This week, Microsoft CEO Satya Nadella reaffirmed the tech giant’s plans for the metaverse, before the German enterprise software company SAP also hinted at its strategic approach. Even Apple, which had seemingly opted to say away from the hype surrounding the new digital world chimed in with its own version of, “we are interested”.
These giant technology companies could be an option for traditional investors looking to invest in the metaverse.
However, for the more sophisticated dynamic investors, tokens of digital land projects and blockchain games could be how they choose to play their metaverse poker.
If you thought last week venture capital activity was massive, then this week should blow your mind off.
We will be looking at the most exciting blockchain gaming and digital land tokens based on their performances.
Although Axie Infinity captured industry attention after plunging nearly 30%, several smaller players seemed to bounce back from the previous week’s decline.
In this week’s Token Boom report:
- Top three digital land tokens
- Top three blockchain games tokens
What are digital land tokens
Digital land tokens are the utility tokens of virtual land projects in the metaverse.
The projects mainly sell digital land to corporations that want to open digital offices, they also launch collaborative projects with artists and influencers and most importantly, they own most of the last used by gaming projects in the metaverse.
Therefore, they derive their value from the level of trading activity within their platforms.
Currently, Decentraland is the largest digital land project, followed by the Sandbox and the Axie Infinity. Axie used to be bigger than the Sandbox by market capitalisation before its massive plunge this week.
Axie Infinity (AXS/USD)
Although Axie is popularly known for its game, it is also one of the largest digital land platforms in the metaverse.
The metaverse virtual land and gaming project has recently seen its value decline significantly, falling below the market capitalizations of Decentraland and the Sandbox.
The platform allows players to collect, breed, raise, battle and trade token-based monsters it calls Axies.
The platform revealed late last week it was adding more features to bring economic balance to the platform.
Although the Axie price bounced 8% on Saturday, it still remains the third-largest digital land project in the metaverse. The price has been falling since late last year amid declining active users.
Technically, the AXS coin seems to be trading within a descending channel formation in the intraday chart. With the price bouncing off the trendline support, traders could target channel breakout profits at $67.50 and $82.63, while $44.60 is a support level.
Decentraland is now the largest digital land project in the metaverse. Decetraland partnered with the Australian Open for the first-ever metaverse grand slam. The MANA token has been gaining throughout the week, coming to the tail-end of the tournament.
Technically, Decentraland (MANA) token seems to be trading within an ascending trend formation in the daily chart.
Investors could target extended gainst at about $2.82, or higher at $3.30. On the other hand, $2.11 and 1.71 are crucial support zones.
The Sandbox (SAND/USD)
The Sandbox has spiked more than 23% over the last seven days, pushing its market capitalization above Axie’s. The digital land project is a subsidiary of popular GameFi and Metaverse Gaming firm Animoca Brands.
Last week, the Sandbox teamed up with a startup incubator firm Brinc, investing $50 million to launch its metaverse accelerator program.
Technically, the SAND token has rallied this week to trade closer to the 100-day moving average.
Therefore, investors could target profits above the 100-day MA at about $4.43, or higher at $5.19, while $3.31 and $2.65 are support zones.
The concept of blockchain gaming tokens
Blockchain games are slightly different from metaverse games in the sense that(although they do, they do not necessarily have to exist in the metaverse.
In fact, blockchain games have been around a lot longer, way before the metaverse craze kicked in.
The concept revolves around tokenised gaming items including weapons, skins, and rewards, which make up the popular play-to-earn gaming ecosystem.
The utility tokens that support P2E gaming can be earned, bought and sold within the games. But more importantly, they can be traded on various cryptocurrency exchanges where they are listed.
Some of them made headlines this week because their prices spiked significantly, while others announced significant milestone achievements.
Enjin Coin (UNJ/USD)
Enjin Coin is a blockchain platform used by game developers to tokenize in-game items. It offers a social gaming platform, the Enjin Network, allowing users to build websites, clans, chats and virtual stores.
The Ejin Coin has rocketed recently surging more than 12% this week to put a stop to the previous week’s massive plunge.
Technically, the Enjin Coin continues to trade within an ascending channel formation in the intraday chart.
Therefore, investors could target extended gains at about $2.094, or higher at $2.368, while $1.538 and $1.325 are support levels.
Ultra is a blockchain-based PC game distributor. The platform is a Software Development Kit (SDK) for game developers whilst also helping them to monetise their games through the play-to-earn model.
The Ultra price has spiked recently pushing it above the $1.00 mark after falling to $0.8019.
Technically, the UOS toke seems to be trading within a rising trend formation in the daily chart.
Therefore, investors could target the current bull run by taking profit opportunities at $1.244 or higher at $1.395, while $0.963 and $0.802 are support levels.
Vulcan Forged (PYR/USD)
Vulcan Forged seems to have put last month’s hacking drawbacks behind it, with the price bouncing back after falling below $8.00.
Vulcan Forged is both a blockchain game studio and a non-fungible token (NFT) marketplace.
Technically, investors could target extended gains at about $11.15, or higher at $13.09, while $7.96 and $6.69 are crucial support zones.
Although their prices did not reflect their monumental achievements this week, these tokens made major highlights.
This monster blockchain card game announced passing the crucial one-billionth battle after maintaining the first spot in NFT-based blockchain games trading volume for the last six weeks running.
The WonderHero blockchain game became the first game to launch with 10 major guilds from day one, making a triumphant entry to the guild blockchain gaming universe.