By Alicia Maher
The latest decline of Bitcoin (BTC) below $56,000 spurred a sell-off all across the crypto industry, with predictions of a $100,000 price by the close of the year soon replaced by fears of a year-long bearish market. While the markets looked to be in chaos following the BTC fall, not all tokens were affected, and gaming tokens centered on the burgeoning Metaverse managed to stay positive.
While Bitcoin fell below $57,000, Metaverse coins rose in value, with Gala (GALA) rising 160%, WAX (WAXP) rising 78%, The Sandbox (SAND) rising 62%, and Decentraland (DEC) rising 45%. (MANA). Following Facebook’s announcement that it will rebrand its parent corporation as “Meta,” there has been a surge in interest in in-game protocols, non fungible token collections, and initiatives focused on building the environment for the burgeoning virtual world.
NFTs Help Widespread Adoption
Pop culture and celebrities have found the possibilities of decentralized finance (DeFi) as well as NFT tech, which has fueled the meteoric rise of Metaverse-focused initiatives. From Post Malone buying BAYC NFTs to globally famous businesses like Gucci and Coca-Cola developing their ranges of branded NFT products to connect with customers, the path to widespread acceptance is building a Metaverse route. As a consequence, initiatives like The Sandbox and Decentraland have witnessed considerable increases in both coin value and user interaction over the past month.
Earlier this month, Markets analysis detected a favorable prognosis for SAND. Based on data points such as market mood, trade volume, recent price fluctuations, and Twitter activity, the market Score compares historical and present market circumstances. On Nov. 17, market analysis Score for SAND surged into the green zone, reaching 79 in roughly three hours until the price rose 48.5% over two days.
Digital Antiques Are Steadily Rising
The advent of the metaverse and digital antiquities coincides with the increased emphasis on green sustainability and international supply networks. Because digital commodities can be sent through the internet, there is no need for massive transportation infrastructure and no need for material inputs to construct the final products. Systems like WAX (Worldwide Asset eXchange) offer digital replicas of popular collectible cards and figurines that can be readily stored in personal digital wallets or transported around for little to no cost.
On Nov. 2, Cointelegraph Markets Pro VORTECS analytics detected a favorable outlook for WAX. On Nov. 2, the VORTECS Score for WAX reached 74, only 24 hours before the value began to rise by 154% over the next 2 weeks. Meanwhile, the short-term picture for Bitcoin and the broader cryptocurrency market is bleak, and 50% of the crowd fears a crypto-winter. The Metaverse’s trajectory keeps rising as efforts focused on creating the groundwork for the future of commerce and socializing are expected to be the most rewarding ventures over time.
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