2 Metaverse Cryptocurrencies That Could Soar This Year

Here’s why Decentraland (CRYPTO:MANA) and The Sandbox (CRYPTO:SAND) are two metaverse cryptocurrencies to keep an eye on.

| More on:
crypto blockchain

Image source: Getty Images

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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

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.

More on Investing

Dividend Stocks

The Top Canadian REITs to Buy in April 2024

REITs with modest amounts of debt, like Killam Apartment REIT (TSX:KMP.UN), can be good investments.

Read more »

edit Person using calculator next to charts and graphs
Stocks for Beginners

Where to Invest $7,000 in April 2024

Are you wondering how to deploy the $7,000 TFSA contribution increase in 2024? Here are four high-quality stocks for earning…

Read more »

Technology
Dividend Stocks

The Smartest Dividend Stocks to Buy With $500 Right Now

Some of the smartest buys investors can make with $500 today are stocks that have upside potential and pay you…

Read more »

Various Canadian dollars in gray pants pocket
Dividend Stocks

2 Dividend Stocks to Buy in April for Safe Passive Income

These TSX Dividend stocks offer more than 5% yield and are reliable bets to generate worry-free passive income.

Read more »

protect, safe, trust
Dividend Stocks

How to Build a Bulletproof Monthly Passive-Income Portfolio With Just $1,000

If you've only got $1,000 on hand, that's fine! Here is how to make a top-notch, passive-income portfolio that could…

Read more »

Senior Couple Walking With Pet Bulldog In Countryside
Dividend Stocks

CPP Insights: The Average Benefit at Age 60 in 2024

The average CPP benefit at age 60 in average is low, but claiming early has many advantages with the right…

Read more »

edit Sale sign, value, discount
Investing

2 Bargains I’d Buy as They Dip Toward 52-Week Lows

Spin Master (TSX:TOY) stock and another underrated Canadian play could surge again as they look to reverse course.

Read more »

thinking
Dividend Stocks

Why Did goeasy Stock Jump 6% This Week?

The spring budget came in from our federal government, and goeasy stock (TSX:GSY) investors were incredibly pleased by the results.

Read more »