Crypto Market Sees Bearish Reversals, But Metaverse Tokens Are Holding the Forte

The digital currency industry has largely maintained a broad-based price reversal that has been maintained for a couple of days in a row. While Bitcoin is leading the industry slump at a 3.80% drop in the past 24 hours to $57,357.72, according to CoinMarketCap, the industry’s market capitalization has reclined by over 3.19% to $2.58 trillion.

Despite the bearish positioning of the top coins, Metaverse tokens including Decentralized (MANA), The Sandbox (SAND), and Realm (REALM) amongst others in their characteristic manners are threading on a different bullish path. MANA is up 6.23% to $3.96 as it stays just about 15% below its All-Time High (ATH) price of $4.69. SAND’s current price of $4.44 is a testament to the steady rise of the metaverse token in the past week where it has gained more than 58%.

REALM, a play-to-earn metaverse where players can explore & create virtual worlds and games. Built on Ethereum and the Polygon layer 2 scaling solution, also impressed with its price growth, hitting an ATH of $1.83 after soaring by 274.74% in the past week.

Factors Driving Metaverse Token Growth

The development of the blockchain industry has often been driven by transitions to various trends that spring forth from time to time. While the year opened up with Decentralized Finance (DeFi) enthusiasm, a number of trends have been introduced including a focus on memecoins by a select groups of retail investors.

The ecosystem is now embracing Metaverse tokens, some of which offer hyper-realistic gaming adventures. For most protocols that are currently operating functionally in the space, users are often given an avenue to earn rewards from game plays, bolstering many user’s alternative income streams. 

The popularity of gaming tokens and the roles of Non-Fungible Tokens (NFTs) in decentralized Gaming accounts for the massive surge of interest amongst these metaverse tokens. Sequel to these token’s impressive performances on trading platforms, current Initial Decentralized Offerings (IDOs), Initial Game Offerings (IGOs), and general funding for metaverse related projects has been soaring in recent times. 

This is a testament to the enthusiasm amongst both retail and institutional investors for these protocols, a trend that is likely to grow further in the near future.