How investors ultimately define the term “metaverse” differs depending on whom one speaks to. And in the world of cryptocurrencies, metaverse cryptos are equally as nebulous. Indeed, while this technology is far from mainstream, the potential upside the metaverse provides has enticed investors of all stripes to take a look.
In the crypto world, there happen to be a number of metaverse projects underway. Many of these blockchain-based virtual worlds are teeming with players from across the globe. Accordingly, for growth investors looking for the next big hit in this space, metaverse cryptos are tokens that are becoming more compelling.
Decentraland (MANA-USD), Enjin Coin (ENJ-USD), and The Sandbox (SAND-USD) are three projects I think are worth taking a look at. These projects help drive in-game monetization and digital asset ownership. For those who believe in the future non-fungible tokens (NFTs) provide, these projects are intriguing ways to play this space.
So, with all of that in mind, let’s dive into what makes each of these projects worth buying in June.
Metaverse Cryptos to Buy: Decentraland (MANA)
Decentraland (MANA-USD) is a mainstay in the world of metaverse crypto projects. This virtual world allows investors the ability to buy up virtual real estate. Aside from the bidding wars and impressive price increases we’re seeing in the real world, some rather large transactions have been noted as of early this year. In fact, some multi-million dollar transactions have proliferated, alongside this token’s impressive performance through the end of last year.
Since then, things have cooled off substantially. And there’s now concern that we could be headed toward prices that are much, much lower.
Of course, this is a headwind plaguing all blockchain-based metaverse games. However, for a project that focuses on the land ownership aspect of digital worlds, virtual real estate prices matter.
With that said, for those bullish on the future of the metaverse, and the willingness of companies and individuals to buy up property, this is an intriguing project to consider. Since 2017, Decentraland has provided one of the most robust platforms for investors to consider.
So, for those interested in the metaverse, this is a project to keep on the radar.
Enjin Coin (ENJ)
It’s important to consider the fact that in order for play-to-earn games to work, in-game NFTs must also work. This is where Enjin Coin (ENJ-USD) comes into the picture.
Enjin Coin allows for the integration of Ethereum (ETH-USD)-based NFTs into games. Better, Enjin Coin does this by offering relatively low fees and developer tools to do so. Through software development kits, project owners can easily craft NFT items and insert them into their games. These tokens can be exchangeable for ENJ, adding increased value to the NFTs users pick up.
Moreover, as far as back-end projects go, I think Enjin Coin is compelling. This is a “picks and shovels” way to play NFT growth in the metaverse. In other words,, one doesn’t necessarily need to be bullish on a single platform. Rather, by investing in Enjin Coin, investors can gain upside to this trend, while also retaining exposure to the unique value this NFT project provides.
Metaverse Cryptos to Buy: The Sandbox (SAND)
The Sandbox (SAND-USD) holds the third rank amongst metaverse cryptocurrencies by market capitalization. Indeed, in many ways, The Sandbox is similar to Decentraland, in terms of allowing users to buy and sell land, in-game items and create virtual worlds. More specifically, for those looking for a Roblox (NYSE:RBLX)-like experiecnce, both projects are interesting.
Users of The Sandbox have found a way to create a virtual community, which allows for revenue generation throughout the process. Impressive sponsors from pop culture have contributed to the growth of this platform. Whether investors are talking about The Smurfs or The Walking Dead franchise, there are a number of partners that have chosen The Sandbox as their advertising partner.
Furthermore, corporate adoption of the metaverse is likely to be one of the key drivers of this space, and these tokens, for the long term. Thus, for those bullish on that trend, The Sandbox is an interesting project to consider at these beaten-down levels.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.