Recently, hedge fund manager and CNBC contributor Brian Kelly (aka “BK”) explained why he is bullish on three metaverse tokens in 2022.
According to his bio on the CNBC website, Kelly is the founder and CEO of BKCM LLC, an asset management firm focused on “global macro and currency investing, including investing in digital currencies.” Furthermore, he is the portfolio manager of the BKCM Digital Asset Fund and the REX BKCM Blockchain ETF.
Kelly is also the author of the book “The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World” (which was published by Wiley in November 2014).
During a recent episode of CNBC’s “Fast Money” Kelly said that virtual reality platform Decentraland ($MANA) could replicate the upward trajectory of Facebook’s stock as the social media giant grew into the ubiquitous platform that it is today. He noted the substantial impact of the network effect on virtual real estate, saying that Decentraland was poised to benefit from the rise in adoption.
As reported by The Daily Hodl, he said:
“In Decentraland, you can buy real estate, you can buy shop fronts, you can do a lot of different things virtually. And the currency of that virtual world is MANA.
“And again, about network effect, just like Facebook grew, the price of Facebook stock grew. As these networks grow, and as these virtual worlds grow, the underlying currency needs to grow to service that underlying economy.“
Kelly was also bullish on digital gaming altcoin Axie Infinity ($AXS), the native token of a play-to-earn decentralized game that allows users to buy, sell and trade digital assets. Again, Kelly noted the network effect, saying that the price of $AXS would continue to skyrocket alongside the growth of the game.
Kelly rounded out his top three altcoin picks with $SAND, the native token of virtual world The Sandbox ($SAND), about which he said:
“As that [The Sandbox] network grows, the currency will tend to grow with it to service the underlying economy.“
Here is how Binance Research described The Sandbox back in August 2020:
“The Sandbox is a virtual world built on the Ethereum blockchain, where players can build, own, and monetize their gaming experiences… The SAND token is an ERC-20 utility token that is used for value transfers as well as staking and governance… Players can create digital assets in the form of Non-Fungible Tokens (NFTs), upload them to the marketplace, and integrate into games with Game Maker.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.