Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support
Blockchain players, NFT developers, and corporate representatives are eager to gain access to Metaworld. How emerging industries are affecting SAND, MANA, GALA and WAXP prices. The recent surge in bitcoin (BTC) to a low of $56,000 triggered widespread cryptocurrency selling actions, and rumors of prices reaching $100,000 by the end of the year soon turned into fears of an impending bear market that could push quotes lower for a year or more.
However, according to people’s reaction to the BTC drop, there was an absolute carnage in the market, but not all tokens were affected, with gaming tokens intended for the emerging meta universe being almost a winner. As data from Cointelegraph Markets Pro and TradingView shows, in conditions dipping below $57,000, the value of Metaversion tokens soared: 160% for Gala (GALA), 78% for WAX (WAXP), 62%. breakout for Sandbox (SAND) and 45% for Decentraland (MANA). During the past few months, there has been intense attention to the “dawn of the Meta universe,” as various kinds of gaming protocols, non-exchangeable token collections (NFT) and projects focused on shaping the landscape of the emerging virtual world provoked a surge of interest after Facebook officially unveiled the rebranding of its parent company to “Meta.”
The surge of interest in Metaworld-oriented projects is due in large part to the endorsement by social activists and prominent individuals who have uncovered the possibilities of decentralized finance (DeFi) and NFT technology. From Post Malone acquiring NFT from Bored Ape Yacht Club (BAYC), starring in the music video “One Right Now,” to world-renowned brands such as Gucci and Coca-Cola creating branded NFT product lines to connect with consumers, metaworld is paving the way for universal acceptance. In particular, projects concerning the emerging field of virtual real estate, such as The Sandbox and Decentraland, have recently shown a serious jump in both the value of tokens and the number of users working with their protocols.
Development of a global community
The development of the meta-universe and digital objects of mass consumption is related to the development of our global community, especially as issues related to environmental sustainability and international delivery systems become more and more urgent. The process of creating digital things solves all of humanity’s existing problems, because the final product does not require material resources or an extensive delivery system, given that these goods are digital and distributed via the Internet.
In addition to creating the latest models of collectible cards or figurines from famous sports, games or movies in high-powered production facilities, protocols such as WAX (Worldwide Asset eXchange) are creating digital versions of similar items that are convenient to keep in e-wallets or use for transfer for little or no charge. VORTECS specialists at Cointelegraph Markets Pro reported that they began estimating an optimistic projection for WAX on Nov. 2, the day before the latest price hike.
Meanwhile, short-term expectations for bitcoin and the cryptocurrency market in general continue to be unclear, and while most people fear the start of crypto-winter, more advanced traders nevertheless see the fall as another favorable buying opportunity. However, the trajectory of the Meta universe remains unchanged, as projects designed to create the foundation for commerce and communication of the future will likely prove to be the most profitable investments for a long time to come.
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Tatiana Leverya, Team bit4you.