3 Unstoppable Metaverse Tokens To Watch In February
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You don’t need to be Warren Buffett to know that the past month has been particularly brutal for equity investors, with the S&P 500 down 6.5% in the past four weeks, posting the worst returns in actions since the start of the pandemic. That’s almost picturesque compared to the volatile cryptocurrency sector, which has seen a drop in value of over $1 trillion, an average decline of around 30% across the industry from its November peaks.
But there are bright spots in the crypto market, and one of those areas is the metaverse, where certain projects continue to shine through the dark declines.
1. Enjin Coin (ENJ)
Enjin Coin (ENJ) is the native token of Enjin’s cross-blockchain cloud gaming offering. Enjin’s main solution is its Enjin Network, a social gaming platform that allows users to create their own websites, storefronts, gaming teams and discussion forums. It’s like a social gaming and content creation mash-up app.
Enjin allows game developers to create in-game items (i.e. weapons, tools, player skins, etc.) on the Ethereum blockchain that can be bought, sold, and traded, producing a actual value. It was launched on the Ethereum mainnet, an ERC-20 token, in June 2018. Additionally, ENJ is a digital store of value used to safeguard the value of blockchain assets like non-fungible tokens (NFTs).
As of this writing, ENJ is trading up 2.65% in the past 24 hours and up 25.13% in the past seven days, according to CoinMarketCap, showing strong momentum heading into February. . This token also has a low market cap of $1.5 billion, which could grow 10-20x and still be inexpensive.
2. Decentralized (MANA)
Decentraland (MANA) is a virtual reality platform based on the Ethereum blockchain. MANA allows its users to create, sell and interact with their own content – or content and applications – created by others without leaving the environment. In this digital world, players/creators can buy virtual real estate which they can develop, use to host live events, build and earn money.
Since its launch in February 2020, MANA users have created a wide range of experiences on their digital packages, including an epic 3D view and various interactive experiences. It is also used to host live virtual events, such as New Year’s Eve celebrations last month, and digital experiences related to the Australian Open which ended last weekend.
At the time of writing, the price of MANA is up sharply by 8.10% on the day and 33.79% over the past seven days, according to CoinMarketCap. Given its proven use case for live event promotional links, its current $5 billion market cap could easily skyrocket 20x or more as metaverse adoption grows.
3. The sandbox (SAND)
Similar to MANA, the Sandbox is a blockchain-based virtual world that allows users to create and trade digital assets in a gaming environment. Its virtual world operates on a Decentralized Autonomous Organization (DAO) model. The DAO manages activities and what happens in this digital environment using smart contracts, while allowing users to explore, experiment and build within the SAND ecosystem, including creating and selling NFTs in-game.
Additionally, the SAND platform allows users to benefit from its “play-to-earn” model, which allows players to earn SAND tokens for achieving various in-game milestones. These tokens can be used to make purchases in the game environment or transferred to a crypto exchange for conversion into other digital or fiat currencies.
According to CoinMarketCap, the price of SAND is up 3.20% on the day and 34.72% over the past week. Since its inception, SAND has sold more than $350 million worth of virtual real estate to some of the world’s biggest companies and popular celebrities — more than any other metaverse destination, according to nonfungible.com. And it shows no signs of slowing down. It’s a good sign that its $3.68 billion market cap will keep pace – if not surpass MANA – as the metaverse expands.
As always, be sure to do your own research, as there is no certainty when investing. However, we can be fairly certain that the Metaverse isn’t going away anytime soon and is likely to expand in the years to come.
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Tor Constantino owns Ethereum.
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