Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout
- Axie Infinity and Sandbox see increased demand as Bank of America, Adidas and Balenciaga reveal bullish outlook on the metaverse.
- Strategists at Bank of America believe that the metaverse will create new opportunities in blockchain technology.
- Renowned women's fashion brand Balenciaga has launched a new division to spearhead metaverse-focused moves.
- Adidas recently announced a four-way partnership with Bored Ape Yacht Club, Pixel Valut's Punks Comic and crypto investor Gmoney.
Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors.
Analysts are bullish on Axie Infinity and Sandbox as metaverse tokens rally
A strategist at Bank of America, told the Insider that the metaverse presents a massive opportunity for blockchain technology. Managing director of the global thematic research team, Haim Israel, expects cryptocurrency to go mainstream through metaverse adoption.
Israel said,
I definitely believe this is a massive, massive opportunity...You need the right platforms...that is definitely going to be a big opportunity for this entire ecosystem.
A digital plot of land in the Axie Infinity metaverse was recently sold for over $2.5 million. Following that, real estate on Decentraland sold for $2.4 million, adding to the list of digital plots of land sold at a relatively high price.
In the last week of November 2021, Adidas revealed a four-way partnership bringing fashion to the metaverse. Bored Ape Yacht Club, popular for sales of their NFTs, Punks Comic and crypto investor Gmoney are part of Adidas's partnership, posting visuals of their NFT characters donned in the brand's apparel.
Balenciaga has set up a new department to promote their metaverse initiatives.
Traditional payment companies are now interested in cryptocurrencies as they find utility in the metaverse. Axie Infinity and Sandbox prices have posted gains over the past 24 hours, continuing their climb.
Cryptocurrency analyst at the YouTube channel "Woolfie" is bullish on Axie Infinity. The analyst has set the next price target for AXS price at $150.
Tyler Hill, a cryptocurrency analyst, has identified a symmetrical triangle in the Sandbox price trend. The analyst explains that the pattern is bullish if the asset's price comes out of a bullish trend. Hill expects Sandbox price to breakout to the upside, predicting a 30% price rally.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
