2022 has been a rough year for the blockchain industry. Due to a bear market (or crypto winter) caused by massive sell-offs, cryptocurrencies and non-fungible tokens have continuously fallen in price. In contrast to the significant price increase of 2021, blockchain-based metaverse assets have plunged in value throughout 2022.
Although the year is closing, the downtrend does not seem to be reversing. This does not mean an end for blockchain and Web3 metaverse platforms. Instead, it is a time for blockchain and metaverse assets to reduce price and allow new participants to invest in the industry at a discount.
The current market movement is similar to that of the 2018 bear market. Back then, metaverse assets like Decentraland LAND parcels plunged in value. Yet, they rose back to the top spot in 2021.
Similarly, this year’s downtrend has sent most metaverse assets (crypto and virtual LANDs) to ground level. However, there are hopes that these assets will return to the top once the crypto market stabilizes. Thus, this article brings you the top metaverse assets of 2022. It will discuss cryptocurrencies and metaverse NFTs still widely used by metaverse visitors despite unfavorable market conditions.
Most-promising metaverse assets: Virtual lands and digital assets
The Sandbox LANDs
The Sandbox launched its virtual lands in 2019. The project created a total of 166,464 LANDS which are the primary assets of its open virtual world. By prioritizing LANDS and LAND owners in all events, The Sandbox has created a constant flow of demand for its metaverse real estate.
During the last Alpha Season completed in October 2022, The Sandbox prioritized LAND owners. For instance, LAND owners could claim crypto rewards after completing each level of Alpha Season 3. An opportunity that regular owners that do not own Sandbox assets could not enjoy.
The flow of opportunities for those holding The Sandbox LANDs has also led to sustained asset performance. Over 22,000 unique addresses still own Sandbox LANDs. Moreso, OpenSea analytics reveal that The Sandbox LANDs are constantly changing hands, and more people are buying them daily. It has also maintained a floor price of 1.12 ETH ($1400) and a trading volume of over 600 ETH in the last 30 days.
Decentraland (DCL) LAND parcels
This collection of 97,800 virtual lands was launched at the beginning of the 2018 bear market. Currently, they are the most valuable virtual lands in the metaverse industry. DCL parcels are metaverse assets that allow creators or regular owners to build virtual experiences and earn passive income.
Decentraland is a go-to virtual world for the best experience and the top metaverse assets. It is a pioneer of virtual real estate and has remained an industry leader with little to no report of a hack or insolvency.
Because Decentraland has proven and maintained its trust, individuals and large brands trooped in to purchase virtual land in 2021. At the same time, investors have continued to trade DCL parcels despite the market conditions of 2022.
In the last 30 days, investors have spent about 744 ETH on buying and selling DCL parcels. This volume was achieved across 294 sales at a minimum price of 1.27 ETH.
Crypto assets
Cryptocurrencies are essential metaverse assets that form pillars for most metaverse projects. These coins are investment vehicles for metaverse speculators and even serve more significant roles in virtual worlds. Consider some cryptocurrencies that are still topping the table among metaverse assets:
The Sandbox (SAND)
SAND is the most valuable cryptocurrency created for a metaverse platform during this writing. It is the second most crucial token in The Sandbox metaverse after virtual LANDs. After a massive rally in 2021, SAND is currently down by 90% from its highest price.
Despite the dump in price, SAND’s market cap is about $870 million. Moreso, over 2.2 million people, have The Sandbox token on their Coinmarketcap watchlist. This massive interest is a credit to SAND’s utility. LAND owners and builders use SAND to purchase NFTs necessary for building or upgrading their metaverse experiences. Also, they may charge fees in SAND tokens when other players try to enter their metaverse experience or game.
Axie Infinity Shards (AXS)
Axie Infinity is the largest battling game built on the blockchain. It also brought the play-to-earn gaming model to popularity in 2021. Considering Axie Infinity’s history, one may rightly conclude that it is a great game, and AXS might be a metaverse asset with many potentials.
One event that shaped Axie Infinity in 2022 was the Ronin Bridge hack. This attack occurred in March 2022 and is sometimes referred to as the biggest hack in the crypto industry because the hackers stole about $650 million.
It is noteworthy that Axie Infinity quickly got back on its feet through investment funds from Binance and others. If Axie Infinity were not a promising metaverse game, it would be hard for venture capitalists to invest in the project as they did.
Although AXS suffered a massive dump due to this event, it did not go into oblivion, unlike other coins that suffer hacks. During this writing, AXS is the second most valuable metaverse asset after SAND. It currently has a market cap of $850 million, a 93% drop from its highest value.
Decentraland token – MANA
MANA is the native coin and governance token of Decentraland. It is the second most-valuable metaverse crypto asset, with a market cap of $730 million. The token has maintained prominence despite 2022’s crypto winter due to institutional interests in the Decentraland metaverse.
In 2021, companies spent millions of dollars buying LAND parcels in Decentraland’s virtual cities. Decentraland spent a significant portion of its revenue from such sales to fund developers as builders. With a wide array of experiences and gaming options, people continue to use Decentraland and MANA tokens even in a crypto winter.
Recently, the platform completed a Metaverse Music Festival. This event’s success also proves that Decentraland is sustainable and MANA is a promising metaverse asset.
