You already know what 1993 represented to superhero comics industry. Everything that looked like a collectible was selling and many publishers made a lot of money from people looking for whatever that smelled to investment for the future.
That year, Skybox, a company which had acquired the rights to produce trading cards based on DC Comics properties, took advantage of the growing wave of people looking for whatever claiming to be a collector's item and dabbled into this so basic market thus the DC Skycaps were born. What were they? Just tokens to play the Milk Caps or POG game, very popular by the early and mid 90's.
The origin of the name for these collectible playing tokens is associated to a certain brand of beverages called Passion Orange Guava or POG by its initials, kids started playing with POG bottle caps before the commercialization of the game, however the milk caps game history can be traced to the 1920's possibly in Hawaii or even earlier, considering there is Japanese game called Memko believed in existence since the 17th century which is pretty similar to POG.


Metamorpho's cap was number 28 and like all other caps from this set, the art is recycled from previous published works, Metamorpho's art is the same from his card in the 1992 DC Cosmic trading card set. Evidently this product was created in a rush just to make money fishing in troubled waters.
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