After spending a good part of 2022 in the doldrums, many tokens in the metaverse sector have posted sizeable gains in the past few weeks, with 18 of the top 20 tokens in the sector up +319 over the past year. % increase was observed. 30 days.
Two metaverse tokens, Magic and High Street, both surpassed 300% last month.
The Metaverse Token Market sector is characterized by tokens associated with virtual worlds and decentralized platforms built on blockchain technology such as Decentraland and Sandbox.
The total market cap of the 92 tokens in Cryptoslate’s Metaverse Sector Index is $9.51 billion. These tokens are used as currency within the virtual environment to onboard and use certain services and to purchase content on these platforms.
The recent surge in popularity may be due to several factors. The big one is a multi-billion dollar push from many of Big Tech to see the industry through a plethora of expensive VR and AR applications.
January 2023, McKinsey report The Metaverse sector is expected to be worth $5 trillion by 2030, with companies such as Alphabet (Google), Apple and Meta (Facebook) showing interest in developing this market. This is due to the strong support from
Potential impact on the metaverse (Source: McKinsey)
Add to this the surge in popularity of token projects that unlock the keys to a culture of arts and entertainment. ApeCoin is amazing, using celebrity endorsements like Snoop Dogg to advance projects related to the Bored Ape Yacht Club community. For example, the CoinDesk Culture & Entertainment Index (CNE), which includes dozens of metaverse tokens like Decentraland and Sandbox, as well as play-to-earn gaming tokens like Axie Infinity, surged 83.2% last month.
CoinDesk Culture and Entertainment Index (Source: Coindesk)
Internet Computer (ICP) market cap: $1,675,682,598
Internet Computer (ICP) is a bit of an alien when it comes to traditional metaverse tokens, allowing users to access apps, websites and other web services developed by the Dfinity Foundation and supported by prominent venture capital firm Andreesen. A digital token that allows you to build. Horowitz and Polychain Capital. Her IC Gallery allows users to build an interoperable 3D metaverse that integrates GameFi and DeFi. This will allow ICP holders to play, mint and trade all existing NFTs through a variety of immersive 3D experiences.
30 days change: +46.83%
Internet Computer’s website currently lists 75 projects, one of which is DVSR, which claims to be a decentralized version of Reddit. The other, Kinic, works as a distributed search engine.
Decentraland (MANA) Market cap: $1,373,495,659
Decentraland (MANA) is one of the industry’s most popular ecosystems and one of the most popular metaverse tokens, allowing users to buy, develop and trade virtual land in a decentralized way. . Its users include major art his galleries, museums, fashion houses and brands.
30 days change: +138.73%
Decentraland has one of the most active communities in the entire metaverse token sector. On January 16-19, the company partnered with his ATP and Australian Open to present some matches that are viewable on the Metaverse. Users were able to interact with each other at the “New AO Tennis Club” and “Beach Bar.”
Sandbox (SAND) Market Cap: $1,093,357,853
Ethereum-based metaverse and gaming platforms, which allow users to develop plots and monetize unique in-world assets such as digital collections, also saw a significant uptick in January.
30 days change: +78.32%
Sandbox gains follow imminent token unlocking scheduled for mid-February. release 12% of the token supply.
Axie Infinity (AXS) Market Cap: $1,090,398,947
A hugely popular token-based online video game developed by Vietnamese studio Sky Mavis had an average monthly unique user count of 2.78 million before dropping to around 411,653, but still good enough. An active community of daily users brings this to life. Strength of the token expressed as a number.
30-day change: +69.54%
Axie continues to develop DeFi onboarding. February 2nd at Axie Infinity [AXS] The engine, Ronin Network, has announced that it will allow users of Play-to-Earn games to obtain loans directly from their wallets. According to the announcement, Everyone can now access liquidity, earn from Axies and land on Ronin. In the future, players can even play with his NFTs with collateral. It will be like this.”
For Metaverse tokens to reach the next wave of potential uplift, most analysts agree that convergence of technological factors must occur first. Augmented/virtual reality, sensors, Devices such as haptics and peripherals. interoperability and open standards between The Metaverse token sector has many hurdles to clear before it becomes more widely adopted, such as platforms; development tools that allow innovation to build on top of it.
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