Renewed interest in the Metaverse sends Decentraland (MANA) price 75% higher

February 4, 2022 Coin Telegraph

MANA price booked a 75% bounce off its swing low as interest in the Metaverse is rekindled.

The influence of blockchain technology on the ongoing digital revolution cannot be overstated as the rise of the Metaverse and the integration of virtual reality is transforming the way humans interact on a global scale.

One project that is beginning to gain traction in its effort to bridge the old world with the new is Decentraland (MANA), a virtual reality (VR) ecosystem built on the Ethereum network that allows users to create, engage with and monetize digital content through a variety of interactive experiences.

Data from Cointelegraph Markets Pro and TradingView shows that over the past two weeks, the price of MANA has climbed 70% from a low of $1.70 on Jan. 22 to a daily high of $2.90 on Feb. 1 as the wider crypto market struggled under bearish pressure.

*MANA/USDT 1-day chart. Source: TradingView*

Three factors that indicate a positive future for the Decentraland ecosystem are the integration of real-world companies into its virtual landscape, a growing ecosystem of celebrities and influencers that are building on the protocol and improvements to the user interface that helps improve the overall user experience.

Merging physical and virtual worlds

“If you build it, they will come,” is a well-known phrase from the movie Field of Dreams and it appears as though the old adage has begun to work for Decentraland as its not just everyday users, but established, globally recognized brands that are laying claim to virtual real estate.

As nonfungible tokens (NFTs) exploded in popularity in 2021, some of the digital collectibles found their way into auctions at established auction houses like Sotheby’s where they fetched multi-million dollar bids.

Old Master in a new world: To celebrate the once-in-a-lifetime sale of Sandro Botticelli's 'The Man of Sorrows,' we built it a chapel in @Sothebys HQ in @decentraland. https://t.co/xe68T1S7ie

Livestream of the #SothebysMasters auction TODAY at 10am ET. pic.twitter.com/DFlnT7xH3k
— Sotheby's Metaverse (@Sothebysverse) January 27, 2022

Sotheby’s has now become a fixture in the digital crypto ecosystem by establishing a virtual auction house in Decentraland where they continue to break down the barrier between the physical and the digital world.

And it’s not just auction houses that are buying up virtual land, businesses from various sectors are following the trend to remain relevant with the younger generations as the Metaverse becomes a reality.

The Meta Lite Bar is opening its doors in Decentraland soon! Head to https://t.co/1iCBk8zRTQ to sign up for updates. pic.twitter.com/Fdsl89DDrB
— Miller Lite (@MillerLite) February 2, 2022

Celebrities and influencers embrace the Metaverse

Another reason to be bullish on the future of virtual land projects like Decentraland is the adoption of celebrities and influencers who are looking to establish their brands in VR.

Want a guided tour in @decentraland ?
Book a date: Tue, 1 Feb from 5-6 pm UTC
You'll visit the coolest show in town, Man vs. Machine, with art by @trevorjonesart @icecube built by @V_A_L_I_A_N_T Parkour to the top - get a reward Details below https://t.co/9TXo6BoXs7 pic.twitter.com/v6oshtVjVp
— Ice Cube (@icecube) January 31, 2022

As well-known artists and creators build out their presence in the virtual world, their fan base will be increasingly exposed to the possibilities of blockchain technology and VR, which has the potential to usher in a new wave of adoption.

Proof of this comes from events like the Metaverse fashion week in Decentraland, which attracted the attention of companies like Vogue Magazine for its ability to showcase the latest trends in fashion to audiences around the world.

The "user experience" continues to improve

A third factor helping to attract users to Decentraland are the improvements to the users' experience and an increasing number of cross-platform integrations.

Easily navigate between realms within the #Decentraland start menu.
Click your menu at the top right, open the realms UI at the top left, and choose the realm you wish to appear! pic.twitter.com/nlNlznTs3w
— Decentraland (@decentraland) January 19, 2022

The protocol has also added a "My Store" section that allows all users to manage and track their collection and build their personal brand.

According to the most recent update from the developers behind the project, some of the future updates for 2022 include the release of a desktop client, social and voice chat improvements, linked NFTs as wearables, tokenized emotes, smart wearables and a mobile app prototype VR client.”

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MANA on Jan. 22, prior to the recent price rise.

Data from Cointelegraph Markets Pro is also painting a bullish picture for MANA.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. MANA price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for MANA hit a high of 81 on Jan. 22, around one hour before the price increased 70% over the next two weeks.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Vulcan Forged (PYR) rallies after virtual land sales and the Elysium testnet launch

February 2, 2022 Coin Telegraph

Altcoin Watch

PYR regained its bullish momentum after the launch of the Elysium testnet and the limited release of digital land plots in the VulcanVerse.

Nonfungible tokens (NFTs), gaming protocols and the dawn of the Metaverse were all trending topics in 2021 and they are shaping up to be even bigger in 2022.

NFTs and Metaverse-related projects are also bouncing back quickly from the market-wide downturn and Vulcan Forged (PYR) is one of the top movers this week. The project is a blockchain game studio and NFT marketplace that is in the process of developing out its VulcanVerse ecosystem.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $6.59 on Jan. 24, the price of PYR has rallied 119% to an intraday high at $14.43 on Feb. 1 amid a 141% spike in its 24-hour trading volume.

*PYR/USDT 4-hour chart. Source: TradingView*

Three reasons for the recovery seen in the price of PYR include the launch of the Elysium testnet, the listing of 100 plots of land for sale within the VulcanVerse and the launch of a PYR bridge between Ethereum and Polygon.

Elysium testnet launches

High fees on the Ethereum network have been a thorn in the side of protocols hosted on the network and this has led to many projects migrating to other networks or launching their own solutions to help lower the cost for users.

Vulcan Forged opted to travel the latter by launching the Elysium blockchain, which Vulcan Forged is referring to as “the blockchain for Metaverses.”

It’s 20:05 GMT, 28th January, 2022, The Year of the Vulcanite.

And Elysium Testnet just went live.$PYR pic.twitter.com/qqevQeC0TB
— Vulcan Forged (@VulcanForged) January 28, 2022

According to announcements made about the project, Elysium will become the world’s first carbon-neutral blockchain via a collaboration with the Netherlands-based decentralized carbon credit exchange Coorest.

This will be accomplished by offsetting the CO2 emitted by the Elysium blockchain with tokenized trees and the gas fees from transactions will be used to plant trees on nearly 70,000 acres of land owned by Coorest.

In addtion to this environmentally-friendly approach, the network is also attracting the attention of other protocols, with Vulcan Forged indicating that three other Metaverse projects have already signalled their intent to launch on Elysium.

Land sales go live

A second reason for the bullish move in PYR over the past week has been the limited listing of 100 plots of land in the VulcanVerse.

12-24 hours left on the @VulcanVerse 100 plot sale.

Auction expiry dates cleverly designed for time zones.https://t.co/CjiW5HPVjY $PYR pic.twitter.com/tDRhQT5HjG
— Vulcan Forged (@VulcanForged) February 1, 2022

All plots of land are available for purchase using PYR, which has prompted some traders to accumulate the token to make a purchase, leading to an increase in demand and token price.

On top of offering holders a yield of 35 PYR per month for the next four years, land plots in the VulcanVerse can also be used to to earn through gameplay or rent.

PYR support on Polygon

A third reason for the bullish turnaround in the price of PYR has been the success of VulcanDex, the protocols decentralized exchange which currently operates on the Polygon and Ethereum networks.

According to VulcanDeX, the protocol surpassed a total value locked of $10 million on Jan. 29 and this figure continues to rise as PYR price rallies.

VulcanDEX is also in the process of integrating a cross-chain bridge between Ethereum and Polygon into the ‘My Forge’ section of the DEX that will enable the simple transfer of PYR tokens between the two networks.

Ken Kutaragi, Father of the Sony Playstation, Criticizes Current Metaverse Push

January 26, 2022 Bitcoin.com

Going meta: Disney, Second Life and K-pop

January 15, 2022 Coin Telegraph

Business

Second Life creator Philip Rosedale returns to the fold, Disney's patent for a "virtual-world simulator in a real-world venue” suggests an entry to the Metaverse, and Animal Concerts partners with South Korea-based Kakao’s Klaytn project.

Following the announcement that Facebook’s parent company would be rebranding in a shift towards the Metaverse, many projects have started similar initiatives entering the virtual space, from buying property to testing the limits of what this universe has to offer.

Visit Disneyland… in the Metaverse?

The entertainment company behind some of the most popular theme parks in the world recently had a patent approved for a “virtual-world simulator in a real-world venue.” Though the Los Angeles Times reported that Disney had “no current plans” to use the simulator in the near future, the application does suggest Disneyland and Disney World guests may eventually see Metaverse attractions at one or more of the parks in the United States, Hong Kong, China, France and Japan.

*Disney World in Orlando, Florida. Source: Pexels*

The tech would work by tracking visitors using their mobile phones and generating and projecting personalized 3D effects onto nearby physical spaces, such as walls and other objects in the park. According to the patent application, Disney’s possible foray into the Metaverse could “provide users with realistic and highly immersive individualized 3D virtual experiences without requiring those users to wear an augmented reality AR viewing device.”

K-pop in the Metaverse?

On Monday, Metaverse concert organizer Animal Concerts announced it had inked a deal with South Korean unicorn Kakao’s Klaytn network as part of a plan to increase its exposure to the country’s entertainment industry. Animal Concerts CEO Colin Fitzpatrick said that “Klaytn’s major goals are NFTs and Metaverse.”

“Technical limitations prohibit how many people can actually attend a concert in the Metaverse,” said Fitzpatrick, referencing scalability issues. He aims to build a network of virtual venues across existing and new Metaverse platforms to host concerts with a variety of talent, seemingly including K-pop artists.

Second Life creator returns as project goes meta

Linden Lab, the company behind the virtual online world Second Life, announced on Thursday founder Philip Rosedale would be rejoining the project as a strategic adviser along with Metaverse team members of San Francisco-based VR company High Fidelity. According to the firm, the addition of the new and old talent would facilitate Second Life’s entry into the Metaverse.

“Virtual worlds don’t need to be dystopias,” said Rosedale. “Big Tech giving away VR headsets and building a metaverse on their ad-driven, behavior-modification platforms isn’t going to create a magical, single digital utopia for everyone.”

Launched in 2003, Second Life was one of the earliest virtual world experiences before the connectivity of modern social media platforms like Facebook, Twitter and Instagram. Rosedale departed as the CEO of Linden Labs in 2008 before going on to found High Fidelity in 2013. His return could mark a significant milestone for incorporating new Metaverse-themed ideas into established platforms:

Philip Rosedale returning to Linden Labs (breaking news today) definitely reminds me of Steve Jobs in the 90s returning to Apple #secondlife #metaverse
— Andrew Oleksiuk (they/them) (@Andrew_Oleksiuk) January 13, 2022

Going meta: Paris Hilton, Times Square and ETFs

January 1, 2022 Coin Telegraph

Business

Decentraland and Paris Hilton plan competing virtual New Year's Eve celebrations, while ProShares plans to launch a metaverse-tracking ETF.

Virtual ball drop on NYE

The Ethereum-based virtual reality world Decentraland announced on Wednesday that a New Year’s Eve celebration would be taking place in the Metaverse. Grayscale owner Digital Currency Group has partnered with real estate firm Jamestown to create a virtual One Times Square — the iconic New York City location where a giant ball descends on a flagpole, stopping at midnight to mark the start of the new year. The virtual event starting at 11:00 pm EST will feature a live feed of the real Times Square as well as crypto art galleries, games and virtual gatherings.

“The metaverse is quickly evolving to bring together the most interesting and alluring parts of our favorite physical places around the world,” said Simon Koster, the Digital Currency Group’s head of real estate. “This event highlights how virtual events can cohesively integrate with real ones in an effort to bring once-in-a-lifetime experiences to so many that would have never been able to participate otherwise.”

*Times Square in the Metaverse. Source: Decentraland*

Celebrity capitalizes on the space

Reality TV star Paris Hilton has her own New Year’s Eve party plans involving the Metaverse — and these are (virtually) far away from the hustle and bustle of Times Square. Gaming platform Roblox is home to a virtual island called Paris World where the socialite will be playing an electronic set for virtual patrons on Dec. 31. Hilton, who commands a following of millions on social media, may draw quite the virtual crowd.

It’s unclear how many people will be attending Metaverse events as opposed to celebrating the new year in person due to the rise in COVID-19 cases in the United States and worldwide. Last week, New York City Mayor Bill de Blasio announced the New Year's Eve events in Times Square would be limited to 15,000 people — there are usually 58,000 in attendance — with everyone required to wear masks and show proof of vaccination.

Exchange-traded funds going meta

At least three companies in the United States and Canada have launched or plan to launch exchange-traded products with exposure to metaverse-related firms.

In November, Evolve Funds Group and Horizons ETFs Management listed their metaverse exchange-traded funds (ETFs) on the Toronto Stock Exchange, with the latter tracking the performance of the Solactive Metaverse Theme Index (SOMETAV). The index includes tech companies Apple and Nvidia, as well as social media giant Meta. Shares of the offering have fallen roughly 5% and 3%, respectively, since launching on Nov. 29.

In the United States, however, the first company to successfully launch an ETF with exposure to Bitcoin (BTC) futures has begun delving into the metaverse. A Tuesday filing from the Securities and Exchange Commission shows ProShares plans to launch a metaverse-focused ETF tracking SOMETAV. The SEC has yet to approve the offering.

Elon Musk thinks Neuralink is better than Metaverse in long term

December 22, 2021 Coin Telegraph

Coin Telegraph

The Neuralink founder does not see a future full of VR headsets after questioning its long-term implications on eyesight.

Tesla and SpaceX CEO Elon Musk showed no support for the Metaverse and Web 3 ecosystem as he dismissed the terms for being used as buzzwords and marketing tactics.

"I don't see someone strapping a friggin' screen to their face all day," said Elon Musk, Tesla and SpaceX CEO, in an interview with The Babylon Bee when asked about his thoughts on the Metaverse ecosystem. "I don't know if I necessarily buy into this metaverse stuff, although people talk to me a lot about it."

Speaking around Metaverse and virtual reality (VR), Musk said that he does not see a future where one would have to leave the physical world to live in a virtual world. Sharing a personal experience, he added that the VR headsets tend to trigger motion sickness while playing video games:

“In the long term, a sophisticated Neuralink could put you fully into virtual reality. I think we're far from disappearing into the metaverse, this sounds just kind of buzzwordy.”

Elon Musk founded Neuralink, a neurotechnology company that primarily aims to deploy brain implants on humans for restoring and enhancing physical capabilities through computers.

First @Neuralink product will enable someone with paralysis to use a smartphone with their mind faster than someone using thumbs
— Elon Musk (@elonmusk) April 9, 2021

“I’m currently unable to see a compelling metaverse situation or Web 3 sounds like more marketing than reality. I don't get it, and maybe I will, but I don't get it yet.”

Musk also highlighted that people will not prefer moving around with VR headsets without wanting to ever leave it. He also recollected being warned growing up about not sitting too close to the TV:

“It's gonna ruin your eyesight, right? And now we've got TV literally right here (on the face). I'm like what? Is that good for you?”

Adding to his role as the most influential Dogecoin (DOGE) supporter, Musk recently expressed support for crypto, calling it indestructible and fundamentally aimed at reducing the power of a centralized government. As Cointelegraph reported, Musk said at Code Conference in California:

“It is not possible to destroy crypto, but it is possible for governments to slow down its advancement.”

He also suggested that the United States government should “do nothing” when asked about his views on crypto regulations.

Going meta: digital cities, attacks on female creators, and more

December 17, 2021 Coin Telegraph

Business

Seoul looks to join the metaverse starting in 2023, Meta challenges a women's right to control the Instagram handle "metaverse," and Francis Haugen issues a warning about the potential risks of the virtual world.

Following the announcement that Facebook’s parent company would be rebranding in a shift towards the metaverse, many projects have started similar initiatives entering the virtual space, from buying property to testing the limits of what this universe has to offer.

Digital cities: Santa Monica and Seoul

The Downtown Santa Monica District west of Los Angeles was one of the first real-world areas to allow users to have access to the metaverse through the FlickPlay app. Branded as a metaverse tool, walking around the district seems to be more of a limited augmented reality experience rather than a virtual one, with people collecting digital tokens in the style of Pokémon GO.

In contrast, Seoul’s entry into the metaverse is expected to be a 100% virtual environment once launched in early 2023. In November, the local government announced it would be starting its own platform, Metaverse Seoul, slowly integrating services related to the economy, culture, education and civil complaints. In addition, the Korean capital planned to create virtual versions of its major tourist attractions and hold festivals in the metaverse.

Does Meta have a ‘women problem’?

Following the launch of Horizon Worlds, the virtual reality game and online community platform released by Meta — formerly Facebook — at least one user reported that the virtual environment allowed sexual harassment. In a Dec. 16 report from MIT Technology Review, one of Horizon’s beta testers said a stranger had groped her avatar. Though there is a feature capable of encasing an avatar in a protective bubble to seemingly stop such an attack, the user was either unable to activate it in time, or was otherwise unaware of it.

“At the end of the day, the nature of virtual-reality spaces is such that it is designed to trick the user into thinking they are physically in a certain space, that their every bodily action is occurring in a 3D environment,” said Katherine Cross, an online harassment researcher at the University of Washington. “It’s part of the reason why emotional reactions can be stronger in that space, and why VR triggers the same internal nervous system and psychological responses.”

In November, another woman reported her metaverse persona under attack, this time without the use of avatars and with seemingly more real-world effects on her business. When Facebook rebranded to Meta, Australian artist Thea-Mai Baumann reported being locked out of her Instagram account. Her handle? “Metaverse.”

*Source: Thea-Mai Baumann's Instagram account, "metaverse"*

Because Meta owns Instagram and Baumann’s account was relatively small — fewer than 1,000 followers at the time — many on social media suspected the company would simply seize her account rather than buy it. She ended up being locked out for more than a month without being able to verify her identity before Instagram restored access.

“This account is a decade of my life and work. I didn’t want my contribution to the metaverse to be wiped from the internet,” said Baumann. “That happens to women in tech, to women of color in tech, all the time.”

Companies going meta

On Dec. 10, Chinese internet giant Baidu announced plans to launch its own metaverse product, called XiRang, a universe capable of handling input from 100,000 users where it also plans to host an AI developer conference. The Baidu Create conference is expected to be held on Dec. 27.

*A city in Baidu's metaverse. Source: Baidu*

Sports footwear and apparel manufacturer Nike’s products are officially going virtual following the acquisition of virtual sneakers and collectibles brand RTFKT this week. RTFKT, which describes itself as “fully formed in the metaverse,” will likely help Nike advance its own plans to "just do it."

Facebook whistleblower issues metaverse warning

Former Facebook employee Frances Haugen, who turned over thousands of documents that implied that the company was not doing what it claimed in regard to removing hate speech and posts encouraging violence, voiced her concerns about the metaverse. In a Dec. 16 newsletter released by Time magazine, Haugen said she was “super scared” about the potential risks of the virtual world for surveillance, socializing, and more:

“When you go into the metaverse, your avatar is a little more handsome or pretty than yourself. You have better clothes than we have in reality. The apartment is more stylish, more calm. And you take your headset off and you go to brush your teeth at the end of the night. And maybe you just don't like yourself in the mirror as much. That cycle... I'm super worried that people are going to look at their apartment, which isn't as nice, and look at their face or their body, which isn't as nice, and say: ‘I would rather have my headset on.’”

$106M worth of Metaverse land sold last week: DappRadar

December 2, 2021 Coin Telegraph

blockchain games

“Undoubtedly, Metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space."

Four blockchain-based Metaverse projects generated more than $100 million worth of virtual land NFT sales last week according to data from DappRadar.

A Nov. 30 post from the decentralized application (DApp) analytics firm reported that between Nov. 22 and Nov. 28 activity was “booming” on The Sandbox, Decentraland, CryptoVoxels and Somnium Space with a combined $105.8 million worth of trading volume between them from more than 6,000 traders:

“Undoubtedly, Metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.”

The Sandbox represented the lion's share of volume for the week with $86.56 million, Decentraland accounted for $15.53 million, while CryptoVoxels and Somnium Space generated $2.68 million and $1.1 million each. All four of these Metaverse projects are built on the Ethereum blockchain, although projects on other chains such as Solana are beginning to gather pace too.

DappRader noted that “the wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta.”

“However, this is only the tip of the iceberg that pushed the term Metaverse into the mainstream. Virtual worlds carry such enormous potential, and we’re just beginning to see the full array of use cases for metaverse land,” the blog post read.

Commenting on The Sandbox’s enormous surge in NFT land sales volume, Yat Siu the chairman and co-founder of Sandbox’s parent company Animoca Brands told Cointelegraph that:

“Facebook in their attempt to usurp the narrative of the Metaverse caused a chain reaction of other companies not in Web3 (such as Microsoft) to also announce their Metaverse strategies and created mass interest and awareness.”

Siu contrasted Meta’s approach to the more organic, user built environment of The Sandbox.

“While not everyone understands what digital property rights really mean, enough of them are interested in this now and this has created more net awareness. The Sandbox has captured the narrative of a real Metaverse one where you can really own a piece of it, and this is also reflected somewhat in the token price,” added Siu.

Out of the four projects listed, Decentraland has seen the biggest NFT land sale over the last 30 days, with a plot consisting of 116 parcels of land in the virtual world’s Fashion Street District selling for 618,000 MANA tokens ($2.7 million at current prices) on Nov. 23.

On the same day, The Sandbox also sold a tokenized ultra luxury mega-yacht for 149 Ether (ETH) worth more than $666,000 at the time of writing.

*Top 10 NFT sales Nov. 22 - Nov. 28: DappRadar*

Valued at $9B, Pokemon Go creator to build metaverse with fresh funding

November 23, 2021 Coin Telegraph

Valued at B, Pokemon Go creator to build metaverse with fresh funding

Augmented Reality

Prominent crypto investors like Chainalysis and Coatue have invested $300 million in Niantic’s metaverse project.

Niantic, the popular augmented reality (AR) mobile game Pokemon Go developer, is planning to build a “real-world” metaverse with newly raised funding.

The company officially announced Monday the completion of a $300 million raise from the technology-focused investment manager Coatue, bringing the company’s valuation to $9 billion.

Coatue is known as a major investor in the cryptocurrency and blockchain industry, backing companies like blockchain intelligence firm Chainalysis, cryptocurrency startup Fireblocks, blockchain security firm CertiK and others. The firm has also recently participated in a $555 million funding round for cryptocurrency fintech startup MoonPay.

“Niantic is building a platform for AR based on a 3D map of the world that we believe will play a critical role in the next transition in computing,” Coatue’s general partner Matt Mazzeo said. “We are excited to partner with Niantic because we see this infrastructure supporting a metaverse for the real world and helping to power the next evolution of the internet,” he added.

Niantic did not explicitly say that its metaverse would implement any aspects of the blockchain technology, nonfungible tokens (NFT) or cryptocurrencies.

“We’re building a future where the real world is overlaid with digital creations, entertainment and information, making it more magical, fun and informative,” Niantic’s founder and CEO John Hanke said.

Unlike Facebook, which rebranded to Meta in October to signal its commitment to virtual reality development, Niantic reportedly wants to develop technology that brings people closer to the outside world. “At Niantic, we believe humans are the happiest when their virtual world leads them to a physical one. Unlike a sci-fi metaverse, a real-world metaverse will use technology to improve our experience of the world as we’ve known it for thousands of years,” Hanke said.

Niantic and Coatue did not immediately respond to Cointelegraph’s request for comment.

Launched in 2016, Niantic’s Pokemon Go is one of the most successful mobile games of all time, reportedly crossing the $5 billion revenue mark earlier this year. Some players in the blockchain industry got inspired by Pokemon Go, with the firm IoTeX introducing its “Pebble Go” project, aiming to incorporate real-world data to NFTs using verifiable GPS information.

Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support

November 19, 2021 Coin Telegraph

Altcoin Watch

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.

Bitcoin’s (BTC) recent foray back below $56,000 sparked a wide-ranging sell-off across the cryptocurrency ecosystem and talks of the price hitting $100,000 by the end of the year quickly morphed into concerns about an impending bear market that could thrust prices into the doldrums for a year or longer.

While there appeared to be absolute carnage in the markets judging by peoples' reaction to the BTC pullback, not all tokens were negatively impacted and gaming tokens focused on the emerging Metaverse have managed to stay in the green.

Data from Cointelegraph Markets Pro and TradingView shows that while the price of Bitcoin dropped below $57,000, the price of Metaverse tokens climbed higher, including a 160% gain for Gala (GALA), a 78% rally for WAX (WAXP), a 62% breakout for The Sandbox (SAND) and 45% for Decentraland (MANA).

*BTC/USDT vs. GALA/USDT vs. WAXP/USDT vs SAND/USDT vs. MANA/USDT 4-hour chart. Source: TradingView*

The past couple of months has seen a growing focus on "the dawn of the Metaverse" as all manner of gaming protocols, nonfungible token (NFT) collections and projects focused on designing the landscape to the growing virtual world have seen a spike in interest after Facebook announced that it was rebranding its parent company to “Meta.”

NFTs pave the road to mass adoption

The skyrocketing popularity of Metaverse-focused projects is, in large part, thanks to its adoption by popular culture and well-known celebrities who have discovered the potential that exists within decentralized finance (DeFi) and NFT technology.

From Post Malone purchasing Bored Ape Yacht Club (BAYC) NFTs that were featured in the music video “One Right Now,” to globally recognized brands like Gucci and Coca-Cola launching their own lines of branded NFT merchandise to engage with customers, the road to mass adoption is paving a route through the Metaverse.

As a result, projects that deal with the growing field of virtual real estate such as The Sandbox and Decentraland have seen significant growth in both token price and the number of users interacting with their protocols over the past month.

*The Sandbox users statistics. Source: DappRadar*

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SAND on Nov. 17, prior to the recent price rise.

*VORTECS™ Score (green) vs. SAND price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for SAND climbed into the green zone on Nov. 17 and reached a high of 79 around three hours before the price increased 48.5% over the next two days.

Digital collectibles are on the rise

The rise of the metaverse and digital collectibles has come at an interesting intersection in the development of our global society, especially considering that issues related to environmental sustainability and global supply chains have increasingly come into focus.

Crafting things in the digital world actually solves many of the problems currently facing humanity because there is no need for physical inputs to craft the final products, nor is there the need for a vast system of shipping when the items are digital and can be transferred via the internet.

Rather than vast production lines creating 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 items that can easily be stored in personal digital wallets or transferred around for little to no cost.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for WAX on Nov. 2, prior to the recent price rise.

*VORTECS™ Score (green) vs. WAX price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for WAX climbed into the green zone on Nov. 2 and reached a high of 74 around 24 hours before the price began to increase by 154% over the next two weeks.

While the short term outlook for Bitcoin and the wider cryptocurrency market remains uncertain and half the crowd is worried about the start of a crypto winter. The more experienced traders view the dip as just another opportunity to buy the dip and the trajectory of the Metaverse continues upward as projects focused on laying the foundation for the future of commerce and socialization are likely to be the most profitable investments over time.

Virtual reality