- MANA and SAND are the two most popular cryptos linked to the metaverse space.
- The play-to-earn (P2E) crypto gaming industry is a multibillion-dollar industry now.
- SAND, the native token of The Sandbox, has appreciated by a whopping 556% in the last one year.
The crypto gaming industry continues to explode in popularity. The play-to-earn (P2E) crypto gaming industry, which combines cryptocurrencies and video games, is a multibillion-dollar industry now. MANA (the native digital token of Decentraland) and SAND (the native digital token of The Sandbox) are the two most popular cryptos linked to the metaverse space.
In this article, we will compare the price performance of these two metaverse cryptos.
Decentraland and The Sandbox are both Ethereum-based virtual reality platforms that aim to grow the gaming community by combining decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs).
In Decentraland, users can buy/sell virtual real estate, in the form of NFTs, enabling them to benefit from value increases. And this can be done while playing games in the metaverse. From shopping malls to digital skyscrapers and movie theatres – players can buy and sell anything on Decentraland.
Content creators, businesses and individuals looking for an artistic medium or a business opportunity can hop on to Decentraland. The Decentraland game world or the metaverse consists of 90,601 land parcels, each of which is represented by an ERC-721 NFT. Land holders can develop their plot to create new business opportunities in the metaverse.
Over the time, this platform has evolved to include interactive apps, in-world payments, and peer-to-peer communication for users.
MANA, an ERC-20 token is the native cryptocurrency of Decentraland. It is used as a governance and utility token in the metaverse. To do any transaction on this marketplace, a user needs to have MANA tokens.
According to CoinMarketCap, MANA is the 35th biggest digital token in the world with a market capitalisation of US$3.66 billion. At present, 1.84 billion MANA tokens are in circulation compared to its total supply of nearly 2.2 billion tokens.
At the time of drafting this article, MANA was trading at US$1.99 per token, 1.99% higher compared to its price at the same time on Monday (25 April 2022). In the last 24 hours, trading volume in MANA is up nearly 26% to US$286 million. Including today's gains, this token has risen nearly 82% in the last one year. But if you analyse its performance in the last one month, it is down 24%, in line with the overall weakness in the crypto space.
The Sandbox (SAND)
In The Sandbox virtual world, users can control avatars and create in-game items using Sandbox’s native world builder VoxEdit. Using VoxEdit, players can create 3D objects that can be animated and sold as NFTs later. By selling their creations in The Sandbox’s in-game marketplace, players can earn SAND, the metaverse's native token.
SAND, which is also an ERC-20 token, can then be used to play games and purchase other in-game items. Players can also buy pieces of virtual land in the Sandbox metaverse using SAND token. These lands can be developed as properties and can be rented to other users.
According to CoinMarketCap, SAND is the 40th biggest digital token in the world with a market value of US$3.15 billion. At present, 1.16 billion SAND tokens are in circulation compared to its total supply of 3 billion tokens.
At the time of drafting this article, SAND token was trading 1.51% higher at US$2.73 apiece while trading volume in the crypto was up by more than 26%. Including today's gains, SAND has appreciated by a whopping 556% in the last one year. But like MANA, SAND has also corrected over 19% in the last one month.
While both SAND and MANA seem to have promising future, Sandbox aims to make itself available in mobile devices in the near future. But Decentraland has not specified any such roadmap although it continues its collaborations with creators, brands, celebrities.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.