“Follow the money!” Where asset manager Grayscale positions itself, institutional investors follow. And the giant seems to have turned its sights on tokens from the metaverse, if a note published this week is to be believed.
Grayscale is considering adding several metaverse-related tokens
As we all know, the word “metaverse” is in vogue at the moment, and with it the associated blockchain projects. Grayscale seems to have understood this, since it is planning to add tokens linked to virtual universes that we are hearing about at the moment.
The firm has indeed updated its list of “assets under consideration” this week, with several new ones. We find AXS from Axie Infinity, ENJ from Enjin, GALA from Gala, SAND from The Sandbox and YGG from Yield Guild. All of these cryptos are related in one way or another to the metaverse and virtual worlds.
The field is exploding right now, with big brands showing interest in the subject, and crypto projects setting themselves up as more decentralized alternatives. The sector could carry considerable financial weight in the years to come. So Grayscale’s interest in the metaverse is not really a surprise.
Grayscale’s other additions
Grayscale has also added other tokens to its list. These include the Cosmos blockchain network (ATOM), as well as “layer 1” Fantom (FTM), which this week became the third most used blockchain in decentralized finance (DeFi). But also Avalanche’s AVAX, another “Ethereum killer” that has gained momentum in recent months.
The asset manager makes it clear that its list is not a guarantee that it will add cryptocurrencies to its investment funds:
“[These are] digital assets that are not currently included in a Grayscale investment product, but have caught our eye in our exploration of the sector.”
The firm’s interest, however, is an indicator of which projects it believes are viable over the long term. It also shows where institutional investors’ big bucks might be directed in the future. Finally, it also reflects trends and shows which areas are booming right now.
