The September cryptocurrency slump was rectified on the very last day of the month, with a robust continuation on October 1st. The market rose significantly over the next three weeks, rising from $2.19 trillion to an all-time high of 2.743 trillion on October 21, a 25 percent increase.
On October 20, Bitcoin reached a fresh high of $67,000, but it has since started backtracking, leading the broader market to retrace in what was regarded as profit-taking activity. Despite this, the general market rose somewhat, on to Ethereum's strength and the much-anticipated ETH 2.0 Altair update. This bullishness propelled the second most valuable cryptocurrency by market capitalization to an all-time high of $4,632 on November 1.
Metadata and Facebook
Individuals have been wondering recently about whether Facebook is examining everything linked to the metaverse, a virtual reality vision that, in the near future, would unite people from all over the world in three-dimensional locations in which to share private and professional experiences. Covid 19 appears to have sparked a vision of a new reality. However, on October 28, Facebook's Mark Zuckerberg stated in a one-hour video that the parent company of Facebook, Instagram, and WhatsApp will be renamed Meta.
"In the metaverse, you'll be able to do almost anything you can imagine," wrote Zuckerberg on Meta's blog. "You'll be able to get together with friends and family, work, learn, play, shop, create - as well as completely new experiences that don't really fit how we think about computers or phones today." Meta's mission is to spread this idea and be the firm that develops the necessary goods and solutions. Meta's ambition is to turn its social media firm into a metaverse enterprise.
The Crypto-Sector of the NFT-Metaverse
With an average October increase of 200 percent for the top 10 crypto ventures, the NFT-Metaverse game-related projects were flowering well before Zuckerberg made his intentions known. According to the most recent statistics from KuCoin's Metaverse Trading Board, Decentraland (MANA) tops the sector with a market size of $3.63 billion, followed by The Sandbox (SAND) with a market cap of $1.50 billion.
Meta's bold entry into the NFT-Metaverse sector has boosted digital property in general, as well as the entire blockchain-based gaming sector and Metaverse-based projects, such as Decentraland (MANA), Axie Infinity (AXS), Enjin Coin (ENJ), The Sandbox (SAND), and Star Atlas (ATLAS), as well as thriving new projects like Division Network (DVI), Metawars (MWAR), Vulcan Forged (PYR), and (TTK).
The Digital Real-Estate Business in Decentraland
Decentaland (MANA) is the frontrunner in the real estate boom that exploded in 2021, thanks to NFTs, which introduced digital property to the globe. In the previous few months, MANA has been the busiest marketplace for digital land and NFTs, making it one of the most valued ventures in the crypto sector.
Decentraland is a virtual environment run by the community and based on the Ethereum blockchain. It creates 90,000 land units with dimensions of 16 x 16 meters (52 × 52 ft). Each land parcel is an NFT token that can be modified using Decentraland's user-friendly builder, which is akin to many popular construction games like as The Sims.
It's worth mentioning that, when the Covid-19 outbreak made in-person meetings impossible, Decentraland sponsored Blockdown, the famed crypto-conference, in April, with well-known crypto personalities like Charles Hoskinson, Kathleen Breitman, and Sergei Nazarov.
MANA's price movement began to soar over 11 percent in the first four hours of the US session, on considerably more volume than normal, eventually reaching a 23 percent rise by the conclusion of the day, with a close at $0.9281. The next day, Friday 29, volume more than quadrupled, closing at 1.3886, a 49.65% increase. MANA's volume peaked at $2 billion on Saturday, a large amount for a weekend session, and its price peaked at $4.70, a +238 percent increase. The volume on Sunday increased somewhat, but MANA had reached severe overbought levels and needed a correction day.
Price Action in the Sandbox
The Sandbox is a fascinating virtual land game built on the Ethereum network. The Sandbox is a sequel to two popular iOS and Android applications, The Sandbox (2011) and The Sandbox Evolution (2016), which have a combined 40 million downloads. SoftBank's recent $93 million series B funding bolstered the stock's upward momentum even further. According to a news statement from Sandbox, the virtual world currently has a gross retail value of $144 million, 500,000 registered wallets, and 12,000 distinct land owners. Along with MANA, the Sandbox (SAND) has progressed incredibly well. SAND surged up 97.97 percent last week, mirroring MANA's price movement, and it was up another 35 percent at the time of writing, indicating even more bullishness than MANA. Sandbox is expected to double in price shortly, potentially by the end of the month, according to Fibonacci forecasts on KuCoin.
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