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This year has certainly been a difficult one to assess for crypto investors. Various high-flying tokens with strong growth catalysts saw impressive performance in 2021. However, some metaverse cryptocurrencies, for example, have had a rocky start to 2022.
Can these top metaverse tokens turn around? Let’s dive into what may drive two of the top metaverse cryptocurrencies higher this year.
Top metaverse cryptocurrencies: Decentraland
One of the most incredible outperformers in the crypto market in recent years has been Decentraland (CRYPTO:MANA). As per CoinMarketCap, an investor who grabbed Decentraland’s MANA token in 2017 would have a better-than-100-times return on their initial investment. Indeed, much of this token’s recent gains have come last year, which saw Decentraland take off into a top-30 spot in the cryptocurrency rankings by market capitalization.
With around 300,000 monthly users, Decentraland is an immensely popular blockchain-based metaverse game. This platform is one that’s garnered interest from big-name corporate entrants into this space. As one of the oldest crypto metaverse options, Decentraland stands as a top-tier token right now.
For Decentraland, continued institutional interest in the metaverse will be a key driver of this token moving forward. Should investors continue to gravitate toward the metaverse, there’s a lot to like about Decentraland’s existing infrastructure. Indeed, for those taking the long view of the metaverse in the context of crypto, there’s a lot to like about how MANA is positioned right now.
The Sandbox
Another top metaverse cryptocurrency I’ve been watching closely of late is The Sandbox (CRYPTO:SAND).
Similar to Decentraland, The Sandbox is a virtual world where users can purchase digital real estate. Additionally, users can take part in The Sandbox’s play-to-earn experiences, driving a tremendous amount of interest, particularly from players in certain regions of the world crypto has less of an impact.
This platform is one that’s inspired a number of celebrities, such as Snoop Dogg, and brands, such as The Walking Dead, to own space in this virtual world. While The Sandbox’s user numbers are much lower than Decentraland’s (around 30,000 monthly active users), this platform’s digital land has garnered massive sales in the past.
These rising virtual real estate prices have boosted the value of SAND tokens approximately 6,000% since their launch. That’s an impressive return — one that’s hard to find elsewhere.
Like all cryptocurrencies, both Decentraland and The Sandbox carry higher-than-average risk. That said, these metaverse cryptocurrencies also carry much higher growth potential. Accordingly, those looking for a risk-on trade may want to take a look at these two tokens.
The post 2 Metaverse Cryptocurrencies That Could Soar This Year appeared first on The Motley Fool Canada.
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More reading
- Are These Metaverse-Related Cryptocurrency Tokens a Good Long-Term Bet?
- Can Metaverse Tokens Soar Again in 2022?
- Are Metaverse Cryptocurrencies the Place to Invest Right Now?
- These 2 Cryptocurrencies Could Double in 2022
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.
