Blockchain games, NFT creators and major corporations are looking to acquire space in the Metaverse. Here’s how the growing sector is impacting SAND, MANA, GALA and WAXP price.
Meanwhile the markets appeared to be in complete chaos as a result of the BTC decline. Although not all tokens suffered, gaming tokens centered around the burgeoning Metaverse managed to stay in the black.
While the price of Bitcoin dropped below $57,000, the price of Metaverse tokens climbed higher.
While the price of Bitcoin fell below $57,000, the price of Metaverse tokens rose, with Gala (GALA) up 160 percent. WAX (WAXP) up 78 percent. The Sandbox (SAND) up 62 percent, and Decentraland up 45 percent. According to data from Cointelegraph Markets Pro and TradingView (MANA).
Following Facebook’s announcement that it was rebranding its parent corporation to “Meta”. All kinds of game protocols, nonfungible token (NFT) collections. The development of the virtual world landscape has also sparked interest in recent months.
Digital collectibles are on the rise.
The rise of the metaverse and digital collectibles has occurred at an intriguing juncture in the evolution of our global civilization. Particularly as issues of environmental sustainability and global supply networks have become increasingly prominent.
Because there are no physical inputs to manufacture the final products. Nor is there a need for a massive transportation system when the items are digital and can be shared via the internet. Creating things in the digital world really solves many of the problems currently facing humanity.
Rather of mass-producing the latest collector’s cards. Or action figures from popular sports, games, or movies, protocols like WAX (Worldwide Asset eXchange) offer digital versions of the same goods that can be readily saved in personal digital wallets. Additionally passed around for little to no expense.
Prior to the latest price gain, VORTECSTM data from Cointelegraph Markets Pro began to detect a strong prognosis for WAX on Nov. 2.
While the short-term forecast for Bitcoin and the wider cryptocurrency industry remains unknown, half of the crowd is concerned that a crypto winter is on the way. The Metaverse’s trajectory continues higher as projects focused on creating the framework for the future of commerce and socialization are expected to be the most rewarding investments over time, according to more experienced traders who see the drop as just another opportunity to purchase the dip.
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