18 of the top 20 metaverse tokens were in the green in January, some of them went north of +300%.
Significant Gain of Metaverse Tokens
After seeing a decline in 2022, a significant number of metaverse tokens have seen considerable gains over the last several weeks. According to the reports, 18 of the top metaverse 20 tokens saw gains of up +319% in the last thirty days. For example, both Magic and High Street, two metaverse tokens, are up north of 300% over the last month.
92 tokens on Cryptoslate’s metaverse sector index have an overall market cap of $9.51 billion. These tokens are used as currency in virtual environments or as a way to onboard and use specific services on these platforms, known in the industry as play-to-earn (P2E).
Why Metaverse Tokens are Becoming so Popular?
The Multi-Billion Dollar Push
The increase in their recent popularity can be caused by a number of factors. One of them is the multi-billion dollar push from many in Big Tech to see the industry through a number of expensive VR and AR applications. According to McKinsey’s report in January 2023, Metaverse sector could reach a $5 trillion value by 2030 due to a push from companies like Alphabet (Google), Apple, and Meta (Facebook).
Celebrity Endorsements
Another reason of increased popularity of tokens can be token projects that unlock keys to culture in arts and entertainment, such as ApeCoin, which has been utilizing celebrity endorsements like Snoop Dogg to advance projects related to the Bored Ape Yacht Club community. For example, The CoinDesk Culture & Entertainment Index (CNE) with a number of metaverse tokens (like Decentraland and Sandbox) and play-to-earn game tokens like Axie Infinity, has skyrocketed 83.2% in the last month.
Metaverse Token Top Performers of January
Here is a list of Metaverse Token top performers which includes following tokens:
Internet Computer (ICP) Market Cap: $1,675,682,598
- Internet Computer (ICP) is a digital token that enables users to build apps, websites, and other web services developed by the Dfinity Foundation and supported by ndreesen Horowitz and Polychain Capital. Its IC Gallery allows users to build an interoperable 3D metaverse integrating GameFi and DeFi, which allow holders of ICP to play, mint, and trade all their existing NFTs through various immersive 3D experiences.
- 30 day change: +46.83%
- Internet Computer currently features 75 projects with a decentralized version of Reddit called DVSR.
Decentraland (MANA) Market Cap: $1,373,495,659
- Remaining one of the most popular metaverse tokens, MANA provides users to purchase, develop, and trade virtual land in a decentralized manner.
- 30 day change: +138.73%
- Proving its constant activity, company partnered with the ATP and the Australian Open to present several matches viewable in the metaverse.
Sandbox (SAND) Market Cap: $1,093,357,853
- The Ethereum-based metaverse and gaming platform that provides users to develop plots and monetize unique in-world assets.
- 30 day change: +78.32%
- Sandbox’s gains came after the token unlock scheduled for mid-February that will release 12% of the token’s supply.
Axie Infinity (AXS) Market Cap:$1,090,398,947
- A popular token-based online video game developed by the Vietnamese studio Sky Mavis. This platform had almost 2.78 million average unique monthly users, a number that give this token strength in numbers.
- 30-day change: +69.54%
- Axie still keeps developing DeFi onboarding. On February 2, The Ronin Network appointed that it will begin to allow users of the Play-to-Earn game to get loans directly from their wallet.
For metaverse tokens to reach their next level of potential upwards, most analysts are agreement that a convergence of technological factors must first take place. However, metaverse token sector still has a number of barriers to overcome before reaching more widespread adoption.
Source
www.cryptoslate.com
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