Following Facebook’s corporate rebranding to Meta, the hype surrounding the emerging metaverse is still soaring, and Ethereum-based metaverse projects are reaping the benefits.
Decentraland’s MANA token and The Sandbox’s SAND token both hit all-time highs on Tuesday night, continuing their recent surges.
According to CoinGecko data, MANA reached a new high of $5.30 overnight, but it has since dropped to just under $5.00 as of this writing. Despite this, the token has increased by 20% in the last 24 hours and by 539 percent in the last 30 days.
SAND hit a new all-time high of $7.22 overnight and is currently trading at $6.69 as of this writing. That’s a 25% increase in the last 24 hours, with a 747 percent increase in the last 30 days.
Decentraland and The Sandbox are both Ethereum-based virtual world games where players can buy and customize land plots in a shared, perpetual online world. Such land plots, which are represented by NFT assets, can also be monetized to provide holders with passive income.
Decentraland went public in February 2020, and despite being a latecomer to the increasingly buzzy metaverse space, it has reaped significant benefits from the recent hype. The Sandbox is not yet operational; instead, on November 29, the developers will launch a limited alpha test ahead of a planned wide release in 2022.
The metaverse is a future internet era in which users interact in shared 3D spaces using avatars. It is expected to be a more immersive experience that will include all types of online interactions, such as communication, games, and even work.
Facebook aspires to be the industry leader, and recently rebranded its parent company Meta to demonstrate its commitment to the future metaverse. However, many crypto startups are fighting back against centralized firms attempting to stake their claim to the future online space. Many cryptocurrency enthusiasts believe that the metaverse should be fully open and interoperable, allowing users to use their NFT assets across spaces, games, and platforms.
Both Decentraland and The Sandbox have seen their tokens skyrocket in value since the beginning of the year: MANA began 2021 at around $0.08 per token, while SAND was worth less than $0.04 per token. Each saw a fairly gradual increase in value until late October, when it multiplied several times over as a result of Facebook’s big metaverse reveal.
MANA and SAND aren’t the only gaming-related crypto assets that have risen in value in the last 24 hours. As of this writing, Immutable X, a scaling solution designed for Ethereum games and NFTs, is up nearly 9% to $8.25, while gaming platform Enjin’s token (Enjin Coin) is up 8% to $4.16.