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3 Top Metaverse Cryptocurrencies That Are Skyrocketing Today

By Chris MacDonald – Nov 19, 2021 at 12:07PM

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The Metaverse is the place investors want to be right now, and that includes those in the crypto world.

What happened

Today, various metaverse-related cryptocurrencies have absolutely taken off. This is a space that has garnered a tremendous amount of attention right now. As it turns out, investors appear to be extremely intrigued by the disruption potential various blockchain networks provide in this regard.

As of 11:30 ET, Decentraland (MANA -1.74%) was up 14.5%, The Sandbox (SAND -1.81%) saw gains of 5.5%, and Alien Worlds (TLM) was up 4.2%. 

At least part of today's price action among these cryptocurrencies can be evidenced by a sea of green on the cryptocurrency charts. Investors appear to be taking a risk-on approach to growth today, with many hyper-growth sectors trading higher. Metaverse-related stocks or cryptocurrencies are almost entirely seeing impressive price action as traders appear to have identified what looks like a sustainable momentum trade.

The stock charts of Decentraland, The Sandbox, and Alien Worlds all look quite similar over the past month. A late-October/early November move fueled by significant moves from various big tech companies to target the Metaverse appears to be the root cause of this upward momentum.

Over the past month alone, Decentraland, The Sandbox, and Alien Worlds are up 419%, 454%, and 35%, respectively at the time of writing.

Image showing person with virtual reality goggles on.

Image source: Getty Images.

So what

Each of these three metaverse-related cryptocurrencies power various online games. Each is built upon, or at least tied to, the Ethereum blockchain in some way, and allows users to monetize their experience via collecting in-game cryptocurrencies or non-fungible tokens. As such, these games have exploded in popularity, particularly in low-income countries where it's been reported that users can earn a living playing these games.

Accordingly, there's not only a metaverse catalyst underpinning these tokens. Rather, it appears investors like the utility being created for users, and the stickiness these crypto games provide for networks.

Now what

The metaverse happens to provide a rather wide range of investment opportunities for those seeking growth. Right now, one of the key places investors are going to for earth-shattering returns is the crypto world.

There's certainly a strong thesis to be made for these tokens. After all, there's real utility being created for users. Whether an online game is based on the blockchain or not doesn't really matter to end users. If the experience is just as good, and there's some potential money to be made by playing the game, it's easy to see why the growth trajectory for these various tokens could be immense.

Of course, like all cryptocurrencies, each of these metaverse-inspired tokens carry a substantial amount of risk. However, it appears right now investors have determined that the risk is worth the reward. Accordingly, MANA, SAND and TLM are three tokens to watch in the weeks to come.

Chris MacDonald owns shares of Ethereum. The Motley Fool owns shares of and recommends Ethereum. The Motley Fool has a disclosure policy.

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