The tangible realms are invading the real world.
Hype over the unused value of the "metaverse" sent tokens like Sandbox's SAND, MANA of Decentraland and others reached its highest point in November amid growing interest from cryptocurrency traders and Wall Street alike.
Metaverse is a digital world that incorporates the elements of unpopularity that we see in reality, the internet, games, arts, culture and social media. Participation in these worlds usually requires the user to use cryptocurrency tokens or purchase items in the virtual world, often sold as non-affiliated tokens (NFTs).
Price circles followed Facebook's announcement in October that it would be renamed as Meta, with a new function aimed at "restoring health."
The Facebook announcement has sparked interest from companies, real estate investors, capitalists and even nations as they race to claim their share in the new crypto frontier.
Sandbox, a virtual platform based on Ethereum, saw its SAND token jump from $ 1.55 to $ 6.79 in November, an increase of about 350%.
SAND is on the rise after sportswear retailer Adidas wrote on Twitter about creating an "adiVerse" in the visual world of Sandbox.
The MANA token for the Decentraland competitive project increased from $ 2.81 to $ 4.67 during the month, a profit of 66%, according to data provider Messari.
Decentraland made headlines in November when the Barbados nation said it was preparing to establish an embassy in the Decentraland area, which includes a world of international negotiations and digital real estate.
As of Wednesday morning, the Decentraland MANA and Sandbox SAND tokens were listed as 40 and 41 cryptocurrencies in market capitalization, respectively, according to data from CoinGecko.
Crypto retailers and even Wall Street analysts speculate about the unused metaverse commercial value, with some industry officials praising its ability to transform both digital and personal experiences.
Can you afford to spend $ 1 trillion?
The metaverse "can fundamentally change the way we interact with others, watch music concerts, engage in fashion products, read and / or speculate on digital assets such as NFT or in-game skins," Morgan Stanley wrote in Nov. 11 report.
Digital-asset manager Grayscale said the metaverse economy could generate more than $ 1 trillion in annual revenue.
A Bank of America report quoting Bloomberg Intelligence said the metaverse could be a $ 800 billion market opportunity by 2024.
Uncertainty about which tokens will ultimately be successful makes some investors defending their bet by purchasing a handful of metaverse projects.
Somnium Space, another virtual world based on Ethereum, saw its CUBE token increase by 66% during the month.
Loop price
Loopring LRC token increased by 189% following widespread spread of metaverse-related partnership with video game vendor GameStop.
Additionally, the ILV game token imitation game and art project focused on the Wilder World's WILD token exceeded 84% and 67%, respectively.
"There are several well-known metals and the Metaverse Group has NFT-based global parcels in some of them," Token.com founder and CEO Andrew Kiguel told CoinDesk. Metaverse Group, a company owned by Tokens.com, is a real estate firm that specializes in metaverse real estate and prides itself on the first-ever real estate investment.
The group paid 618,000 MANA tokens (approximately $ 2.4 million) for land in Decentraland last week, setting a record for the largest land acquisition of any disaster.
"Our investment will be based on our vision of the world we have and our ability to develop our land and employ interested people who want to be involved in this problem," said Kiguel.
Despite the differences in the metaverse landscape in its early stages, investors bet that more institutional players will follow Adidas and Barbados.
"Investors should not be mistaken for a lack of a single metaverse combined in the absence of any metaverse," warns Morgan Stanley.
Comments
Post a Comment