MANA, SAND & AXS: Top 3 metaverse tokens by market cap

Highlights 

• From Samsung to Nike to Adidas, brands seem to be eager to ride the metaverse wave
• The metaverses of Decentraland and The Sandbox are drawing major brands toward virtual land
• The three metaverse tokens mentioned here have lost value so far this year, but so has Bitcoin

Blockchain gaming is often likened to Metaverses, which is a pretty wide world of virtual reality. Lately, Microsoft opted to acquire a major gaming company, which many experts claimed was the tech giant’s move into the metaverse sector. Mark Zuckerberg changing the name of his company to Meta last year was one of the turning points for the sector and also for blockchain gaming.

Until mid-2021, gaming tokens linked to these blockchain-powered metaverses were arguably known only to a limited few. But in the latter half of the year, metaverse tokens became a force to be reckoned with in the cryptocurrency world.

Here are the top three metaverse tokens by market cap that make for a close watch in 2022.

1. Decentraland (MANA)

Decentraland offers virtual land as digital assets to users. There are multiple parcels on the metaverse of Decentraland, and according to reports, one such parcel of land sold for over US$2 million in November last year.

Samsung, a major global player in electronics, has partnered with Decentraland. Reports suggest that a slew of other brands like Victoria’s Secret and Skechers are also riding the metaverse bandwagon with Decentraland’s support.

The project has the native MANA token, which had a market cap of nearly US$4.2 billion as of writing. The MANA crypto has lost value this year, but how it fares in the coming months remains a close watch.

Also read: What is Freedom. Jobs. Business. crypto project & its native FJB coin?

2. The Sandbox (SAND)

The Sandbox, with its SAND native token, is another top gaming cryptocurrency by market cap. The concept is comparable to Decentraland, in that virtual land can be purchased and held as non-fungible tokens (NFTs). NFTs are usually a part of blockchain games, a feature that allows a user to earn by trading the NFT at a higher price.

Adidas, a major sporting brand, has joined the metaverse wave using The Sandbox services. Names like The Smurfs and Snoop Dogg are also on The Sandbox.

As of writing, the SAND token had a market cap of nearly US$3 billion, which made it second only to Decentraland in the metaverse sector. The SAND crypto has lost almost half its value so far in 2022.

Also read: What is Libero Financial crypto that promises fixed APY?

3. Axie Infinity (AXS)

Axie Infinity ranks third in the list and is a little different from the above two. Axie Infinity is a game that uses blockchain technology to allow decentralized control. It has Axie creatures as NFTs tradable on exchanges like OpenSea.

The game boasts of a high user base, and since its AXS token is used for payment of services when inside its metaverse, it makes for an interesting watch. The token’s market cap, as of writing, was nearly US$2.9 billion. It rose sharply last year, but similar to the above two, AXS has also lost value in 2022.

Data provided by CoinMarketCap.com

Also read: Suncor (SU) & TC Energy (TRP): 2 TSX stocks to watch as oil prices rise

Bottom line

Metaverse is one sector that seems to be on the radar of many, particularly after tech giant Facebook’s move. Microsoft may be looking to ride this wave, but how and when is not clear.

Brands seem to be thronging to the metaverses of Decentraland and The Sandbox in anticipation of establishing contact with probable customers. MANA, SAND, and AXS are large cap cryptos and the three rank among the top 50 by market cap on the CoinMarketCap list. Though they have lost value this year, the three remain a close watch.

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