Share this article
The Metaverse-themed gaming projects Decentraland and The Sandbox have bucked the crypto market trend, putting in double-digit gains while other assets post substantial losses.
Metaverse Tokens Hold Strong
Metaverse coins are outperforming the rest of the market.
Tokens of the two most popular crypto Metaverse projects, Decentraland, and The Sandbox, have shown strength this week while the wider crypto market has fallen.
Decentraland’s MANA token has held strong above $3, gaining 29% over the past seven days. The Sandbox, a similar virtual Metaverse, has done even better, with the SAND token continuing its month-long rally, reaching a new all-time high of $3.63 Tuesday evening.
SAND/USD chart. Source: CoinGecko
In comparison, Bitcoin has dropped more than 11% over the past week, falling below $60,000 and bringing many major coins down with it. Historically, when Bitcoin turns bearish, the wider crypto market usually follows, indicating a high degree of correlation between the two. However, this time, Metaverse gaming projects appear to be finding strength elsewhere.
Decentraland and The Sandbox are not the only gaming projects doing well. The Worldwide Asset eXchange (more commonly known as WAX) is also staging its own rally, gaining 61% over the past week. WAX is a carbon-neutral blockchain dedicated to gaming and NFTs. WAX’s most popular game, Alien Worlds, averages over 250,000 players daily, according to data from DappRadar.
Metaverse gaming projects received a boost last month when Facebook rebranded to “Meta,” signaling the company’s intention to focus on building online virtual spaces. Since then, several Metaverse gaming tokens have rallied, with both Decentraland and The Sandbox up more than 300% since the announcement.
Additionally, October was the first month that blockchain gaming made up the majority of decentralized application activity. Over 1.19 million unique active wallets connected to crypto gaming dApps last month, accounting for 55% of all dApp activity.
Disclosure: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Crypto Gaming Booms Amid Metaverse Hype
Data from analytics platforms DappRadar and Token Terminal shows a boom in crypto gaming. In October, 55% of all unique active wallets connected to blockchain games, marking the third consecutive…
Facebook Changes Company Name to Meta, Plans NFT Support
Mark Zuckerberg has announced that Facebook will change its company name to Meta, though the company’s signature social media platform will retain the name Facebook. The company’s shares are set…
Metaverse Tokens Are Soaring on Facebook’s Rebrand News
The Metaverse-related crypto projects Decentraland and Axie Infinity are rallying after Facebook revealed that it would be rebranding and turning its focus to virtual reality worlds yesterday. Metaverse Tokens Rise …
MDEX: Overlooked Decentralized Exchange That Pays You to Trade
Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…
