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Crypto Metaverse Activity Jumps, Converting to Price Gains

Crypto Metaverse Activity Jumps, Converting to Price Gains

Propelled by rising user numbers ahead of Halloween, native cryptocurrency metaverse platform The Sandbox saw its price rise 11% on Sunday as digital assets attempted a rally over the weekend. In 7 days, it rose 28% to 4,600 for the week, data from DappRadar shows. That number was 805 over 24 hours, a 20% increase on the day. It is worth noting that these numbers do not translate directly to the daily active users within the platform; this number is unavailable.

Nevertheless, interest in Halloween-related topics seems to have increased, Zerocap analyst Nathan Lenga told Blockworks via Telegram. The Sandbox is announcing “spooky” experimental NFTs as part of its Alpha Season promotions, driving attendance to its highest level in over a month. Alpha Seasons allow players to go behind the scenes where they can try out new features, attend social events, and generally explore the metaverse of The Sandbox. SAND changed hands at 5:30 AM for $0.88. m. ET is up more than 15% over the past week and is among the top 10 tokens in the top 50 by market cap, according to data from CoinGecko.

Of course, most cryptocurrencies in the top 50 by market cap have seen positive growth over seven days, driven by rising stocks and US dollar swings. But Lenga said the price movements of various Metaverse-related cryptocurrencies had been highly correlated over the past week. Rival Metaverse Decentraland’s MANA token is up 10% on Saturday to $0.73 before falling to $0.67 at press time.

MANA is up nearly 8% this week. SAND and MANA are still down 85% and 80% year-to-date, respectively. Data from DCL Metrics shows Decentraland’s unique daily visitors rose 62% from nearly 5,700 on October 22 to a peak of 9,200 on October 27 before falling to around 7,600 on Friday night.

Decentraland hadn’t seen that many unique visitors in over a month. Meanwhile, enjincoin, which allows users to manage and store virtual assets for games, also saw strong growth, up 9% over seven days as of Monday morning.

The Sandbox and Decentraland have struggled to set the record for user activity stats over the past few weeks, which are noticeably lower than more established non-crypto metaverse platforms like Roblox and Second Life. Nonetheless, industry participants remain optimistic about the growth trajectory of blockchain-based Metaverse offerings. “Eyes have turned to Metaverse projects again following Yuga Labs’ announcement that the Otherside Metaverse beta will start in early 2023,” said Lenga.

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