“The metaverse” describes virtual worlds that break distinctions between digital and physical space. Notably, tokens such as The sandbox (SAND), Decentraland (MANA), Enjin Coin (ENJ), Gala (GALA), WAXP (WAX), Ultra (UOS), Decentral Games (DG) have risen significantly in November as investors pile into gaming and metaverse crypto tokens.
For instance, tokens such as SAND, MANA, ENJ, and GALA are up presently at 319%, 67%, 46%, and 586% respectively in November, outperforming Bitcoin a great deal.
This week there have been sales of digital land plots for millions of dollars in key metaverse inspired projects. The first sale of this kind was reported in February by Axie Infinity, a virtual world game, where 8 plots of land were sold for 888 ETH or 1.5 million dollars.
Dog-themed Shiba Inu (SHIB), is currently looking to build its Metaverse or rather ”Oshiverse”. Shiba Inu team announced they onboarded William David Volk, former Vice President of Tech at Activision, one of the largest game developers in the US who boasts of a 36-year long career in the gaming industry.
Shiba Inu seems eager to relinquish the “meme coin” tag and become one of the early movers in the Metaverse through the Shiba Inu games.
According to Shytoshi Kusama from the Shiba Inu Team, the revenue gained from Shiba Inu Games in-app purchases provides opportunities for Shib & Leash burns. Electronics retailer Newegg has also confirmed that it will accept Shiba Inu in a tweet.
Metaverse tokens such as Decentraland (MANA) and Sandbox (SAND), enjoyed extensive rallies on the back of the news of Facebook’s rebrand to Meta. Now that the dust has settled, are Meta (formerly Facebook) plans good news for NFT and metaverse crypto projects? Or does Meta have the potential to sink this sector?
Top Metaverse Tokens, Courtesy: CoinmarketCapAt the time of writing, several NFTs and metaverse tokens were trading in the red as investors pulled gains. The question remains, is this a corrective fall in the bull market, or is the hype gradually dying down?
Top asset manager, Grayscale said the metaverse could be a $1 trillion business opportunity in the future. This conclusion is drawn from a report titled “The Metaverse”. Web 3.0 Virtual Cloud Economies analyzes the potential this initiative could have for early investors.
In this report, Grayscale describes the metaverse as the beginning of a new paradigm that will lead to many innovations in Web 3.0. On the possibilities that the metaverse can bring, it says:
”This vision for the future state of the web has the potential to transform our social interactions, business dealings, and the internet economy at large”
Grayscale states that one of the first addressable markets for this is the gaming industry. Games will grow to be more than just that, as projects like Decentraland, Axie Infinity, and The Sandbox are already showing.
There are other interesting market opportunities for the metaverse, including payment networks, decentralized financial structures, NFTs, governance, and identity systems that complement interactions in these worlds.
Nick Rose Ntertsas, CEO and founder of an NFT marketplace Ethernity Chain says “Meta’s plans will enable a surge in utility for NFT issuers and minters. NFTs can then be used as metaverse goods — from wearables to art, to collectibles, and even status symbols — there is an infinite use case and utility to NFTs and what they can become in the ever-growing NFT ecosystem.”
Salvadoran President Nayib Bukele bought the dip once more, investing nearly $5 million into Bitcoin as the price dropped to lows of $53,533 on Nov. 26. In a Friday tweet, El Salvador’s president said he had purchased 100 Bitcoin (BTC) following a global market sell-off in response to a new COVID-19 variant discovered in South Africa.
Bitcoin traded at $54,888 as of press time.
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