June 28, 2022
The Metaverse is the new hot topic in the crypto world. Ever since Facebook changed its name to Meta ($FB), many more investors and VC’s have gotten interested in the Metaverse space. Metaverse Group recently bought digital land in the Decentraland metaverse for $2.6 million!
The Metaverse is so new that most of the hardware required for a whole Metaverse experience has not been fully developed yet. Some say investing in the Metaverse now is like investing in altcoins in 2014: there is simply no way to know this early which metaverse coins will survive and which ones will die off and be forgotten. Right now, we are in a purely speculative phase.
Regardless, some high-profile investors like Lorne Sugarman are comparing buying land in the Metaverse today similar to buying property in Manhattan in the 1800s. It is tough to tell if they are claiming this just to generate hype and interest during this early stage or if they actually mean it. The land in many of these Metaverses is indeed limited, so if the Metaverse attracts enough users, then the land in these Metaverses could become extremely valuable.
So, what makes a Metaverse project successful over another one? The answer could be the community. As long as more and more people are playing inside the Metaverse, then the value of the coins and the land might go up. One example could be the Axie Infinity token: It was at some point traded at 15 cents, and its current price is around $100. It also reached over $160 back in November as more and more gamers were playing the play-to-earn videogame. This could show that the community around the game is still strong and that people are still playing Axie Infinity quite a lot.
Stay Curious: Here’s what it means to buy land in the Metavserse.
Which are some Metaverse companies to keep up with for next year?
Overall, it will depend on which Metaverses grow the most, and for now, it is simply too early to tell.
However, some Metaverses are already quite large and seem to be at the forefront of the metaverse industry, so it might be worth keeping an eye on. These Metaverse companies are Decentraland, Sandbox, and Illuvium.