Metaverse tokens

Metaverse tokens show big gains

Metaverse tokens show big gains in January with the sector expected to reach a $5 trillion value by 2030

Out of the top 20 metaverse tokens, 18 were in the green in January, including several that went north of +300%

After spending much of 2022 in the doldrums, a number of tokens in the metaverse sector have seen significant gains in recent weeks, with 18 of the top 20 tokens in the sector seeing gains of +319% in the last 30 days.

Both Magic and High Street, two metaverse tokens, have increased by more than 300% in the last month.

Tokens related to virtual worlds and decentralized platforms built on blockchain technology, such as Decentraland and Sandbox, characterize the metaverse token market sector.

The total market cap of the 92 tokens on Cryptoslate’s metaverse sector index is $9.51 billion.

These tokens are used as currency within virtual environments, to sign up for and use specific services, or to purchase content on these platforms, a practice known in the industry as play-to-earn (think Axie Infinity).

The recent surge in their popularity could be attributed to a number of factors. One major example is the multibillion-dollar push by many in Big Tech to see the industry through a variety of costly VR and AR applications.

McKinsey reported in January 2023 that the Metaverse sector could be worth $5 trillion by 2030, thanks to a significant push from companies such as Alphabet (Google), Apple, and Meta (Facebook), all of which have expressed interest in developing this market.


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metaverse news 2023

Add to that the growing popularity of token projects that unlock keys to culture in the arts and entertainment, such as ApeCoin, which has been incredible and has used celebrity endorsements such as Snoop Dogg to advance projects related to the Bored Ape Yacht Club community. The CoinDesk Culture & Entertainment Index (CNE), which includes a number of metaverse tokens such as Decentraland and Sandbox, as well as play-to-earn game tokens such as Axie Infinity, has risen by 83.2% in the last month.


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Metaverse project: Internet Computer (ICP) market cap: $1,675,682,598

Metaverse token top performers in January Internet Computer (ICP), a bit of an outlier among traditional metaverse tokens, is a digital token that allows users to build apps, websites, and other web services developed by the Dfinity Foundation and supported by prominent venture capital firms Andreessen Horowitz and Polychain Capital. Its IC Gallery enables users to create an interoperable 3D metaverse by integrating GameFi and DeFi, allowing ICP holders to play, mint, and trade all of their existing NFTs via various immersive 3D experiences.
Change in 30 days: +46.83%

The Internet Computer website currently lists 75 projects, one of which, DVSR, bills itself as a decentralized version of Reddit. Kinic, for example, is a decentralized search engine.

Decentraland (MANA) has a market capitalization of : $1,373,495,659 USD.

Decentraland (MANA) is one of the most popular metaverse tokens, allowing users to buy, develop, and trade virtual land in one of the industry’s most popular ecosystems in a decentralized manner. Major art galleries, museums, fashion houses, and brands are among its users.
Change in 30 days: +138.73%
Decentral and’s community is one of the most active in the entire metaverse token sector. From January 16 to 19, the company collaborated with the ATP and the Australian Open to make several matches available in the metaverse. Users were also able to interact via “New AO Tennis Club” and “Beach Bar.”

Sandbox (SAND) has a market capitalization of $1,093,357,853.

The Ethereum-based metaverse and gaming platform, which allows users to create plots and monetize unique in-world assets such as digital collectibles, also saw a significant increase in January.
Change in 30 days: +78.32%
Sandbox’s gains follow an impending token unlock scheduled for mid-February, which will release 12% of the token’s supply.

Axie Infinity (AXS) has a market capitalization of $1,090,398,947.

The enormously popular token-based online video game developed by the Vietnamese studio Sky Mavis once had as many as 2.78 million average unique monthly users, a figure that has since dwindled to around 411,653, but still a large enough community of daily users to give this token strength in numbers.

Change in 30 days: +69.54%
Axie continues to work on DeFi onboarding. On February 2, Axie Infinity’s [AXS] engine, the Ronin network, announced that users of the Play-to-Earn game would be able to get loans directly from their wallets. “Anyone anywhere can now access liquidity and earn yield from their Axies and land on Ronin,” according to the announcement. In the future, players will be able to play with their collateralized NFTs.”
Most analysts agree that a convergence of technological factors must first occur for metaverse tokens to reach their next wave of potential upwards. Interoperability and open standards between devices such as augmented reality/virtual reality, sensors, haptics, and peripherals; platforms;and the development tools that allow for innovations to be built on top, the metaverse token sector still has a number of hurdles to clear before reaching more widespread adoption.

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