Two metaverse tokens experienced double-digit gains on Friday as the entire market entered the red see. Within one week of Facebook announcing its Meta Platforms rebrand, the related coins, Decentraland (MANA) and Sandbox (SAND), gained 200% and 210%, respectively.
Meta, formerly Facebook, is preparing to launch a metaverse. Though it appears that the non-fungible tokens and crypto will be vital in the space, the cryptocurrency community seems not overjoyed.
The word metaverse refers to the 2nd Internet version, existing along with the first one. With the anticipated version, immense social sharing happens in 3D settings. The interaction environment will support the use of metaverse cryptos, NFTs, ‘smart’ contracts, games, dApps, 3D avatars realities (VR), and virtual landscapes.
Decentraland Surges 30%
Decentraland (MANA) is a virtual reality online game, a virtual living ecosystem powered by crypto and created on ETH blockchain. That was after it cooled off after its initial upswing. While writing this article, MANA trades at $3.27 following a 30.4% surge in one day and 28.2% in a week (Coinmarketcap data).
The metaverse involves day-to-day evolution as it is a progressing work. MANA has seen value appreciation with a growing metaverse craze. The platform hosted its first Metaverse Festival from 21 October to 24 October.
Surged global awareness of metaverse’s possibilities will mean a quicker decentralized novelty. Besides MANA, Sandbox plans to introduce a metaverse on the network. With that, it will enable a community-supported network for developers to monetize gaming and crypto experiences. Sandbox owner Robby Yung seems dissatisfied with the company’s links with Facebook.
For now, Sandbox exchanges hands near $2.73, following a 17.5% over the past 24 hours. Moreover, its stands 2.88% high over the past week.
Sandbox (SAND) is another digital atmosphere that allows users to create, manage, and monetize their gaming experiences. It is a metaverse that uses NFTs to represent assets’ ownership. Sandbox CEO Arthur Madrid confirmed that the move would expand the firm’s reach beyond gaming towards areas like fashion, art galleries, museums, virtual performances and concerts, and architecture.
Feel free to share your views in the comment section below.