Meta-Mania Returns as Metaverse Tokens Sandbox, Decentraland Pare Losses
Metaverse tokens including Sandbox’s SAND and Decentraland’s MANA have pared their losses, hinting at increased risk appetite among investors and that meta-mania might be back.
Tokens generated by metaverse platforms suffered a rocky start to 2022. SAND experienced a decline from USD 5.51 at the start of January 2022 to USD 4.43 on 21 January 2022, before plummeting to USD 2.79 the following day.
MANA displayed a similar pattern, hovering between USD 2.75 and USD 3.10 for the majority of January, before plunging to USD 1.82 on 22 January.
It’s the same story for Axie Inifity, Theta Network and Enjin too; 22 January 2022 appears to have been doomsday for metaverse tokens.
Since that fateful day, some metaverse tokens have shown signs of recovery. At the start of February, SAND reached highs of USD 4.10 and MANA reached USD 2.84.
However, only the leaders in the space seem to be recovering. Investor sentiment might have also been driven by recent announcements by the two market leaders.
Earlier this week. Decentraland released its 2022 Manifesto, which includes details of a prototype mobile app, improvements to its play experience, greater utility of NFTs, and protocol enhancements.
Yesterday, Sandbox announced a partnership with UniX Gaming, a decentralised autonomous organisation (DAO). crypto-games and digital-collectibles pioneer EverdreamSoft, the developer behind mobile blockchain game Spells of Genesis (SoG), also announced sale of “premium land” around its estate on the metaverse, scheduled for February 10.
Flat Movement Elsewhere
Evidently the metaverse space is still heavily driven by Sandbox and Decentraland for the time being. Whilst SAND and MANA are moving in correlation, AXS, THETA and ENJIN are yet to recover from their January blues.
Correlation between AXS, THETA and ENJIN is also observed in their rather flat price movements since the end of January.