Tokens that focus on the metaverse have had a good start to the year, doing much better than bitcoin, which is the most valuable cryptocurrency.
In January, the value of MANA, the Decentraland project’s native token, rose by about 152%. Prices have increased in Decentraland after several new features were announced in the middle of the month, even though the number of people using the platform hasn’t changed much.
Bitcoin, Ether, and BNB rose 32% in January
During the market surge in January, many lesser-known tokens did better than the largest cryptocurrencies by market capitalization. In the last month, Bitcoin, Ethereum, and BNB all went up by 32%. At the moment, the market cap for Decentraland is $1.3 billion, while the market cap for bitcoin is $446 billion.
The value of the YGG token, which is a share of Yield Guild Games, has gone up by 92%. The Young Gamers’ Guild (YGG) gives money to the play-for-profit industry and helps players find ways to get started. The market value right now is $57 million.
Sheraz Ahmed, managing partner at the blockchain consulting firm STORM Partners, says, “the business potential of such tokens is now much clearer than it was a year ago, which in contrast to certain altcoins is not the case.”
In the weeks before the token unlock in mid-February, the value of the SAND token, which is used in The Sandbox, went up by 91%. The value of the AXS token, which is used in the play-to-win game Axie Infinity, went up by about 75% in March, and you will be able to buy it in April.
Ahmed said that investors are becoming more interested in Web3 virtual worlds.
In a report, McKinsey & Co. said that $5 trillion will have been spent in the metaverse by 2030.
Ahmed says that the total market cap of tokens related to the metaverse is about $8.5 billion right now, which is less than 1% of the total crypto market cap, which is now almost $1.1 trillion. This means that there is a lot of room for growth “He was done.
IMPORTANT DISCLAIMER: All content provided on this website, any hyperlinked sites, social media accounts and other platforms is for general information only and has been procured from third party sources. We make no warranties of any kind regarding this content. None of the content should be interpreted as financial, legal, or other advice meant to be relied on for any purpose. Any use or reliance on this content is done at your own risk and discretion. It is your responsibility to conduct research, review, analyze, and verify the content before relying on it.