2 Top Metaverse Cryptocurrencies to Pick Up on This Dip

Here’s why Axie Infinity (CRYPTO:AXS) and Decentraland (CRYPTO:MANA) are two top metaverse cryptocurrencies to consider right now.

| More on:
gaming, tech

Image source: Getty Images

There are a wide range of “trendy” crypto investments that skyrocketed last year. From meme tokens to conventional large-cap digital currencies, the market was on fire. Additionally, metaverse cryptocurrencies picked up some real steam heading into the end of 2021, seeing parabolic moves, in many cases.

However, 2022 has not been so friendly to these metaverse tokens. Let’s dive into whether this situation will change for two top metaverse cryptocurrencies this year.

Top metaverse cryptocurrencies: Axie Infinity

The 40th largest cryptocurrency by market capitalization is Axie Infinity (CRYPTO:AXS). This metaverse cryptocurrency is one that has taken the market by storm in 2021.

This momentum has since waned, with Axie Infinity now trading more than 65% below its high set last year. A broad de-risking of investor portfolios, coupled with little strength in the NFT prices of Axies, has driven this decline.

That said, for those thinking long term about how the metaverse is likely to evolve, this is an interesting speculative project. Axie Infinity is a play-to-earn game, meaning players can earn rewards in the form of NFTs for simply playing. This model has become ultra-popular in low-income regions of the world. Should activity once again spike, the ASX token could see its day in the sun

Accordingly, Axie Infinity is a unique project with a unique risk/reward tradeoff for investors to consider.


Perhaps a more “stable” metaverse cryptocurrency, Decentraland (CRYPTO:MANA) is the original virtual world. Decentraland’s focus is on providing a 3D virtual reality platform, where users can engage in a range of experiences. Virtual structures can be developed, such as concert halls, theme parks, and casinos. And artists or others looking to make a dollar can do so via offering services in this metaverse, or rebuilding one’s digital property in this space.

Decentraland’s property values continue to be the main focus of many investors. As interest grows in the metaverse, Decentraland’s LAND tokens gain value. Like other metaverse cryptocurrencies, MANA and LAND are a function of this interest. Of late, that interest has waned somewhat, with MANA down more than 50% from its peak as well.

However, those bullish on the role digital real estate could have in the future may like this project. Decentraland’s impressive digital real estate ecosystem, which improves the economic outlook for many trailblazing artists, is noteworthy.

Like Axie Infinity, this token isn’t without risk. However, those who view metaverse cryptocurrencies as a sign of the future may want to look at both these projects right now.

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

grow dividends

Don’t Look Now, But These 3 TSX Stocks Look Poised for a Nice Rally

Three TSX stocks are rising amid the elevated market volatility due to rate-cut uncertainties and geopolitical risks.

Read more »

Close up shot of senior couple holding hand. Loving couple sitting together and holding hands. Focus on hands.
Dividend Stocks

Here’s the Average CPP Benefit at Age 70 in 2024

Canadian retirees can supplement their CPP payout by investing in blue-chip dividend stocks such as Enbridge.

Read more »

woman data analyze
Tech Stocks

1 Stock I’d Drop From the “Magnificent 7” and 1 I’d Add

Tesla (NASDAQ:TSLA) stock is part of the Magnificent Seven, but Shopify (TSX:SHOP) is growing faster.

Read more »

Gas pipelines
Dividend Stocks

Is Enbridge the Best Dividend Stock for You?

Enbridge now offer a dividend yield of 8%.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, April 18

Rising metal prices could lift the main TSX index at the open today as focus remains on the ongoing geopolitical…

Read more »

Hand arranging wood block stacking as step stair with arrow up.

2 Pandemic Stocks That Are Still Rising, and 1 Offering a Major Deal

There are some pandemic stocks that crashed and burned, while others have made a massive comeback. And this one stock…

Read more »

Supermarket aisle with empty green shopping cart

CRA: Will You Receive a Grocery Rebate in 2024?

The grocery rebate was introduced as a one-time tax credit for low-income Canadian households to offset higher prices.

Read more »

question marks written reminders tickets

BCE Stock’s Dividend Yield Hits 9%—Is it Finally Time to Buy?

BCE (TSX:BCE) stock has a super-swollen dividend yield right now as it passes 9%.

Read more »