Ethereum-based metaverse projects are reaping the benefits of growing interest in virtual worlds. Metaverse tokens have maintained a bullish outlook despite the decline seen across much of the broader cryptocurrency market.
Facebook was the most notable recent entrant into the virtual space after rebranding to Meta.
The three best-performing metaverse tokens — Decentraland (MANA), Enjin Coin (ENJ), and The Sandbox (SAND) — all hit new all-time highs on November 24 as their bullish rallies continued.
Decentraland (MANA) reached a new all-time high (ATH) of $5.31. Although it was trading about 2.87% below that peak at the time of reporting, the token still posted a 31.15% gain over the previous 24 hours.
Enjin Coin (ENJ) recorded a fresh ATH of $4.50. At the time of writing it had pulled back about 4.98% from that peak, yet it reported a 10.53% increase in the last 24 hours.
The Sandbox (SAND) hit a new ATH of $7.24. While it had eased roughly 2.73% off that high at the time of reporting, SAND remained strongly bullish with a 44.20% gain over the prior 24 hours.
Decentraland, Enjin Coin and The Sandbox are all Ethereum-based virtual platforms. Decentraland and The Sandbox function as virtual world games where players can buy, customize and resell virtual land represented as NFT assets.
Decentraland launched in February 2020 and was among the earliest projects to enter the metaverse space.
The Sandbox was continuing work on its alpha test, scheduled to roll out before a planned mainnet release in 2022.
What is the metaverse?
The term “metaverse” has become widely used not only in cryptocurrency circles but also within the virtual reality industry.
Broadly speaking, the metaverse refers to networks where users interact in shared 3D spaces through avatars. The concept is commonly associated with gaming and online communication. Though early development was dominated by centralized companies, crypto-focused startups are increasingly building presence in the space.
Blockchain-based projects aim to expand opportunities in the metaverse by offering open, interoperable environments. These decentralized platforms allow users to own and transfer NFT-based assets across multiple gaming environments, enabling greater portability and user control over virtual goods.