In 2024, investors are set to shift their focus towards cryptocurrencies with the capacity to fulfill the extensive hype and promises surrounding the metaverse.
Crypto specialist Dominic Basulto suggests that ApeCoin, a prominent metaverse coin project, stands to gain significantly by leveraging its vast intellectual property assets.
Furthermore, Illuvium is identified as having a distinct opportunity for value in 2024, presenting a unique investment prospect in the evolving digital landscape.
Note: It is not investment advice
Two metaverse coins featured for the next bull run
As reported by Metaverseplanet.net, metaverse coin projects generally experienced a decline in 2022. Despite this downturn, ApeCoin and Illuvium have been highlighted for their potential in the long term.
Metaverse cryptocurrencies that were highly promising in 2021 found themselves struggling in 2022, with popular tokens such as Decentraland and The Sandbox witnessing a 90% drop in value over the year. Furthermore, many investors have shifted their focus away from the metaverse, opting for less risky crypto assets instead.
However, for those looking into metaverse cryptocurrencies with promising prospects in the next bull market, two names stand out: ApeCoin (APE) and Illuvium (ILV).
This is because both projects are built with a long-term perspective in mind. Additionally, they boast dedicated communities of enthusiasts prepared to endure the crypto winter. Let’s take a closer look at each of these projects.
Popular metaverse coin project ApeCoin (APE)
When many people hear about ApeCoin, they often dismiss it as solely an investment in the Non-Fungible Token (NFT) market. This perception is understandable since ApeCoin serves as the primary token within the Bored Ape Yacht Club ecosystem, which hosts arguably the most successful NFT collection to date. Indeed, the NFT market faced a significant downturn in 2022. Yet, the “base” Ape, or the most affordable Bored Ape available on the secondary market, still commands a price of around $100,000.
However, ApeCoin is expanding its role by integrating these NFTs into the metaverse, marking a pivotal development. In mid-2022, Yuga Labs, the creators behind Bored Ape Yacht Club, announced the launch of Otherside, a metaverse realm inhabited by Bored Apes.
Within this digital world, ApeCoin serves as the currency for purchasing land or items for avatars. As Otherside continues to grow, the value of ApeCoin is expected to rise correspondingly. CoinMarketCap has already recognized ApeCoin as the top-valued metaverse coin, boasting a market capitalization of $1.3 billion.
Yuga Labs has outlined plans to introduce new and engaging features for the metaverse in 2023, including playable avatars and customizable environments.
While the notion of “playable avatars” might seem like a stretch to some, consider the example of both Eminem and Snoop Dogg, who performed as Bored Ape avatars at this year’s MTV Video Music Awards. This instance illustrates how enabling fans and collectors to use their NFTs as avatars in Otherside in creative ways could potentially unlock the full intellectual property value of the Bored Ape Yacht Club.
Second metaverse coin project Illuvium (ILV)
Illuvium, while familiar to blockchain and gaming aficionados, has yet to capture the attention of mainstream investors. It launched in April 2021 at a price of $47.31 and surged to $1,846.88 amidst the metaverse hype. However, it experienced a significant drop in 2022 after its initial gains.
So, why consider investing now? The brief answer is that Illuvium has made a comeback with the highly anticipated release of another blockchain game in mid-December.
The developers have touted the new Overworld game as the first AAA title on the Ethereum blockchain, indicating it’s a high-profile, high-budget project comparable to a Hollywood blockbuster. It represents the second installment in a trilogy of games, with the third installment set to launch in 2023.
Illuvium incorporates several leading Web3 gaming trends from the past two years, including play-to-earn and GameFi, and integrates them within the interoperable blockchain gaming model.
Given the typically short lifespan of many online games, the concept of interoperable blockchain gaming becomes especially intriguing, as it allows players to transfer their digital assets across different games. This means when players grow tired of one game, they won’t have to start over in another, enhancing the value and longevity of their digital assets.
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