Crypto

Metaverse Tokens Take The Lead In The Festive Season

Metaverse tokens have been enjoying a blistering run to new all time highs as we approach the close of the year

As blockchain technology continues to show off its wide range of disruptive capabilities, Mateverse tokens are the latest segment of the market to grab investors’ and the media’s attention by firmly taking the lead as we approach the festive season.

2021 has undoubtedly been the most exciting year for cryptocurrency and blockchain to date. Apart from the generous returns that savvy investors have enjoyed, this is the year that kick-started mass adoption. It is evidenced by numerous legacy financial institutions working to position themselves strategically in the rapidly expanding sector.

NFTs paving the way

Yet, revolutionizing finance was only the beginning. Following the Decentralised Finance (Defi) sector’s blazing run, Non-Fungible Tokens (NFT) had their own frenzied spike in popularity with a number of these unique tokens selling at prices that rival fine artworks.

Not only did the activity in the segment attract interest from prestigious auction houses like Christie’s, but it also caught the attention of sports teams, musicians, and the film industry. Furthermore, as NTFS started to gain mainstream acceptance, they also quietly paved the way for Metaverses and the rest of the blockchain-based gaming segment.

The rise of the Metaverse Tokens 

As NFT artworks changed hands for tantalizing sums, the prices of virtual properties which exist in Metaverse games like Decentrald, Upland, and Axie Infinity also reflected the spike in demand – shifting ownership from seller to buyer at prices that resembled those of properties in the physical world.

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As droves of crypto enthusiasts and gamers flocked to get a taste of both blockchain and gaming’s new kid on the block (thanks in part to the free time created by worldwide lockdowns) in-game items and native tokens also jumped in value.

With government-sanctioned isolation protocols limiting movement and even threatening livelihoods, decentralized gaming became more than just a novel escape from reality – it evolved into a means to financial freedom for many who felt the financial brunt of the global lockdowns.

In doing so, Metaverse Tokens and the entire blockchain gaming segment managed to build up significant momentum that doesn’t seem to be slowing down. In fact, it seems that Metaverse Tokens are only just getting started. While the rest of the market has mostly remained a little sluggish to stagnant, November went down as a beaming month for Metaverse Tokens – with the native tokens of Decentrald (MANA) and The Sandbox (SAND) each growing their value by more than 600%.

A bright future ahead

According to a report by Accenture, the gaming industry is currently valued at $300 billion – “driven by a surge in mobile gaming and an emphasis on social interaction during the COVID-19 pandemic.” as per Accenture’s report and likely played a role in the growth of Metaverses and their native tokens.

It was only natural that this kind of positive activity would attract a lot of interest. However, the nature of Metaverses has made them an attractive space to more than just the powerhouses of the gaming industry and tech and social media giants like Facebook.inc (now rebranded to meta).

The potential of blockchain-powered Virtual worlds has led to major fashion brands like Dolce & Gabbana, Rebecca Minkoff, and even sportswear brand Adidas actively working to grow their presence in these new and intriguing virtual spaces.

Closing thoughts about Metaverse and tokens

If the success of titles like Roblox and PUBG were to be used as indicators of the potential Metaverses, then it might be safe to assume that there is still a lot of room for growth in this segment. With limited supply tokens that are intrinsically tied to the economics of each blockchain-based gaming title, the value of the tokens themselves may be in for a little to a lot more upward movement in the coming months.

 

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Joel Bonga

A part time cryptocurrency trader, mostly a hodler, and Blockchain/crypto freelance writer. Plus an occasional contributor at BIZZNERD.
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