Various tokens from popular metaverse projects have experienced explosive price growth over the last seven days, outpacing even market leaders like Bitcoin and Ethereum, according to market data from CoinGecko.
MANA, the native token of the popular Web3 game Decentraland, rallied an eye-watering 81.9% over the week and currently trades for a fraction over $0.72.
MANA’s biggest rival, The Sandbox’s SAND token, lags behind. Still, SAND holders have little to complain about after the token’s value mushroomed roughly 41.8% over the same period and currently trades for a little short of $0.72.
The native token for Axie Infinity, a Pokémon-like game in which players are encouraged to raise a team of adorable critters and battle them across an open-world map, rallied 23% over the last week. AXS currently changes hands at $9.06.
Immutable X (IMX) is a blockchain platform that operates as a speedy layer-2 solution for Ethereum. It simplifies the creation of NFTs for blockchain developers. The platform’s native IMX token rallied 30.5% since last Tuesday and presently trades at around $0.62.
Immutable X was tapped as the blockchain of choice for games developer Tinyverse, which started developing its latest title—a building and management game—on Solana but spun out last week due to the network’s recent troubles. Solana was heavily affiliated with the bankrupt FTX exchange and has depreciated by well over 90% since the latter’s historic collapse.
Flow (FLOW) grew by 33% this week. Flow is a blockchain specifically built for NFTs. It currently powers projects like CryptoKitties and the NBA-licensed Top Shot digital trading cards.
According to NFT data aggregator CryptoSlam, sales volume for FLOW-based NFTs blew up a staggering 77% last week, undoubtedly driving the price of the blockchain’s native token.
The Metaverse rally
Like “Web3,” the “metaverse” is a broad term that encompasses a spectrum of things. Generally, though, it refers to a new digital environment that builds on the current internet, in which consumers will interact with their digital world through virtual reality interfaces.
Industry chatter around the term grew last week on reports that Apple will reportedly enter the space in Spring with the release of its own combined virtual reality (VR) and augmented reality (AR) headset.
Microsoft leader Bill Gates also mentioned the metaverse last week. He said he remains unconvinced by Web3 technologies and believes artificial intelligence is the more “revolutionary” technology.
Clearly, a considerable number of investors disagree.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.