- Metaverse has made millionaires of newbie traders.
- Defi, NFT, particularly, memecoins to metaverse-related tokens attest to the observation.
- Four leading Metaverse-related tokens MANA, AXS, SAND and ENJ exemplify the trend.
The year 2021 started as quite an exciting year, as we’ve seen the flow of money through the various trends in the cryptocurrency space, a $2.7 trillion market cap market. Intriguing is how money has been able to follow the trend fully; newbies have made millions of dollar/s by following the bullish bias of any trending coin against experienced traders in the space.
Nearly half of millennial millionaires have at least 25% of their wealth in cryptocurrencies, as the crypto boom continues to create wealth for young, early adopters, according to the CNBC Millionaire Survey.
In January 2021, the bullish rally started with the Decentralized Finance (Defi) sector, with coins like THORchain (RUNE) taking the lead in what seemed like a relay race to the moon; $ RUNE rallied 35% as the DeFi sector turned bullish on the 10th of January 2021 fueled by a successful cross-chain integration and blooming community. The upsurge happened just after a sharp rally from Bitcoin and then a consolidation for weeks.
NFT craze spurred by metaverse influencers
In March, the crypto FOMO did find feet on what left the entire world in disbelief. NFT, a phenomenon that most traders in the financial market are yet to grasp. The NFT craze kicked off when Beeple, a digital artist, sold digital art with ownership recorded on the blockchain and purchased in cryptocurrency at a crazy sum of $69 million at Christie’s digital art marketplace. The NFT craze has since continued.
As the whole crypto market looks forward to a bull run after some healthy retracement in October, we only had consolidations until the Memecoins rally saved the space. Experts say the meme coin rally tells of evolution in finance. How true can this be? This rally started after Elon Musk, known for shilling DOGEcoin, tweeted he has no Shiba Inu.
The Metaverse-related tokens took off on Thursday after Mark Zuckerberg, the Chief Executive Officer and co-founder of Meta platforms, announced a brand name change from Facebook to Meta, positioning itself around augmented and virtual reality-charged future.
Metaverse tokens like Axie Infinity’s ERC-20 token AXS have seen a significant surge in price this year. Still, at the advent of the Metaverse token FOMO, one could expect more price movements to the upside from AXS.
One of Decentraland’s tokens, MANA, is a good look at as it has proved the bullish bias right with a 300% move up since Facebook rebrand to Meta announcement.
NFT craze fuels coins uptrend
ENJ has been on an uptrend since October, thanks to the NFT craze fueling this move. ENJ is used to back digital assets issued on its platform, making it possible for items bought, sold, and traded to have real-world value.
SAND is an ERC-20 governance token of SANDBOX in the blockchain Play-to-earn industry. Sandbox claims to be on the move to revolutionize the blockchain gaming market.
These tokens are the current leading tokens in the metaverse both by market cap and 24hrs volume, according to Coingecko. Here’s a simple explanation for millennials making millions:
The more your MANA is worth, the more land within the system you can buy. People will then open virtual businesses in prime spots and profit from them. I’m not saying that I agree or disagree with the price; I just think that is why the price is moving.
Once a project gets the community support, it’s in for the long profitable haul, no matter how flimsy the underpinnings. Indeed, the possible future growth depends on various factors: announcements, new technological solutions, and so on; but once a project launch gets the community’s devotion, the future looks bright. For other metaverse projects, IMO, do consider philanthropy in your roadmap.