Are the metaverse projects back? What about Decentraland? Beware of Sandbox and Algorand

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Some cryptocurrencies are positioning themselves to get a slice of the pie in the virtual world known as the Metaverse. Developers report growing opportunities to create digital reality within gaming platforms such as Decentraland and Sandbox. Tokens should be converted into digital currency in virtual world economies. Today we see how their prices are skyrocketing. Some of the crypto market could view the rise of altcoins as a stepping stone to offset market losses, which could boost demand:

What about Decentraland?

The decentralization and co-creation of the virtual reality world is at the forefront of so-called meta-currencies, which have gained popularity thanks to the growing popularity of NFT technology and virtual parcel purchases. The tokens allow digital reality members to, among other things, purchase real estate, one of which was purchased for a record $2.4 million;

The Decentraland token gained nearly 600% in just a few days in fall 2021 amid Facebook’s renaming to “Metaplatforms” and the rise in popularity of digital worlds. The cryptocurrency has managed to completely erase the gains so far and is once again trading below $1 per token.

Are the metaverse projects back?  What about Decentraland?  Beware of Sandbox and Algorand - 1Today’s bullish breakout in the Decentraland project tested the 61.8% Fibonacci retracement area and is now looking for support near the 50% retracement.

Watch out for the sandbox

Cryptocurrency, like Decentaland, is benefiting from the popularity of the Metaverse trend; he’s managed to partner with companies like Adidas and athletes and artists like Snoop Dogg and Tony Hawk. Recently, the creators of the company announced a partnership with Playboy, which intends to open a virtual living room ‘Meta Mansion’ in the Sandbox world. The interest of large companies confirms the potential of digital worlds and their growing popularity, especially among younger generations.

JP Morgan analysts, in a special report, pointed to the “asymmetrical risks” taken by companies that are not interested in building business models in the metaverse and the prospects of digital economies. According to the bank’s analysts, these companies could find themselves on the losing side in the future.

Are the metaverse projects back?  What about Decentraland?  Beware of Sandbox and Algorand - 2Sandbox attacked the local high at $1.3445 today and then moved back below that level. Source: xStation 5

Algorand:

Algorand is a limited-issue cryptocurrency created by MIT researchers, based on the revolutionary Pure Proof of Stake (PPoS) transaction validation method. The method is supposed to protect the network from attacks and democratize it. By creating a public blockchain, Algorand aims to revolutionize the financial world and accelerate technology adoption.

The cryptocurrency is associated with Circle, the fintech company that uses it, which has extensive Wall Street connections and claims that the USDC stablecoin is secured by the physical dollar, on the heels of the even bigger Tether. It is the stablecoin maker Circle in which Fidelity funds or the giant BlackRock have invested this spring. With USDC growing in popularity compared to other stablecoins, Algorand might find a surge in demand.

Algorand is an official sponsor of the 2022 World Cup in Qatar and an official partner of the FIFA organization. Time will tell if the new Circle-backed blockchain can threaten rival Ethereum in the future.

Are the metaverse projects back?  What about Decentraland?  Beware of Sandbox and Algorand - 3Map of Algorand, H1 range.

Today’s bullish bounce bolstered the project’s valuation, which was close to June 26th highs.

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Source: https://pl.tradingview.com/symbols/BTCUSD/

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