The term Metaverse was first coined in the early 1990s by US author Neal Stephenson. 30 years later in 2021, Mark Zuckerberg announced that Facebook would become Meta, and an emerging market boomed into life.
The ability to meet, interact, and socialise with other people in an online space is not a new concept given the vast popularity of social media and virtual reality. However, there are now billions of dollars being spent on making the Metaverse the next big thing in society, finance, and cryptocurrency.
Leading cryptocurrencies of the Metaverse enjoyed huge gains on the back of Zuckerberg’s announcement. Decentraland (MANA) has the highest market cap of all the metaverse tokens, closely followed by The Sandbox (SAND), with $4.95 billion and $3.69 billion respectively. 2022 is expected to be a year of even more growth for these cryptocurrencies.
The beginning of the year has been less than ideal for holders of metaverse tokens like MANA and SAND. This follows the broader trend of the crypto market at the start of 2022. A rally is underway, but some other new crypto projects could match and even outperform the metaverse tokens this year; Seesaw Protocol’s (SSW) 10-week presale is a week old and it has already increased in price significantly.
Decentraland (MANA) bounces back
Decentraland (MANA) reached an all-time high of $5.90 in November 2021. Since then it has dipped by over 50% to a January low of $1.74. In the last seven days, MANA has gained some of the ground lost in this dip. At the time of writing tis, is valued at $2.71. This is an increase of over 20% in a week.
Decentraland is a virtual reality platform and epitomises the Metaverse. Users can purchase plots of land that they can then customise, whether that be building, socialising, or monetising. Parties can be hosted and games can be played. World-renowned DJ Steve Aoki hosted a party in Decentraland for the Australian Open tennis tournament. MANA is one of the currencies used (the other being LAND) to pay for avatars, clothes, names, and other features in Decentraland.
The Sandbox (SAND) leads virtual real estate space
The Sandbox (SAND) is Decentraland’s rival for top spot in the Metaverse. In the wake of Mark Zuckerberg’s Meta announcement late in 2021, it increased by 235%. As has been the case with almost every cryptocurrency, SAND dipped at the beginning of the year. However, like its Metaverse rival MANA, SAND has rebounded and increased by more than 23% over the past 7 days.
The Sandbox was actually created over 10 years ago; like Decentraland, it gives its users the opportunity to buy and sell land. Once invested in The Sandbox, people can build on the virtual land that they own. The Sandbox, and its native token SAND, have a well-established community and several endorsements from the world of celebrity. Snoop Dogg is a big proponent of the Metaverse and is collaborating with The Sandbox to release a series of avatars.
Seesaw Protocol (SSW) starts with a bang
Seesaw Protocol (SSW) has a utility that makes it very attractive for investors. SSW acts as a multi-chain bridge between the Binance Smart Chain, Polygon, and Ethereum. This will allow its holders to conduct cross-chain swaps to navigate what can at times be debilitating gas fees as well as a tendency for congestion. Seesaw Protocol also utilises a small fee attached to each purchase and sale which is both distributed amongst existing holders and also put back into its liquidity to ensure additional security.
It has been less than a week since the Seesaw Protocol (SSW) began and it has wasted no time in increasing by a substantial amount. It began at $0.005 and at the time of writing is available to buy for $0.014531. This is a climb of 190% and considering there are over two months remaining of the SSW presale bodes very well for the release of SSW in April.
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