Real Vision chief executive and macro guru Raoul Pal is offering his insights into the direction of the metaverse and which crypto project will come out on top.
The former Goldman Sachs executive says in a new interview with InvestAnswers that although he’s made huge gains by investing in The Sandbox (SAND), valued at $6.19 at time of writing, it’s hard to say what has value today will hold true down the road.
When asked what his favorite investment play in the metaverse is, Pal says,
“They’re all imperfect. Is the world going to be built out on Sandbox or Decentraland? I don’t think so. Can they adapt and change and become something different? Maybe.
The Sandbox has become my second-largest holding because it went up 20x in a month.
I strongly believe in the metaverse, but it’s not a place. It’s a kind of digital state of affairs. So I don’t think there’s a way to play it as-is.”
The crypto visionary goes on to discuss how virtual real estate might not turn out to be as hot of a commodity as real-world property.
“I also am thinking through the ownership of digital real estate, not meaning having a metaverse experience…
I’m more thinking about, people are buying real estate because it’s next to Snoop Dogg in Decentraland or Sandbox. Is that valuable or not?
I think there is a near-zero probability that we’re going to be strolling down the street in the metaverse and [say], ‘Oh, my God, Snoop Dogg’s next door to Real Vision!’
Because when you see [virtual world] Cryptovoxels, you’re just given a GPS coordinate essentially and it takes you to one place, you teleport. So then what’s the value of being in a neighborhood?”
Pal concludes by saying that while he lacks long-term confidence in the various metaverse projects, leading smart contract platform Ethereum (ETH) seems to be the strongest associated investment at the center of it all.
“I worry that we’re very early. I will not be holding my investments in this for a long period of time, because I don’t have faith that these are the right things.
I’ve looked at a bunch of these [projects] and the answer is, I really don’t know. But one thing we do know, it’s most likely that Ethereum’s going to be at the center of it for now.
Ethereum becomes a decent proxy for the time being. It’s not perfect, but that’s okay.”
ETH is trading at $4,572 at time of writing, down 3% on the day.
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