December 2, 2021
It’s not just Facebook: The metaverse has piqued interest from entities ranging from sportswear giant Adidas to Barbados’ Ministry of Foreign Affairs.
Virtual worlds are invading the world of virtual currencies.
Hype over the untapped value of the “metaverse” sent tokens such as Sandbox’s SAND, Decentraland’s MANA and others to all-time highs in November amid surging interest from cryptocurrency traders and Wall Street alike.
The metaverse is a digital world combining elements of augmented and virtual reality, the internet, gaming, art, culture and social networking. Participating in these worlds usually requires a user to use cryptocurrency tokens or purchase objects in the virtual world, which are typically sold as non-fungible tokens (NFTs).
The price rallies followed Facebook’s announcement in October that it would rebrand as Meta, with a new mission that aims to “bring the metaverse to life.”
Facebook’s announcement spawned interest from corporations, real estate investors, venture capitalists and even nations as they raced to claim their stake in crypto’s hottest new frontier.
The Sandbox, an Ethereum-based virtual gaming platform, saw its SAND token jump from $1.55 to $6.79 in November, an increase of about 350%.
SAND spiked after sportswear retailer Adidas tweeted about building an “adiVerse” in The Sandbox’s virtual world.