The two tokens most readily identified with metaverse platforms, Decentraland (MANA 2.01%) and The Sandbox (SAND -2.12%), both continued their price rallies over the weekend. The former was the clear winner, rising by more than 15% over the preceding 24 hours as of mid-afternoon Sunday. The Sandbox was no slouch, though, with an 8% gain.
Cryptocurrencies, in general, are continuing to do well in the opening weeks of 2023, but metaverse tokens are doing really well. The newfound investor confidence in digital assets, on the back of an improving macroeconomic landscape, is finding particular expression in this segment of the crypto market.
There are numerous reasons for this. Chiefly, metaverse tokens anchor platforms that are tangibly commercial ventures. Decentraland and The Sandbox are vibrant, pulsing virtual worlds where users can transact objects and real estate using native tokens.