- Becoming a millionaire in any investment is a difficult task, but these three metaverse cryptos have potential to help investors on that path.
- ApeCoin (APE-USD): The team behind this project has proven itself.
- Decentraland (MANA-USD): The NFT craze has resulted in substantial gains for this token.
- The Sandbox (SAND-USD): This crypto features limited coin supply, while being a top player.
The term “metaverse” is a rather ubiquitous one in financial markets these days. However, this is also a rather nebulous term, used to define a broad range of companies and projects looking to create digital worlds. For investors in the crypto space, various metaverse cryptos have provided incredible returns in the past.
But can these returns continue in 2022?
This year hasn’t gotten off to a good start. Many of the most popular metaverse crypto projects such as ApeCoin (APE-USD), Decentraland (MANA-USD) and The Sandbox (SAND-USD) are well off from their highs. As investors choose to de-risk their portfolios, it’s the highest-growth investments that have gotten sold off first.
That said, from a fundamentals perspective, should growth continue, this recent dip could provide some big upside for aggressive investors. Valuations matter, but growth plays into the valuation discussion as much as multiples. Should these metaverse cryptos continue to take off among users, growth investors could be well-rewarded over the long-term.
To be sure, these three metaverse cryptos are ones carrying significant risk. Accordingly, these aren’t for the faint of heart. However, those looking to juice their returns over the long-term, and aren’t worried about near-term volatility, may want to dive into these tokens.
- 7 Retirement Stocks to Buy to Turbocharge Your Savings
Let’s take a look at why these three projects are worth considering right now.
ApeCoin is a relatively brand new project. Notably, ApeCoin was formed out of the NFT community of the Bored Ape Yacht Club. Launched March 17, ApeCoin immediately soared upon release.
Launched at $1 per token, APE almost immediately surged to nearly $40 per token. Today, this metaverse crypto is still worth around $7.50, providing decent returns for early investors. Much of the reason for this quick appreciation is this token’s ties to the metaverse.
As a utility and governance token, APE enables holders to take part in governing the Ape ecosystem. Holders of APE are provided with access to games and other services and products available only to ApeCoin holders.
Notably, ApeCoin holders can use their coins in Otherside, which is an upcoming metaverse game from Yuga Labs. Recently, Yuga Labs raised around $320 million in a virtual land sale, which enabled holders of the APE token to buy parcels in Otherside. While Otherside is still being developed, this is an exciting opportunity for those looking for true integration between NFTs and the metaverse in the crypto world.
Right behind ApeCoin, Decentraland is the second-largest metaverse token in terms of market cap, which comes in around $2 billion. Interestingly, MANA is still up considerably over the past year, despite declining from its late-2021 peak like so many metaverse cryptos.
Decentraland has been popular lately, having been in the news frequently. This is partially due to the NFT craze, which also resulted in significant gains for the MANA token.
Several NFT owners have begun using this platform to show off their non-fungible tokens. However, there’s more on this metaverse platform besides NFTs. The platform’s main feature is the ability for investors to purchase digital land on the metaverse. Every plot of LAND measures 16 square feet, and there are only 90,601 parcels available.
- 7 Bargain Cryptos to Buy After the Crash
Notably, the broker of luxury art and goods, Sotheby’s, purchased a plot of land in Decentraland and used it to develop a replica of its London offices. This is an example showing that even big organizations are looking forward to metaverse projects.
The Sandbox (SAND)
The Sandbox provides a virtual world where players can own, monetize and build gaming experiences on the Ethereum (ETH-USD) blockchain utilizing the SAND token. Players can develop digital assets in the form of NFTs and upload them to a marketplace. In addition, they can incorporate them into games with Game Maker.
Notably, this crypto metaverse project has shown remarkable performance. During last year, the project’s SAND token was consistently on the rise and finally surpassed the $1 mark in the last quarter, maintaining its upward trajectory. The Sandbox peaked at a price of more than $8 per token, showing just how fast the valuation on this project increased in such a short amount of time.
The Sandbox’s native token has been hovering around the $1.30 level for some time. Thus, it’s down considerably from its peak. However, with a limited supply of 3 billion tokens, and 1.2 billion tokens in circulation, those betting on massive valuations in the future for metaverse cryptos have an interesting project to consider in The Sandbox.
All three of these tokens are high-risk, high-upside picks. That said, those bullish on the future of the metaverse may want to take a look.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- Stock Prodigy Who Found NIO at $2… Says Buy THIS
- It doesn’t matter if you have $500 in savings or $5 million. Do this now.
- Get in Now on Tiny $3 ‘Forever Battery’ Stock
The post 3 Metaverse Cryptos That Could Make You a Millionaire appeared first on InvestorPlace.