally suited for experienced crypto traders and can store various assets, including DPI tokens.
A software wallet, on the other hand, is the most user-friendly crypto wallet, allowing you to interact with numerous decentralized finance (DeFi) applications instantly. However, software wallets are vulnerable to security breaches because they are hosted online. If you wish to use a software wallet, conduct due diligence before selecting one to avoid security breaches. As an added layer of protection, we recommend using a platform that supports 2-factor authentication.
MVI is currently worth $50.26, down 85.3% from its all-time high of $354.73 in November last year. But it’s not all bad news; the token is still up 71.6% from its low of $29.28 in June 2021.
To summarise, MVI’s first 6-months have been a frenzy. Despite the poor performance in the last six months, we remain quite optimistic about the Metaverse concept. The massive social migration to digital space will eventually result in Metaverse’s global economy 2.0, operating on Ethereum and linked to DeFi.
We find positive indicators of product-market fit in MVI and believe that some of the liquidity problems will be addressed over time. In the end, the Metaverse is unavoidable.
You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on buying various cryptocurrencies, such as How to Buy STEPN, What Is DeFi, How to Buy Cryptocurrency, etc.
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Investments are subject to market risk, including the possible loss of principal. Cryptocurrency is a highly volatile market and sensitive to secondary activity, do your independent research, obtain your own advice, and be sure never to invest more money than you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your circumstances and obtain your advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.