Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
When the cryptocurrency market was under heavy turmoil last year, the metaverse coins and tokens remained unaffected. From Decentraland (MANA) to Axie Infinity (AXS) the platforms appeared to have maintained a healthy position during the period. MOOKY, an environment-focused project, is the latest entry in this market. A question remains, how it will compete with other metaverse related projects.
MOOKY comes with a vision to protect the environment using blockchain. Their native crypto asset and a DeFi token, MOOK, is used to generate wealth for the ecosystem and to reward its holders. It intends to plant over 10,000 trees for now, and may increase the number after the desired target is achieved. Additionally, it is a community driven project, enabling its token holders to govern the operations.
Non-fungible tokens (NFTs) are an integral part of a metaverse ecosystem. Web3 or metaverse games offer their in-game assets including but not limited to digital land plots, characters and more. MOOKY NFT collection provides its holders with access to its MOOKY ventures club. Club’s members are eligible for any exclusive perks.
There are multiple NFT tiers ranging from common to legendary. Only the holders of super rare or legendary tokens are eligible to enter MOOKY ventures club. The project is still in its growing phase and is yet to attain different objectives as of now. For instance the team has gained half the number of Telegram members as per their ‘Grooming’ mission.
Top Metaverse Tokens
The Sandbox (SAND)
The Sandbox is among the most popular metaverse projects to this date. Users enter a virtual voxel world to play, create and monetize their metaverse creations. The game has attracted popular names including Atari, Adidas, The Walking Dead, Ubisoft and more.
Its native token, SAND, was trading at $0.4925 at the time of writing, down by 4.27% in the past 24 hours. The project has a current market capitalization of $912.8 Million. Additionally, the token has traded at its all-time high of $8.44 during November 2021.
Decentraland (MANA)
An Ethereum-based metaverse game, Decentraland is divided among over 90K digital land pieces enabling users to create and earn MANA, the project’s native token. Decentraland recently announced that the year 2023 will focus on content creators. The platform held its second annual metaverse fashion week in March 2023.
MANA sits atop a market capitalization of $869.8 Million and ranked 5th in the top metaverse tokens category. The token has lost over 8% in a week while currently changing hands at $0.4633.
Axie Infinity (AXS)
The pokemon focused game Axie Infinity (AXS) has once traded at the all-time high of $165.37 a couple of years ago. Currently, its native token was trading at $6.7. The game gained popularity in the Philippines during the pandemic outbreak. At the time when people were struggling with unemployment, the metaverse game helped people generate revenue streams.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/26/can-mooky-survive-the-market-like-metaverse-tokens-did-last-year/