SAND - Metaverse Rebound? Here Are 2 Top Tokens to Watch
The story for cryptos is a bit different this year in comparison to the rally of 2021. While we’re seeing some positive movement among top tokens of late, it’s been a dismal year for most cryptocurrencies .
That said, given the historical moves in crypto, perhaps this down market is an opportunity to pick up growth assets at a discount. For those looking for higher-leverage moves, the metaverse is one place that has gained attention.
In this space, The Sandbox (CRYPTO:SAND) and Decentraland (CRYPTO:MANA) are among the top tokens to consider. Let’s dive into what these crypto projects have to offer.
Top tokens to play the metaverse: The Sandbox
The Sandbox is popular for its two major mobile hits: The Sandbox Evolution (2016) and The Sandbox (2011). These two virtual world games have combined for more than 40 million downloads on Android and iOS, as of mid-May.
Interest around The Sandbox’s apps has been driven by big-name brand partnerships. Snoop Dogg owns space in The Sandbox. And other franchises, such as The Walking Dead , have joined in as well. Thus, the hype train has been running hot for some time.
Now, despite the allure of these virtual worlds, SAND tokens have been hit hard of late. Currently trading around $1.30 per token , this cryptocurrency is now down nearly 85% from its peak last year. That’s a dramatic drop, and one which has not enticed new capital into this project.
On the one hand, this decline could be viewed as the market’s consensus that the metaverse isn’t a place to invest right now. On the other, for those who believe in the future of the metaverse, this could be a great buying opportunity.
Thus, the question remains as to whether interest will come back to this niche area of the crypto market. If it does, The Sandbox is a project to keep an eye on.
Decentraland
Decentraland is another virtual reality platform, which provides users with an opportunity to generate and sell content. It is a blockchain-based platform with a goal of developing a network owned by its members, delivering an immersive experience.
Decentraland is one of the most popular metaverses, and Fortune 500 companies like Samsung and JPMorgan Chase have set up shops here. Indeed, Decentraland’s range of real estate offerings is what makes this platform exciting. On Decentraland, many users have built virtual structures and experiences into this metaverse. These include the likes of art galleries, concert halls or virtual casinos.
With physical real estate on the decline, it’s possible that investors will look to virtual real estate as a place to invest. Indeed, this is a new space. However, for those who think the metaverse could be the next frontier worth investing in, these are two top tokens to watch.
The post Metaverse Rebound? Here Are 2 Top Tokens to Watch appeared first on The Motley Fool Canada .
JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Fool contributor Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.
2022