Ethereum based metaverse projects are reaping the benefits of the rising hype around metaverse. The metaverse tokens have maintained a bullish outlook amid the decline witnessed by the majority of cryptocurrencies.
Facebook was the recent entrant into the metaverse world as it rebranded to Meta.
The three best performing metaverse tokens: Decentraland (MANA), Enjin Coin (ENJ), and The Sandbox (SAND) all hit new All-Time Highs early November 24 as they continued with their bullish rallies.
MANA’s new all-time high (ATH) is $5.31 and although it had slipped by 2.87% below the ATH by the time of writing, the coin had still registered a 31.15% rise in the last 24 hours.
Enjin Coin's (ENJ) new all-time high is $4.50 but it had slipped by 4.98% from the ATH by the time of writing although it had still registered a 10.53% in the last 24 hours.
The Sandbox (SAND) on the other hit a new all-time high of $7.24 although it had dropped by 2.73% from the ATH but still retained a bullish outlook by registering a 44.20% rise in the last 24 hours.
Decentraland, Enjin Coin, and The Sandbox are all Ethereum based virtual games. Dcenetraland and The Sandbox are virtual world games where players purchase, customize and resell virtual land parcels represented by NFT assets.
Decentraland was launched in February 2020 and was among the first entrants into the metaverse world.
The Sandbox is still working on its alpha test, which it has scheduled to launch in November ahead of the mainnet release in 2022.
What is metaverse?
Metaverse has become a very popular term not only within the crypto space but also within the virtual reality world.
If you are new to the term, it refers to networks in which users interact in shared 3D spaces using avatars. It is mainly used for online gaming and communication and although it was initially dominated by centralized firms, crypto startups are pushing hard as they try to assert authority in the space.
Crypto startups have offered more metaverse opportunities since they provide a fully open and interoperable environment that allows users to utilize NFT assets across a variety of gaming platforms.