Metaverse and gaming altcoins on the blockchain are on the rise
Blockchain games, NFT creators, and major corporations are eager to acquire space in the Metaverse. Here's how this growing sector is impacting the prices of SAND, MANA, GALA, and WAXP.
The recent drop in Bitcoin (BTC) below $56,000 triggered a widespread sell-off across the cryptocurrency ecosystem. Discussions about BTC reaching $100,000 by year-end quickly shifted to fears of an impending bear market that could keep prices stagnant for a year or more.
Despite the panic surrounding BTC, not all tokens suffered. In fact, gaming-related tokens tied to the expanding Metaverse managed to stay in the green.
Data from Cointelegraph Markets Pro and TradingView shows that while Bitcoin's price dropped below $57,000, Metaverse tokens surged—Gala (GALA) gained 160%, WAX (WAXP) rallied 78%, The Sandbox (SAND) jumped 62%, and Decentraland (MANA) rose 45%.
BTC/USDT vs. GALA/USDT vs. WAXP/USDT vs. SAND/USDT vs. MANA/USDT 4-hour chart. Source: TradingView
Over the past few months, increasing attention has been drawn to the "dawn of the Metaverse" as gaming protocols, NFT collections, and projects focused on building the virtual world have surged in popularity. This trend gained momentum after Facebook rebranded its parent company to "Meta."
NFTs Paving the Way for Mass Adoption
The rapid rise of Metaverse-focused projects is largely driven by mainstream culture and celebrities recognizing the potential of decentralized finance (DeFi) and NFT technology.
From Post Malone purchasing a Bored Ape Yacht Club (BAYC) NFT—featured in his music video "One Right Now"—to global brands like Gucci and Coca-Cola launching exclusive NFT collections to engage customers, the Metaverse is paving the road to mass adoption.
As a result, projects tied to the growing virtual real estate sector, such as The Sandbox and Decentraland, have seen significant growth in both token prices and user engagement.
User statistics for The Sandbox. Source: DappRadar
VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for SAND on November 17, ahead of its price surge.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic analysis comparing historical and current market conditions based on a combination of data points, including market sentiment, trading volume, recent price movements, and social media activity on Twitter.
VORTECS™ Score (green) vs. SAND price. Source: Cointelegraph Markets Pro
Digital Collectibles Are on the Rise
The emergence of the Metaverse and digital collectibles comes at a pivotal moment in global development, especially with growing concerns over sustainability and supply chain disruptions.
Digital creation solves many of the challenges humanity faces today—there's no need for physical materials in production, and items can be transferred instantly over the Internet without relying on complex logistics.
Instead of large-scale manufacturing lines producing the latest collectible cards or figurines from popular sports, games, or movies, blockchain protocols like WAX (Worldwide Asset eXchange) offer digital versions of these collectibles. These assets can be stored securely in personal digital wallets and transferred worldwide with minimal cost.
VORTECS™ data from Cointelegraph Markets Pro detected a bullish signal for WAX on November 2, ahead of its recent price rally.
VORTECS™ Score (green) vs. WAX price. Source: Cointelegraph Markets Pro
As shown in the chart above, WAX's VORTECS™ Score entered the green zone on November 2, peaking at 74 approximately 24 hours before the price surged 154% over the next two weeks.
While Bitcoin and the broader crypto market face uncertainty, with half the audience fearing a looming "crypto winter," seasoned traders see this dip as another buying opportunity. Meanwhile, the Metaverse continues to grow, as projects laying the groundwork for future commerce and social interaction are likely to be among the most lucrative long-term investments.
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