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Metaverse Cryptocurrencies: What Exactly Are You Buying?

Metaverse Cryptocurrencies: What Exactly Are You Buying?

Eric Villalobos, Contributor

“The Metaverse” has gone from niche sci-fi novel concept to Facebook’s product strategy. We’ve seen Metaverse related crypto-games such as Decentral land (MANA), Sandbox (SAND) and Enjin Coin (ENJ) explode in market-cap as the Metaverse takes center stage in the eyes of traders and investors.

In this article, we’ll break down three leading metaverse gaming cryptocurrencies, their significant rises in the past week, as well as provide some insights on where the long-term value of these games may come from.

Decentral land ($MANA)

At their core, the purpose of crypto-games is to translate digital scarcity into real value for its users.

This was perfectly embodied over the weekend when a subsidiary called The Metaverse Group purchased digital real estate in Decentraland for 618,000 MANA, or about $3 million USD at the time of writing this.

In the course of the past week, Decentraland has seen a 40% gain in their MANA cryptocurrency.

Chart from Trading View

Decentraland might be the most tangible application of the metaverse in gaming. Users can use the in-game cryptocurrency MANA to purchase land, clothing, art, and other user-generated non-fungible goods.

Decentraland User Wearing Doge Skin NFT (a very 2021 caption)

Users buy goods by connecting an Ethereum wallet to the game and purchasing MANA on an exchange such as Coinbase or Uniswap. It makes sense we’re beginning to see MANA soar in value in such a short time span, as more people become interested in the game, make purchases, and validate the speculative value of land and goods in the digital space.

Sandbox ($SAND)

If Decentraland sees its value grow because of crypto-consumers, Sandbox sees its value grow because of crypto-entrepreneurs. Sandbox is similar to the non-crypto game Roblox, where users can build their own games and skins and be compensated in Robucks. Sandbox’s distinction comes in the form of NFT parcels of Sandbox land purchasable on OpenSea. Roblox’s centralized nature means game creator in Roblox cannot sell their entire game, or the server space it is on, to another user. By contrast, a Sandbox user actually owns the land their games are built on.

Map of Sandbox LandChart from Trading View

Sandbox’s in-game crypto-currency SAND has seen a 70% rally in the past week, bringing it to one of the top 50 cryptocurrencies.

Enjin Coin ($ENJ)

While SAND and MANA create scarcity and value for users within their compatible eco-systems, Enjin Coin (ENJ) embodies the potential of a decentralized gaming ecosystem by creating a digital multi-verse.

Enjin is a tool that allows businesses and games to create NFTs on the Ethereum blockchain and integrate them into their software products.

Enjin coins can be used to purchase goods in over 40 games that use Enjin products.

Chart from Trading View

In the past week, Enjin hit an all-time high $4.81 billion USD marketcap, but has since fallen to a $3.7 billion marketcap.

What Are You Actually Buying?

The beauty of Web 3.0 investments is also their risk: they rely on a strong community of developers, investors, and governors to reach its full potential.

The real value of these games only begins with their technology. When purchasing a metaverse related cryptocurrency, its long-term value will be created by the experiences content creators provide viewers and users.

My play-through experiences with many of the games powered by the crypto-currencies above were hit-or-miss, however, conversations with members of community Discords, Twitch Streams, and Twitter Spaces revealed a global group of thinkers, passionate about finding ways to push creative boundaries.

Don’t bet on the game, bet on the player.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.