Analysts have begun questioning whether the metaverse was a year-long narrative trade, and on-chain analysis supports this opinion. Decentraland (MANA) looks ready to overtake The Sandbox (SAND), but larger whales rapidly rotate their holdings into Collateral Network (COLT), which is set to multiply their holdings by 35x.
Decentraland (MANA)
Decentraland (MANA) has been climbing steadily through the ranks and soon looks likely to overtake The Sandbox (SAND) in terms of market cap. Decentraland’s (MANA) current market cap is roughly $1.07 billion, whereas The Sandbox’s (SAND) market cap is $1.14 billion, and Decentraland (MANA) is rapidly closing the gap.
Decentraland (MANA) has been gaining due to its explicit focus on onboarding new users, mainly through the DAO grants program, which has acted as a highly efficient entity for driving new users into Decentraland (MANA). Decentraland (MANA) has been extending its wearable categories making the platform attractive for digital content creators and hosting more live music spaces that have proven highly popular.
Decentraland (MANA), at the time of writing, trades at roughly $0.63, with price predictions from analysts expecting the token to target a range between $1.13 and $1.30 in 2024, meaning just under 200% gains for investors opening positions at its current price point.
The Sandbox (SAND)
The Sandbox (SAND) launched initially as a mobile game in 2011, and the founders began exploring the potential to create a metaverse in 2018. By 2020, The Sandbox (SAND), in its current iteration, was released and rapidly became one of the big three.
The big three refers to Axie Infinity (AXS), Decentraland (MANA), and The Sandbox (SAND)- the three leading projects within the metaverse space. The Sandbox (SAND) is a virtual world where users can own their experience through NFTs, and it leverages the play-to-earn model allowing users to earn in exchange for participation.
The Sandbox (SAND) recently released its Fist of the North Star Avatar collection. Still, analysts doubt this will be enough to stop Decentraland (MANA) from overtaking The Sandbox (SAND) in terms of market cap.
The Sandbox (SAND) token has been forecast to trade between $1.23 and $1.44 in 2024, up from its price, at the time of writing, of $0.68. However, whales in both projects have rapidly been offloading and possibly using the funds to buy up COLT aggressively.
Collateral Network (COLT)
Collateral Network (COLT) is a DeFi challenger lender and the world’s first decentralized crowdlending protocol integrating real-world assets. Collateral Network (COLT) operates on the frontier of DeFi and represents the next step forward for asset-backed lending, one of the cornerstones of private credit.
Collateral Network (COLT) allows asset owners to access global liquidity in a permissionless fashion. Owners have their physical assets valued and appraised by Collateral Network (COLT), which uses artificial intelligence (AI) to expedite the process, then mints a unique NFT 100% backed by that asset. Fine art, supercars and jewellery are all eligible items that can be used as collateral.
The NFTs are fractionalized and sold to lenders to fund the loan, earning them a fixed rate of interest.
The COLT token will entitle lenders and borrowers to discounts and grant access to the auction house, where distressed assets will be sold at below-market value. Holding COLT is the best way to gain exposure to the overall upside of the Collateral Network (COLT) platform, and analysts have already forecast that it will surge by 3,500% before the presale ends.
Find out more about the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
Presale: https://app.collateralnetwork.io/register
Telegram: https://t.me/collateralnwk
Twitter: https://twitter.com/Collateralnwk
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