Thursday, Aug 18, 2022
Outlook for Brands

Best Metaverse Stock To Hold: Axie Infinity (AXS), Decentraland (MANA) and Chronoly (CRNO)

The global consulting firm, McKinsey & Co has just published a report according to which the Metaverse economy could be worth as much as $5 trillion by 2030.

Metaverse Stock
Metaverse Stock

The global consulting firm, McKinsey & Co has just published a report according to which the Metaverse economy could be worth as much as $5 trillion by 2030. In stark contrast to the pessimism about the crypto market, it seems that spending in the Metaverse this year has already doubled the amount spent last year. With that in mind, we look at three solid Metaverse coins to hold: Axie Infinity (AXS), Decentraland (MANA) and Chronoly (CRNO). 

Axie Infinity (AXS) is on its way back 

Axie Infinity, the darling of the P2E market, experienced a meteoric spike in popularity during the summer and early fall of 2021. The game brought in about $215 million for the week of August 8, 2021. After a $152 million fundraising round led by a16z in October of that year, Sky Mavis, Axie Infinity's founder, was valued at $3 billion. However, it has been steadily declining since November 2021. 

It appears that the issue stems from Axie's in-game token, SLP, becoming useless due to a lack of means to delete or burn it. Unsurprisingly, this has resulted in a decline in popularity. However, Sky Mavis is rumored to be working on a solution so we think it will rebound some point in the near future. 

Decentraland (MANA) has promising plans 

The Decentraland (MANA) cryptocurrency has increased in value by 38.65% after the Terra Luna disaster in May 2022. Decentraland is now trading at around $0.89. On the Binance market, this represents an almost 80% drop from the all-time high of $6.09. MANA is likewise trading within an upward channel on the 4-hour time frame, as can be seen. This is often a bullish chart pattern that urges traders to go long in technical analysis. 

Decentraland (MANA) could undergo a fresh upswing whenever the crypto markets see a bullish reversal. In 2022, Decentraland is planning to debut an intriguing new mobile app as well as significant protocol changes that will improve efficiency. 

Chronoly (CRNO) is a revolutionary concept is a blockchain-based watch marketplace that specializes in rare and extraordinary timepieces. The initiative has rewarded its early investors, those who got in at $0.01 when the presale phase began in early May and are currently experiencing a 400% price increase with the price now at $0.05. 

We all know that high-end timepieces have long served as status symbols for those wealthy enough to be able to own them. Chronoly, however, is changing all of that by making fractional NFTs, which are backed against the rare, exclusive and luxury watch, stored in a secure vault and to be audited by third party companies like Deloitte. 

Users will be able to trade tiny amounts of NFTs that are backed by a physical watch. A user may, for example, invest $10 in a Rolex Daytona. The NFT's price varies in tandem with the price of the real watch, making it a tradeable commodity on the marketplace. CRNO token holders can also earn passive monthly income by staking their tokens, enter a monthly watch lottery, and save money on trading and storage fees. 

Analysts are upbeat about the project's prospects, with some predicting a 2,500% price increase by the end of the presale period.