What happened
Today, three of the top cryptocurrencies powering the metaverse are seeing continued interest. Decentraland (MANA 0.54%), The Sandbox (SAND 1.19%), and Alien Worlds (TLM) each were more than 10% higher at their highs over the past 24 hours.
So what
Among these three metaverse-themed cryptocurrencies, The Sandbox has been one of the fastest movers of late. This metaverse crypto token has moved into a top-50 spot, outperforming Decentraland and Alien Worlds in terms of returns in recent weeks. A key driver for this is a high-profile purchase of virtual land by Adidas this past week.
Image source: Getty Images.
That's not to say Decentraland and Alien Worlds are slouches, either. These tokens have seen continued interest, as investors look for stay-at-home plays, amid the rise of what could be the most potent coronavirus variant yet.
Now what
The metaverse is a rather broad term, used loosely to define virtual spaces individuals can interact in. For cryptocurrencies powering metaverse games such as Decentraland, Alien Worlds, and The Sandbox, this appears to be a great place for hyper-growth investors to hide.
Real concerns are beginning to surface once again regarding the pandemic. The omicron variant certainly could provide significant volatility in the near term. Accordingly, investors have reason to seek hyper-growth assets (digital or otherwise) which could get a boost from potential market turmoil.
