From SAND to AXS: Top 3 metaverse cryptos to explore

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From SAND to AXS: Top 3 metaverse cryptos to explore

3 Metaverse Cryptos to explore
Image source: © Marchmeena | Megapixl.com
Highlights:
  • Sandbox (SAND) returned more than 1127% over the past 12-months.
  • MANA and LAND tokens are used on the Decentraland platform.
  • Aleksander Larsen and Trung Nguyen co-founded axie Infinity (AXS).

The new buzzword, Metaverse, has recently taken the crypto market by storm. Even though it is at its early stages of development, it appears to have gained massive traction in the market.

Various non-technology companies like McDonald's sought to enter the Metaverse. It is anticipated that Metaverse is the next big thing that may dominate the overall market in the coming years.

The concept of a virtual world with a virtual economy that mostly depends on cryptos has attracted many young investors to the sector. So, let's explore the top 3 cryptos trending recently.

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Sandbox (SAND)

Sandbox is a blockchain-based virtual world that enables its users in creating, build, and trade digital assets in the form of a game. It was launched in 2011.

Its utility token, SAND, facilitates all the transactions on the platform.

The SAND token was priced at US$2.95 at 4:08 am ET on February 28. It has a market cap of around US$3.21 billion, and it gave a return of 1127.05% over the past 12-months.

Also Read: Why is Gala (GALA) crypto rising?

Top 3 metaverse cryptos to explore                                                Source: *Data provided by CoinMarketCap.com

Decentraland (MANA)

Decentraland is based on blockchain technology and is a virtual reality platform. It enables users to create and monetize content and applications.

It uses two tokens in its platform, MANA and LAND. The former is an ERC-20 token that could be used to pay for various platform services. The latter is an ERC-721 non-fungible token that could be acquired by burning the MANA token.

The MANA token was priced at US$2.61 at 4:09 am ET on February 28. It has a market of US$4.77 billion, and its price surged 895.43% over the past 12 months.

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Axie Infinity (AXS)

Axie Infinity is a blockchain-based game. Its governance token is AXS, which allows the holders to participate in crucial governance votes while giving them a say on how funds in the platform are spent.

The platform was created in 2018 and was co-founded by Aleksander Larsen and Trung Nguyen.

The AXS token was priced at US$48.93 at 4:10 am ET on February 28. Its market capitalization is US$2.97 billion, and its price rose 2857.26% in one year.

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Bottom line:

Several metaverse cryptos or tokens are not listed on any major exchanges, making it difficult for investors to trust them. In addition to that, the smaller tokens bring more risk due to lack of liquidity, high volatility, and chances of a project failure.

Meanwhile, the investors should carefully evaluate the assets with due diligence, as many crypto scams have recently been witnessed. Plus, the volatility and higher risks in the decentralized platforms make it riskier than the traditional centralized platforms.

Also Read: What is CertiK (CTK) crypto?

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