- Can cryptos make you rich? At least these five altcoins did this with over 10,000 per cent returns
- Three are gaming crypto tokens, while one is a blockchain network and other a blockchain-based streaming service
- All have returned much more than the heavyweights like Bitcoin and Dogecoin
Is it possible to become rich in less than a year by investing a little sum in cryptos? A few cryptos made this an achievable feat in 2021.
Before we jump to the list of these assets, here’s a word of caution. Crypto assets, no matter how high the market cap is, are vulnerable to wild swings in prices. And hence, the timing of investment and profit booking is the key to wealth creation. Below are the cryptocurrencies that returned more than 10,000 per cent over the value invested at the start of the year.
1. Cocos-BCX (COCOS)
Cocos-BCX is a platform that allows developers to create and deploy games, decentralized finance (DeFi) apps and other distributed ledger-based projects.
Cocos BlockChain Expedition claims to be a multi-chain service provider. This means games developed using the platform can be deployed on multiple blockchains including Ethereum or Solana. Cocos-BCX also lists crypto wallet, news website and NFT exchange as parts of its blockchain-based ecosystem.
COCOS is the native token of the platform, just like Ether is of Ethereum. COCOS was priced at nearly US$0.00025 at the beginning of 2021, and the price as of now is over US$4. A late surge was experienced in November when price shot from under US$1 to more than US$5.
Much of the price appreciation in COCOS can be attributed to a single factor – metaverse. Cocos-BCX claims to have metaverse underpinnings, thanks to blockchain gaming features and the presence of non-fungible tokens (NFTs). As of now, the market cap is nearly US$170 million.
COCOS price in future will depend on adoption of Cocos-BCX network by developers, and the quality of games it can help create.
2. Verasity (VRA)
Neither proof-of-work nor proof-of-stake, Verasity is powered by a unique proof-of-view protocol.
The project claims that advertisers might want to shift from YouTube and other streaming platforms to something that guarantees ad consumption by the viewer. For this, Verasity uses blockchain to produce, what it claims, precise and verifiable metrics of user engagement. The platform rewards viewers through a native token, VRA.
Verasity is looking to stream gaming tournaments on the platform. It promises to let creators get the most out of their artistic talent with the use decentralized content streaming.
VRA token is also available for advertisers to lure the audience into engaging with their content. Priced at nearly US$0.065 in the beginning of the year, VRA has gained nearly 15,000 per cent so far. The market cap is nearly US$290 million.
Also read: 7 Altcoins up over 1000% in 2021
3. The Sandbox (SAND)
The Sandbox is trending due to a variety of reasons. First, it facilitates blockchain gaming that, thanks to the craze for metaverse’s fictional world, ruled the second half of 2021. The Sandbox is over a decade old platform. It allows users to create, own and trade NFTs in a virtual reality world. The project is dedicated to games that are decentralized and allow governance by users, not by any centralized authority like in conventional games.
The Sandbox has recently raised funds from SoftBank. SAND is the in-house token of the project, which is used for payment of fee and staking purposes.
Image description: Cryptos with 10,000 per cent return
SAND was priced at nearly US$0.036 on January 1, and the price has soared to nearly US$7 as of now. In this crypto, too, much of the price appreciation has come over the past couple of months. This is because the official entry of Facebook into metaverse has drawn investor interest in blockchain gaming vertical. The Sandbox has a market value of over US$6 billion.
4. Solana (SOL)
Another multi-billion-dollar market cap crypto, Solana, rewarded backers who believed in its blockchain. A direct rival to Ethereum’s blockchain dominance, Solana is just a year-and-half old project.
Much of its popularity owes to the unique proof-of-history consensus mechanism. Solana also uses the proof-of-stake protocol in limited capacity. Most services are similar to Ethereum, including creation of decentralized apps and smart contracts besides minting of NFTs. Solana claims to have better speed and scalability with ease of operations.
Solana also counts lower fee as compared to other blockchains as its unique selling proposition.
Solana’s native token is SOL, which has entered the list of top five cryptos by market cap. SOL’s price was nearly US$1.5 at the start of 2021, which has now soared to US$200. Solana’s return dwarfs that of other high market cap cryptos including Bitcoin and Ether.
5. Axie Infinity (AXS)
Axie Infinity is another blockchain game that is on a wild ride. Axie experienced a surge even before the Facebook name change rumor hit the market. It is a leading game that allows users to participate in the governance and earn money by owing and trading Axie NFTs.
NFTs of Beeple and CryptoPunk project have sold for millions of dollars each in separate auctions this year. NFT assets are the new trend in the world of collectibles, thanks to their blockchain attributes. Axie creatures in the game have unique features and the owners can list them on NFT platforms like OpenSea.
Axie Infinity’s governance token, AXS, is up from under one dollar on January 1 to US$135 as of now. The game ranks on the top of the list of blockchain games with metaverse and NFT attributes. AXS has a market cap of over US$8 billion, which ranks it among top 30 cryptos by market cap.
It is easy to count the cryptocurrencies that made backers rich with a small investment in 2021. But as stated in the beginning, price volatility in cryptos is a common sight. The price appreciation in the above altcoins also shines spotlight on how holding a crypto asset for a year can be rewarding given the project has some use case like blockchain gaming. For now, humble altcoins seem to be returning much more than biggies like Bitcoin and Ether. As we enter 2022, low-priced altcoins remain a close watch.