Crypto gaming is a relatively new but popular addition to the cryptocurrency market. By combining two popular sectors, cryptocurrencies and video games, the play-to-earn (P2E) crypto gaming industry has grown into a multibillion-dollar industry. Two of the most popular crypto gaming coins are SAND (the native token of Sandbox) and MANA (the native token of Decentraland). Both are based on the Ethereum blockchain. Today, we compare the recent performance of these crypto assets.
The Sandbox (SAND)
The Sandbox is a metaverse and community-based gaming ecosystem. The Sandbox allows its users to create, share, and monetize voxel assets along with offering unique gaming experiences. Players can create their own NFTs using the VoxEdit tool, including avatars, environments, and hubs. Further, they can also trade these NFTs on the Sandbox marketplace. In simpler terms, the Sandbox can be considered the blockchain-based DeFi version of Minecraft.
SAND is the governance and utility token of the Sandbox ecosystem. It is an ERC-20 token and serves as the foundation for all transactions and interactions happening around the Sandbox ecosystem. SAND holders get the following benefits: 1) Right to Vote on Platform Governance 2) Access to the Platform and 3) Earn Rewards.
The supply of SAND is limited to 3 billion. SAND has a market capitalization of $3.4 billion and is ranked 40th among cryptocurrencies.
Decentraland is another virtual reality platform. Users of Decentraland can buy and sell digital real estate while exploring, interacting, and playing games in the metaverse. From digital skyscrapers and rapid transportation systems to movie theatres and hotels – you can buy and sell anything on Decentraland. The platform has evolved over time to include interactive apps, in-world payments, and peer-to-peer communication for users.
MANA is the native cryptocurrency of Decentraland. It is an ERC-20 token that is used as the governance and utility token in the 3D virtual world of Decentraland. MANA holders can govern Decentraland through the Decentraland DAO.
Non-fungible tokens in Decentraland represent in-game collectibles, including clothes, items, and the game’s virtual real estate, LAND. Users can sell the NFTs on the Decentraland Marketplace. To perform any transaction on the Decentraland Marketplace, users need to be a MANA holder.
MANA has a market capitalization of $4 billion currently and is ranked 34th.
SAND V/S MANA – The Verdict
The Sandbox allows its users to build, create, sell, and buy digital assets and experiences while also enabling blockchain-based gaming. Its primary focus is creating user-generated content, as well as developing a global gaming ecosystem. SAND is backed by major companies like Slack and Uber.
On the other hand, Decentraland is ideal for anyone seeking a platform with unique sources of entertainment, as well as new business opportunities in the metaverse. It is one of the rapidly growing projects that use a Decentralized Autonomous Organization (DAO) for governance. Further, MANA holders have complete authority over the Decentraland ecosystem.
Recent performances of SAND and MANA v/s ETH
Source: TradingView, Binance
In 2022, SAND has underperformed ETH by a larger margin, losing 41% in value compared to 21% by MANA. Both cryptocurrencies have a similar market cap today and are working on regular updates. Sandbox has a clear vision of being available to mobile devices, whereas Decentraland hasn’t specified any roadmap yet. However, they aim to continue their collaborations with celebrities, creators, and brands on the platform alongside NFT advertisements.
Given the lack of roadmap of MANA and a higher all-time high of SAND, SAND might be a better investment today. Both are largely good projects in an upcoming theme like the Metaverse.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.