Why Solana, Polkadot, and Decentraland Are Making Moves Today
What happened
Solana (CRYPTO:SOL) and Decentraland (CRYPTO:MANA) have each seen sell-offs over the last 24 hours, with their tokens each down roughly 3%, respectively, as of 2 p.m. ET on Wednesday. However, Polkadot (CRYPTO:DOT) has been making gains, and is now up roughly 2% over the last 24 hours.
Solana and Decentraland’s falling token prices appear to be largely driven by recent negative momentum in the broader crypto space. Meanwhile, Polkadot appears to be fighting through the pressure as investors bought back in after a day of intense sell-offs.
So what
The cryptocurrency market has broadly faced bearish momentum over the last seven days of trading. Bitcoin and Ethereum’s ether token have each fallen roughly 11% over the last week. This overall momentum has driven token pricing for Solana, Polkadot, and many other altcoins lower over the stretch. Decentraland’s mana token is down in today’s trading, but it’s actually up roughly 22% over the last week thanks to excitement surrounding its metaverse functions.
It’s possible that new regulatory crackdowns on crypto in China have something to do with the recent crypto sell-offs, but many of the leading cryptocurrencies have still made huge gains this year, and the recent pullback doesn’t look unusual when viewed in context.
Now what
Investors should approach Solana, Polkadot, and Decentraland’s respective tokens with the understanding that the broader cryptocurrency market will likely continue to see volatile pricing in the near term. Each of these tokens is tied to supporting emerging technology services with rising demand, potentially giving them a better fundamental value case compared to many other cryptocurrencies. But it’s important to keep in mind that they remain high-risk despite offering the possibility of explosive gains.
3 Top Metaverse Cryptocurrencies That Are Skyrocketing Today
What happened
Today, various metaverse-related cryptocurrencies have absolutely taken off. This is a space that has garnered a tremendous amount of attention right now. As it turns out, investors appear to be extremely intrigued by the disruption potential various blockchain networks provide in this regard.
As of 11:30 ET, Decentraland (CRYPTO:MANA) was up 14.5%, The Sandbox (CRYPTO:SAND) saw gains of 5.5%, and Alien Worlds (CRYPTO:TLM) was up 4.2%.
At least part of today’s price action among these cryptocurrencies can be evidenced by a sea of green on the cryptocurrency charts. Investors appear to be taking a risk-on approach to growth today, with many hyper-growth sectors trading higher. Metaverse-related stocks or cryptocurrencies are almost entirely seeing impressive price action as traders appear to have identified what looks like a sustainable momentum trade.
The stock charts of Decentraland, The Sandbox, and Alien Worlds all look quite similar over the past month. A late-October/early November move fueled by significant moves from various big tech companies to target the Metaverse appears to be the root cause of this upward momentum.
Over the past month alone, Decentraland, The Sandbox, and Alien Worlds are up 419%, 454%, and 35%, respectively at the time of writing.
So what
Each of these three metaverse-related cryptocurrencies power various online games. Each is built upon, or at least tied to, the Ethereum blockchain in some way, and allows users to monetize their experience via collecting in-game cryptocurrencies or non-fungible tokens. As such, these games have exploded in popularity, particularly in low-income countries where it’s been reported that users can earn a living playing these games.
Accordingly, there’s not only a metaverse catalyst underpinning these tokens. Rather, it appears investors like the utility being created for users, and the stickiness these crypto games provide for networks.
Now what
The metaverse happens to provide a rather wide range of investment opportunities for those seeking growth. Right now, one of the key places investors are going to for earth-shattering returns is the crypto world.
There’s certainly a strong thesis to be made for these tokens. After all, there’s real utility being created for users. Whether an online game is based on the blockchain or not doesn’t really matter to end users. If the experience is just as good, and there’s some potential money to be made by playing the game, it’s easy to see why the growth trajectory for these various tokens could be immense.
Of course, like all cryptocurrencies, each of these metaverse-inspired tokens carry a substantial amount of risk. However, it appears right now investors have determined that the risk is worth the reward. Accordingly, MANA, SAND and TLM are three tokens to watch in the weeks to come.
If You Like Decentraland, I’ve Got Some Florida Swampland to Sell You
If You Like Decentraland, I’ve Got Some Florida Swampland to Sell You
Sandbox Price Prediction And Its Comparison With Decentraland
Sandbox is a virtual gaming ecosystem that draws partners to the NFT gaming platform. It is operated on the Ethereum blockchain and Unity Software that works on a play-to-earn model.
This system is comparable to Axie Infinity metaverse, where players use SAND as their utility token to build, own, and monetize their gaming activity.
In an update to the cryptocurrency market trend, the Sandbox NFT gaming in a financing round led by SoftBank’s Vision Fund raised $93m earlier in November.
The Sandbox (SAND) token price observed an all-time high of $3.45 on November 3, up 120% compared to November 1.
Sandbox Current Market Value
At the time of writing, on November 18, it was $4.14 with a 24-hour trading volume of $4,036,447,004. The Sandbox has been up 19.17% in the last 24 hours.
The current CoinMarketCap ranking is #50, with a live market cap of $3,694,710,390 USD. It has a circulating supply of 892,246,119 SAND coins and a max. supply of 3,000,000,000 SAND coins.
Sand Crypto Price Prediction
According to Sandbox’s whitepaper, the centralized control and ownership of the user-generated content in the current game market limit creator rights and ownership.
Players designed central control over virtual goods trading limits them from making fair value for their creations. Considering these, it can be challenging to prove creative ownership of works, especially as content is copied, altered, and built upon.
Developers are permitted to scale up their increased strategy and operations with the $93m investment round. This further explains Softbank Vision Fund’s interest in next-generation Internet (Web3) and decentralization.
The Sandbox Game wrote on Twitter,
“Adding new strategic partners such as Liberty City Ventures and Galaxy Interactive will also benefit The Sandbox’s global reach and expand the network of brands, IPs, and gaming studios interested in entering an open metaverse focused on a player-owned economy and [user-generated content] UGC”.
Expert Take On The Sandbox Price Prediction
Following, we have gathered the most authentic price predictions for The Sandbox (SAND) from popular forecast platforms.
- DigitalCoin SAND Price Forecast
In DigitalCoin analysis, the price of The Sandbox cryptocurrency will rise in the next 5 years starting from $3.7632578 as of today’s price to $16.3781938. It will go up to $6.2880957 by 2022 and continue its growth in 2023-2024. Based on this forecast, The Sandbox is a profitable long-term investment. WalletInvestor SAND Price Prediction for 2021, 2023, 2025.
- TradingBeasts SAND Price Prediction
Answering the question about if The Sandbox is a good investment, TradingBeasts say a resounding yes.
In the 2021 perspective, this coin price is predicted to reach $3.91600, reducing to $3.27482 by the end of 2022.
- According to WalletInvestor
The Sandbox price will grow from $3.08308 to $3.975 in one year. That makes SAND an awesome investment. The long-term earning potential is 28.93%. Predicted price for the end of 2026 is $8.341.
Decentraland vs. The Sandbox
The Sandbox has higher possibility returns but it has more risk. Decentraland is the more reliable investment for long-term holders, as the risk is weaker, and the adoption of the game, which is the most important factor, has come further than for The Sandbox.
Both Decentraland and The Sandbox are recognized by people interested in decentralized gaming platforms.
Decentraland is the world’s first Ethereum-based virtual world where users build, experiment, and make money from their content and applications.
This platform has been in the market for a long time and has famously created a metaverse that is loved both by players, developers, and even merchants.
The Sandbox is also Ethereum-based. This project maintains its decentralized aspects and enables players to buy or rent virtual properties.
The blend of virtual reality and blockchain is what presents these two platforms and makes them unique.
Better Investment
From an investment point of view, both Decentraland and The Sandbox seem good possibilities if you want to invest in “the metaverse“.
The Adoption Of Decentraland
The Decentraland community is developing fast, reaching many breakthroughs in the past year. The progress is quickening due to lockdowns all over the world-leading people to consume more time online.
In March of 2021, Decentraland had 10 000 active users, according to the source.
In addition to regular user adoption, Decentraland has become the “metaverse of choice” for brands seeming to promote themselves.
Now, brands like Coca-Cola are joining the NFT space and soaking their toes into Decenetraland.
The Adoption Of The Sandbox
The Sandbox allows players to build its virtual world pixel by pixel, where you can transform anything you create into an NFT.
This NFT can then be sold either in-game or on exchanges/platforms like OpenSea.
This leads to much more customization and freedom for the users of The Sandbox.
While matching these two projects and their characteristics, one must note that Decentraland accepts only the ERC-721 standard, whereas the latter plans to support and implement the ERC-1155 standard in the game in collaboration with Enjin, including the ERC-721.
They both show dedication, but Decentraland has more inclination and real-world use than Sandbox, which is the key to progress in the cryptocurrency market. Also, Decentraland is less unsafe to hold, maintaining lower potential returns compared to Sandbox.
Barbados plans a digital embassy in the metaverse with Decentraland
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In what’s being reported as “a historic step”, Barbados is preparing to become the first sovereign nation with an embassy in the metaverse.
According to a press release shared with CoinDesk, the tiny Caribbean island has announced a partnership with one of the original and largest blockchain-built worlds, Decentraland (MANA), to make the concept a reality.
The Barbadian Ministry of Foreign Affairs and Foreign Trade signed the agreement with the crypto futurists on Sunday and is reportedly also finalising agreements with several other metaverse-focused, crypto-powered platforms, including Somnium Space and SuperWorld.
Barbados to become first sovereign nation with an embassy in the Metaverse. 🤯 “The Barbadian Ministry of Foreign Affairs and Foreign Trade signed an agreement on Sunday with @decentraland for the establishment of a digital embassy.https://t.co/XR8B8KhYmt — Matty (@DCLBlogger) November 15, 2021
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