What does this metaverse crypto have in store?
Fool.com contributors Chris MacDonald and Jon Quast dive into whether Decentraland (CRYPTO:MANA) could be a leader in the race for metaverse market share. This discussion took place on the Jan. 12 edition of “The Crypto Show” on Backstage Pass.
Jon Quast: You want to start with Decentraland?
Chris MacDonald: Yes, sure. Decentraland is probably a good place to start because it’s the first-ever metaverse cryptocurrency or blockchain-powered metaverse place. Decentraland is probably one of the ones that investors look at.
In terms of market capitalization, it’s interesting, Decentraland and Axie Infinity (CRYPTO:AXS), I believe, and The Sandbox (CRYPTO:SAND) are all within a similar market cap range. Investors group these together. I know Axie Infinity isn’t on the list, but we can talk about that one too if you like. But anyway, it’s a smaller cap token. That’s an interesting one that I’ve been following lately.
But Decentraland is more of, I think, what a lot of investors would really envision as the metaverse. Even though folks, artists can set up galleries and sell their art via NFTs on the platform, musicians can go and have a concert and sell tickets in Decentraland. It’s really a burgeoning place.
Now, the bear case on this one is the number of daily active users is maybe not as attractive as some investors would have like to seen at this point in the game, especially with all of the interest around the metaverse lately. There has been some bugs and some concerns with the game itself.
But overall, in terms of the digital economy in the metaverse, Decentraland has a pretty robust platform in that regard. Their NFT sales last week totaled over $8 million dollars. It’s starting to pick up and that’s the angle I think a lot of people are taking with it. It’s not only a metaverse play, but it’s a way for folks out there to interact in the NFT space as well. It’s definitely an interesting one that we’re keeping our eye on at the Fool.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. 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.
Chris MacDonald has no position in any of the stocks mentioned. Jon Quast has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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