Out of various crypto coins, there are a few which stood silent for a while and stood up fast on the platform. One of them is the Mana token. MANA hit a high record for the first time on Thursday, 25th November 2021. According to a popular crypto exchange, the highest demanded crypto during Diwali in India was MANA.
MANA token was launched in 2017, a native digital token of Decentraland. Decentraland is a metaverse platform where gamers buy and sell virtual land and other such properties. It is a gaming token. Here in the virtual world, one can create unique environments. Nonfungible tokens are used to purchase the ownership of a particular property. This token runs on the Ethereum blockchain network which is the world’s second-largest cryptocurrency.
It is built on the Ethereum blockchain and is a decentralized, three-dimensional, traversable, virtual reality platform. Recently this token has a market cap of $9.2 billion. This token is moving ahead of Axie Infinity’s AXS which has a market cap of $8.6 billion.
Decentraland has two tokens, MANA and LAND and these tokens are used to interact with the platform. MANA tokens are used to buy goods and services of games. According to the crypto exchange Luno head of Asia-Pacific, MANA is rallying on the back of Facebook rebrand. It is growing as the metaverse is trending. Other gaming crypto tokens like Axie Infinity, Sandbox have also seen high gains these days.
Investors look to invest in smaller coins, like altcoins as they cannot afford to buy Bitcoin after it reached its maximum last month. When Bitcoin is at its high, other altcoins become fat. This MANA token is tied to Metaverse, a shared virtual gaming environment. The trend of this virtual environment is going on as Facebook said this sector is gaining much focus and therefore, the corporate name to be changed to Meta.
According to the experts, the sale of virtual real estate plots is rising, and therefore, Decentraland is on Spotlight. This helps in raising the price of these decentral and tokens. A news agency on Monday reported that the Metaverse Group has bought a patch of virtual real estate in the decentral and metaverse for nearly 620,000 MANA tokens which come around $3.2 million.
According to an independent crypto analyst, gaming is still in the blood of people and that’s why it is heading to the release of Sandbox’s alpha on November 29. The software company of Hong Kong, Animoca Brands, owning the Sandbox, announced that a part of the metaverse will open up via a multi-week play-to-earn Alpha event on November 29.
The Sand token has gained its weight after a tweet from the giant sporting company Adidas confirming its relationship with the virtual world The Sandbox. In the past 24 hours, the token has jumped up to 25% hitting a record high price. In partnership with The Sandbox, the Adidas company is going to develop the metaverse names ‘adiVerse’. As per Crypto Twitter, the sporting company Adidas has purchased a part of the land in The Sandbox’s metaverse.
The name-changing announcement of SAND from Facebook has made it surge more than 600%. The corporate name changed to Meta on October 29. Other gaming and metaverse tokens have also outperformed Bitcoin by a bog margin this month.
With the sand token, users can play and at the same time invest their assets, can buy virtual plots of land in it. Big company names have come up with ties with metaverse. Snoop Dogg company had announced to buy a virtual plot in The Sandbox in late September. It wishes to build a mansion there and build their nonfungible tokens which can be accessed by big people for concerts and events.
According to one of the Arcane Research analysts, the metaverse currencies are used more and more, with the intention of ‘play to earn’. These play to earn projects give you rewards in the form of digital coins and are getting popular this year. In the Sandbox, you can buy land, build a house, work, shop, learn and play in the virtual place. The surge was also due to Mark Zuckerberg’s comment on metaverse. The powerful company puts much stock into such digital gaming concepts and creates interest in Sandbox and Decentraland.
From where can you buy SAND and MANA?
There are many approved crypto exchanges such as WazirX, where you can buy SAND and MANA. You can even swap any other cryptocurrency to SAND using UniSwap. If you go through Play2Earn, you can get SAND for free by winning contests and so on. Whenever you wish to sell them, you can do so through any crypto exchange.
Who founded SAND token?
Arthur Madrid and Sebastien Borget were co-founders of Pixowl. Both of them work on different projects together.
How SAND is different from other cryptos?
The world of gaming has blockchain technology introduced by the Sandbox platform. The gaming market is untapped when it comes to blockchain tech and it was seen by Pixowl back in 2011. The revolution Sandbox has made in the gaming industry is tremendous. You can play games meanwhile you can buy a blockchain-based digital asset. It has created a niche in the global market of gaming.
The Sandbox promotes decentralized governance which means, users can share their opinions and ideas about the project’s development. Blockchain-based projects must have decentralized governance and this evolving technology help this industry a lot.
How secure is the Sandbox?
Since this virtual platform is built on the Ethereum blockchain, it is secured by the PoS mechanism (proof-of-stake). As this token is standard ERC-20, users can stake and get rewards for staking it.
The bitcoin blockchain has a PoW mechanism, but the PoS mechanism is unique because it doesn’t require much amount of electrical power to validate a transaction. This PoS mechanism allows other diverse applications and still can secure the stake funds.
Investors are noticing the enormous potential these gaming tokens have. During the third quarter of the year, these blockchain-based games could able to raise $1 billion in new funding from investors.