Are Metaverse Tokens Staging a Comeback?

The metaverse once stood as the next big innovation in digital ecosystems, with projects like Decentraland [MANA], The Sandbox [SAND], and Axie Infinity [AXS] leading the charge.

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The metaverse was once touted as the next big thing in digital ecosystems, with projects like Decentraland [MANA], The Sandbox [SAND], and Axie Infinity [AXS] spearheading the initiative. However, hype around the metaverse has largely cooled over the last few years. In fact, the prices of major metaverse tokens suffered severe downturns, and investor interest dwindled.

Now, with signs of renewed engagement and price activity, the question is – Are metaverse tokens staging a comeback?

Examining the Cost Basis Distribution metric for MANA, SAND, and AXS provides a snapshot of investor behavior. The charts from Glassnode displayed significant supply clusters at higher price levels, with a clear price-action downtrend since early 2025. A major area of concern is the persistent overhead supply, which may indicate that many holders are still in the red.

Source: Glassnode

Source: Glassnode

Source: Glassnode

These charts suggest that metaverse tokens are yet to breakout of their prolonged decline. Despite small signs of buying activity at lower price levels, supply pressure remains high.

This could mean that any short-term price surges may face strong sell pressure from holders looking to break even.

Additionally, on-chain activity does not indicate a major influx of new users. A true metaverse resurgence would require both institutional interest and broader adoption of metaverse-related platforms – factors that are still lacking.

For metaverse tokens to regain momentum, several conditions must be met, including:

As it stands, metaverse tokens are attempting to stabilize. However, their recovery is far from guaranteed. While the charts hint at accumulation at lower levels, a meaningful breakout is yet to occur.

Hence, investors should remain cautious and monitor key resistance zones before expecting a full-fledged metaverse resurgence.