CNBC analyst Brian Kelly has highlighted three metaverse coin projects to watch in 2023, where he anticipates significant price movements. Let’s delve into Kelly’s analysis and predictions.
Analyst Highlights Metaverse Coin Ecosystem Growth
In his recent appearance on CNBC’s Fast Money, Brian Kelly, CEO of BKCM, predicted that three metaverse coin projects would surge in popularity. According to the analyst, the first of these, Decentraland (MANA), could see a growth pattern similar to the explosion of social media giant Facebook’s stock. Kelly’s predictions are based on a straightforward equation:
In Decentraland, you can buy real estate, storefronts, and engage in various virtual activities. The currency of this virtual world is MANA. Like the network effect seen in Facebook’s growth causing a rise in its stock price, as these networks and virtual worlds expand, the underlying currency will need to grow to support the underlying economy.
Analyst Highlights Play-to-Earn Ecosystem
The second project Kelly pointed to is Axie Infinity (AXS), a decentralized gaming universe where players can earn and trade cryptocurrencies by playing. The analyst explains how AXS will gain value with the metaverse ecosystem’s growth:
This is a play-to-earn game. It truly made a splash this year. It’s all about the network effect. As the game continues to grow, the value of AXS will increase along with this network.
The final project Kelly highlighted is Sandbox (SAND), an Ethereum-based ecosystem and blockchain game. The CNBC analyst says that, like other metaverse coins, as it gains mainstream attention, the price of SAND will increase:
As the Sandbox network grows, the currency will tend to grow with it to serve the underlying economy.
- At the time of writing, Sandbox (SAND) is trading at $5.91. Over the past year, SAND has seen an increase of over 16,800%.
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