The investor says Axie Infinity, The Sandbox, and Decentraland could explode again amid network growth and the metaverse hype.
“Fast Money” trader Brian Kelly has highlighted three coins he says he’s been tracking and which he believes have the potential to see greater adoption and price increase long term.
According to the crypto investor, the three “under the radar” projects are all metaverse-linked – in the gaming or virtual world sectors. He told CNBC’s post-market show that these are tokens he’s been watching and which he believes are set to outperform as the underlying networks mature.
He also highlighted that as the metaverse idea takes solid shape, a lot of interest is likely to be around Ethereum and Solana, blockchain networks that could see significant activity related to the metaverse. The investor also sees opportunities in layer 2 protocols or decentralised applications (Dapps).
— CNBC's Fast Money (@CNBCFastMoney) December 28, 2021
Kelly says his top picks for trading opportunities are play-to-earn (P2E) token Axie Infinity (AXS), metaverse and NFT linked The Sandbox (SAND), and Ethereum-powered decentralised virtual reality token Decentraland (MANA).
He believes these tokens’ value will keep increasing as the space grows, noting that it’s all about the network effect. He noted:
“Just as Facebook [Meta] grew, the price of its stock grew and as these networks grow – these virtual worlds grow – the value of the underlying currency needs to grow to service that underlying economy.”
Axie Infinity (AXS)
On Axie Infinity he says that the gaming token’s explosive growth this year has more and more people looking to play, and as the network grows, so does the value of the underlying token AXS. The token’s price is up 16,819% this year, with its value against the US dollar around $95.48 (as of writing) according to data from CoinGecko.
The Sandbox (SAND)
The Sandbox (SAND), also Kelly’s top pick among tokens trading “under the radar” currently trades around $5.89 and has soared 15,561% this past year. The Sandbox is a Roblox-like decentralised virtual world that allows for gaming and trading of tokens, with participants taking true ownership of assets through non-fungible tokens (NFTs).
BK, as he’s commonly referred to on the CNBC show, is also bullish on MANA, the native token in the Decentraland virtual world. With MANA, holders can buy real estate, develop it and monetize it, and do “a lot of other different things” in the virtual world economy.
MANA currently trades around $3.34, about 30% down over the past month. However, the token’s value has spiked over 4,000% in 2021.