While Top Cryptocurrencies Trade Under Pressure, Gaming Tokens Rally Big Time
After a strong show by tokens in decentralised finance (DeFi) and NFTs earlier this year, gaming tokens are taking the lead. Ever since Facebook has rebranded itself as Meta hinting at its big push in Metaverse, all crypto tokens from the Metaverse theme have been rallying significantly.
The Sandbox (SAND) is one such cryptocurrency project that has gained massive traction recently. The sandbox is a blockchain-based virtual world allowing users to trade digital assets in the form of a game. This decentralized gaming platform The Sandbox combines the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs).
Just over the last month, the native cryptocurrency SAND has surged a staggering 500% or multiplied by 6x. As of press time, The Sandbox is trading 27% up at a price of $6.80 with its market cap soaring above $6.02 billion.
However, the buck doesn’t stop here at The Sandbox itself. Let’s take a look at some of the other gaming tokens that have done pretty well recently. MANA, the native cryptocurrency of blockchain-based virtual world Decentraland, is also gaining strong traction. The Decentraland platform allows users to create, experience and monetize content and applications.
As of press time, MANA is trading 25% up at a price of $5.20 and a market cap of $9.5 billion. Over the last month, the MANA price has also skyrocketed by 5x increasing its investors wealth by 500%.
Another example is Gala Games’ in-house cryptocurrency GALA which has skyrocketed by more than 350% in the month of November alone. These gains also come primarily in the wake of a rally across a majority of gaming and meta verse cryptocurrencies.
Gala Games provides blockchain-based gaming to users allowing to play a governance kind of role in the Gala Games ecosystem as well as trade NFTs.
So as we can see, the momentum around gaming tokens is building up strong at this points as ‘gaming and meta verse’ is emerging to be the next big theme in the crypto space.
On the other hand, the broader crypto market continues to stay under pressure and around $2.60 trillion. On the weekly charts, Bitcoin and all other top-altcoins are down 5-10%.