Crypto Metaverse Activity Jumps, Converting to Price Gains

Positive price action has struck Decentraland and The Sandbox metaverse platforms, which are both enjoying increased user activity

article-image

share

key takeaways

  • On-chain activity related to The Sandbox jumped nearly 30% over the past week
  • The number of Decentraland visitors has also spiked to its highest point in more than a month

Spurred by rising user numbers leading up to Halloween, metaverse platform The Sandbox’s native cryptocurrency saw an 11% price jump Sunday as digital assets attempted a weekend rally.

The number of unique active wallets interacting with The Sandbox smart contracts jumped significantly over a 7-day period, up 28% to 4,600 on the week, data from DappRadar shows.

That number stood at 805 over a 24-hour period, representing a 20% increase on the day. It’s worth noting that these figures do not directly translate to daily active users inside the platform ― that number is not readily available.

In any case, Halloween-themed additions appear to have spiked interest, Zerocap analyst Nathan Lenga told Blockworks via Telegram. The Sandbox is currently advertising “spooky” experiential NFTs as part of its Alpha Seasons promotions, triggering the number of visitors to rise to its highest level in more than a month.

Alpha Seasons allow players a sneak peek behind the scenes, where they’re able to test new features, participate in social events and generally explore The Sandbox metaverse. 

SAND was changing hands for $0.88 as of 5:30 am ET, up more than 15% over the past week to find itself in the 10 best performing tokens in the top 50 by market capitalization, per CoinGecko data.

Of course, most cryptos in the top 50 by market capitalization have seen positive growth over a 7-day period, buoyed by rising equities and a fluctuating US dollar. But price action of various metaverse-related cryptocurrencies have been strongly correlated over the past week, Lenga said.

Rival metaverse Decentraland’s MANA token jumped 10% to $0.73 on Saturday before retracing to $0.67 by press time. MANA is up almost 8% on the week. Both SAND and MANA are still down 85% and 80% year to date, respectively.

Data from DCL Metrics shows daily unique Decentraland visitors rose 62% from almost 5,700 on Oct. 22 to a peak of 9,200 on Oct. 27, before falling back to around 7,600 late Friday. Decentraland hadn’t seen that many unique visitors in more than a month.

Meanwhile, enjincoin — which lets users manage and store virtual assets for games — also saw strong growth, rising 9% in value over a 7-day period as of Monday morning.

Both The Sandbox and Decentraland fought to set the record straight about user activity stats in recent weeks, which are markedly lower than more established, non-crypto metaverse platforms such as Roblox and long-serving Second Life.

Still, industry participants remain optimistic about the growth trajectory of blockchain-powered metaverse offerings.

“Eyes have been shifting back onto metaverse projects subsequent to Yuga Labs’ announcement that the Otherside metaverse beta will go live in early 2023,” Lenga said.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million