A Few of the Most Important Ideas
- Even though the value of cryptocurrencies has fallen, large corporations are still participating in the metaverse despite the current volatility.
- Enjin Coin, Decentraland, and The Sandbox have seen recent gains of 25 percent or more despite the crypto market’s overall 30 percent decline.
- New month’s upward trend is expected to continue.
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This past month was particularly brutal for stock investors. The S&P 500 was down 6.5 percent for the past four weeks and has now posted its worst stock returns since the pandemic began. You don’t have to be Warren Buffett to know that. When compared to the tumultuous cryptocurrency market, which has lost more than $1 trillion in value, or about 30% of its value, since its November peaks, that seems positively tame.
1. Tokens of the Enjin (ENJ)
When it comes to cross-blockchain gaming, Enjin Coin (ENJ) serves as the native token. Users can create their own websites, virtual storefronts and gaming teams using Enjin’s Enjin Network, which is a social gaming platform. It’s a cross between a social gaming app and a content-creation tool.
Using Enjin, game developers can create in-game assets (such as weapons, tools, and player skins), which can then be traded on the Ethereum blockchain for real-world money. The ERC-20 token was launched on the Ethereum mainnet in June of this year. Even more importantly, ENJ serves as a digital currency used to back the value of non-fungible tokens on the blockchain (NFTs).
By CoinMarketCap’s calculations, ENJ is up 2.65% in the last 24 hours and 25.13% in the last seven days, indicating strong momentum as we enter the second half of the month. Despite its low market capitalization of $1.5 billion, this token has the potential to increase in value by 10 to 20 times and still be inexpensive.
2. It is also known as: (MANA)
Decentraland (MANA) is an Ethereum-based virtual reality platform. Without leaving the MANA environment, its users can create, sell, and interact with their own content — or other people’s content and apps. Digital real estate can be purchased by players and creators, which can be used to host live events, build up and make money.
A wide range of experiences, including 3D vistas and various interactive ones, have been created by MANA users since the platform launched in February 2020. Additionally, it’s being used to host live virtual events, like New Year’s Eve celebrations last month, and digital experiences linked to the Australian Open that wrapped up this past weekend.
Today, MANA is up 8.10 percent, and it has gained 33.79 percent over the last seven days, according to CoinMarketCap. Even though it has a $5 billion market cap, its market value could rise by 20 times or more as the metaverse’s adoption grows.
3. Playground (SAND)
As with MANA, the Sandbox is a blockchain-based virtual world where players can create and trade digital assets. Decentralized autonomous organisations (DAOs) underlie the virtual world in which it is set up and operated. DAO uses smart contracts to control the activities of SAND’s ecosystem, allowing players to explore, experience, and build within SAND’s ecosystem, including the creation and sale of NFTs in-game.
As an added bonus, users of the SAND platform can earn SAND tokens by completing various tasks within the game, thanks to the “play-to-earn” model implemented by the platform. Coins can be used to make purchases within the gaming environment, or they can be exchanged for other digital and fiat currencies on a cryptocurrency exchange.
SAND’s price rose 3.20 percent today and 34.72 percent in the last week, according to CoinMarketCap. With more than $350 million in virtual property sales, SAND has outsold any other metaverse destination by a wide margin since its inception, according to nonfungible.com. And it doesn’t appear to be slowing down any time soon. As the metaverse grows, it’s a good sign that its $3.68 billion market cap will keep up with or even surpass MANA.
Always do your own research before investing, as there are no guarantees. Although the metaverse is not going anywhere any time soon, it is likely to expand for many years yet.