The race to the metaverse and early investing has started. Beyond crypto pundits and NFT collectors, big banks like Goldman Sachs have their eyes on the metaverse and give it an $8 trillion valuation. After this valuation, investors keen on the metaverse have turned their attention to cryptos pegged to it. What metaverse crypto should investors buy?
Here are three fundamentally strong cryptocurrencies integrated into the metaverse.
The MANA token is a good bet.
First, MANA is the native token to the decentralized metaverse platform, Decentraland, built on the Ethereum blockchain. MANA is an ERC-20 token with 1.82 billion tokens in circulation and a total market cap of approximately $5 million, according to CoinMarketCap.
MANA can be purchased on on-ramp crypto platforms Coinbase, Binance, and KuCoin.
SAND token is available through The Sandbox.
Like Decentraland, The Sandbox is a decentralized virtual world platform where content creators can build upon their imaginations. The Sandbox is divided into different districts and each represents different themes. Its native token, SAND, is the currency that powers users' experiences.
SAND has a total circulating supply of 925 million and a total market cap of $3,788,471,586. SAND has increased by 36 percent in the last seven days and seems to be on a strong upward trend. Nearly 52 percent down from its all-time high of $8.09, MANA's current price of $4.09 looks like a great discount. SAND can be purchased on Binance, KuCoin, Huobi Global, and Bithumb.
The Metaverse Index (MVI) token holds a basket of tokens.
Designed by Index Coop, the Metaverse Index (MVI) token represents a basket of tokens created to capture the sports, entertainment, and business shifting into a virtual environment. MVI has a total circulating supply of 187,880 and a total market cap of $29.1 million. The token is currently trading at $152.08 and has increased by 24.2 percent in the last seven days.
MVI has plenty of room to grow since it's nearly 92 percent from its all-time high of $1,657.95. With Goldman Sachs' estimation about the metaverse, this token is a steal at its current price.
Since MVI is an index of several tokens capturing the value of the virtual world, it's a solid choice for investors who don't want to set aside initial capital investment for one specific project. Instead, MVI gives investors exposure to several projects across the metaverse.
MVI's only limitation is that it's more inclined for the decentralized user since it can only be purchased on decentralized exchange (DEX) Uniswap.
Investment opportunities for the metaverse continue to grow.
Without a doubt, there will be emerging cryptocurrencies with values tied to virtual worlds. Blockchain games, like Axie Infinity's in-game token Axie Infinity Shards (AXS) is another cryptocurrency pegged to the metaverse or rather its "digital nation" where holders can vote and stake the token.
With the recent trends shifting to music NFTs, it wouldn't be a surprise if we see a rise of cryptocurrencies tied to decentralized music platforms built on the metaverse.