The internet can’t stop talking about the metaverse and non-fungible tokens (NFTs). Yet, in the near future, these conversations will be taking place in the metaverse— in this future, NFTs and metaverse tokens will be the medium of exchange.
This is the kind of future that convinced Microsoft to cough out nearly $69 billion this week. It was the Windows maker’s first show of strength in the race to dominate the metaverse.
But not every futurist has the financial muscle of the computing software giant. Some metaverse and NFT enthusiasts will have to find another way.
You could flip NFTs, buy at auction and sell at a higher price— you could join the world of metaverse gaming and earn from playing games— OR you could trade tokens offered by metaverse and NFT firms, a tried and tested method of investing that traders to profit regardless of whether token prices are rising or falling.
Welcome to the number one metaverse and NFTs token analysis report on the internet.
In this week’s Token Boom report,
- The top 3 metaverse tokens of the week.
- The top 3 collectibles and NFTs tokens.
What went down in the metaverse
The metaverse is a virtual world created on the latest iteration of the internet, Web 3.0. This immersive realm allows people to interact with each other using 3D avatars.
Its explosive growth last year has attracted some of the leading technology companies including Microsoft, which gobbled $69 billion to buy video game developer company, Activision Blizzard this week.
The metaverse has also attracted a lot of venture capital activity, with VCs betting on what experts have called the next frontier in gaming.
Several of these metaverse-based blockchain gaming projects have issued utility tokens to be used as currency for in-game items. Gamers can earn tokens by playing games, winning contests, or selling their own creative items, among other ways.
Those not really into metaverse gaming can still capitalize on the success of a play-to-earn game by trading its utility token. These are called metaverse tokens, and below are the top three that trended this week.
DEAPCoin is the utility token for PlayMining games. The organization behind PlayMining, Digital Entertainment Asset this week raised $12 million in a funding round, promising to increase content offerings.
DEP spiked nearly 160% before pulling back over late on Thursday, and then again on Friday to trim the weekly gains.
The platform offers a variety of games, allowing gamers to earn DEP tokens when they play.
Looking forward, DEP could find crucial support of the 100-hour moving average line if the current decline continues. On the other hand, if DEP bounces back going into next week, traders could target profits around $0.047, or higher at $0.055, with the long-term target at $0.069.
Gala Games (GALA)
Gala Games is a blockchain gaming company that has created its own metaverse. The platform’s Galaverse universe allows players to earn the GALA token when they play, are participate in contests.
GALA price fell this week, along with the rest of the cryptocurrency industry, plunging nearly 28%.
The decline may also have been accelerated by the company’s announcement of the addition of the collectible card game (CCG) Legends Reborn to the Galaverse.
The GALA token seems to have established support around $0.235, opening rebound opportunities to $0.248, or higher at $0.264.
The Sandbox (SAND)
The Sandbox is a metaverse world engaged in the sale of digital land. The platform has teamed up with the Australian Open to usher in the first-ever metaverse grand slam, which is currently ongoing.
However, this failed to boost the SAND token price, which fell further towards the end of the week. The sale of digital land seems to have slowed significantly this year but given the adoption of the metaverse phenomenon, it might only be a matter of time before it kicks off again.
The SAND token seems to be still on a downward trend despite the recent drop. With no support in sight, the decline could continue next week. However, rebounds could rally towards $3.78, $4.00 or higher at $4.30.
NFT Marketplace Tokens
These are tokens mainly issued by NFT marketplaces and collections that offer fractionalized NFTs.
With fractionalized NFTs still struggling to gain penetration, this week we looked at the tokens issued by NFT marketplaces. Nearly all NFT marketplaces have their own native tokens, with the largest platform OpenSea a distinct exception.
LooksRare Token (LOOKS)
Last week, LooksRare launched its NFT marketplace, which also came with a limited NFT drop the LooksRare token (LOOKS).
The marketplace experienced a surge in trading volume, surpassing OpenSea for the period it has been live. The LOOKs token also benefitted from the increased trading activity boosting its price over the last two weeks.
However, the LOOKs token drifted downwards towards the end of the week, as some of the early investors rushed to cash in on the post-token drop price spike.
Looking forward, LOOKS could continue falling in the coming days till it finds support at $4.40.
On the other hand, should the bulls respond sooner, triggering a rebound, they could target profits at about $5.50, $6.00, or higher at $7.00, the current all-time highs.
Rarible Token (RARI)
Rarible is a leading NFT marketplace for musical artists and celebrities. This week, it announced the integration of the Tezos blockchain, allowing creators and collectors to mint and trade NFTs listed on other marketplaces on the platform.
The platform revealed it had already entered the second stage of Tezos integration on Friday.
The announcement resulted in a significant spike in the price of the RARI token, gaining nearly 23% within a space of nine hours.
However, RARI pulled back towards the end of the week alongside the rest of the crypto industry, plummeting more than 28% from Wednesday’s peak price.
The RARI token price continued to slide through Saturday afternoon (European time) when it finally found support around $9.95.
Therefore, traders could target potential rebounds at approximately $9.95 and $10.90, or higher at $12.97.
Super Rare (RARE)
Super Rare is an NFT marketplace that focuses on crypto art projects. The platform revealed several partnerships with week, including an exciting project to be followed out Friday next week in collaboration with global sporting goods giant Adidas.
However, these announcements did not prevent the RARE token from slipping with the rest of the crypto industry on Friday.
The RARE token price seemed to find support around $0.55 on Saturday, creating an opportunity for a rebound.
Therefore, given the upcoming project launch, the RARE token could rebound in anticipation of the excitement created by the new collection. traders could target rebounds at $0.58, $0.61, or higher at $0.69.