In the last 24 hours, the prices of metaverse tokens such as ApeCoin (APE) and Axie Infinity (AXS) have risen by around 6%. According to Coinmarketcap, APE is up 6% to $3.86, Axie Infinity’s AXS rose 6.74% to $6.40, while The Sandbox’s SAND rose 4.8% to around $0.40. Decentraland’s MANA posted more modest gains of 4.44% to reach around $0.30.

These Metaverse tokens were among the worst performers in 2022

The announcement came shortly after APE completed its Special Council elections, in which five members were elected to govern the future of the ApeCoin project. ApeCoin is the utility and governance token that powers Otherside, the metaverse project created by Yuga Labs, the creators of Bored Ape Yacht Club.

In its annual New Year’s letter, video game publisher Square Enix reaffirmed its commitment to blockchain and Web3 gaming. The recent good news for investors comes after a brutal 2022 for Metaverse tokens; AXS and SAND were among the worst performers in what was a bleak year for crypto overall, losing around 93% of their value.

Price Analysis of Metaverse tokens

ApeCoin

ApeCoin’s price today is $3.86, with a market capitalization of $1.3B and a 24-hour trading volume up by 261.79%. Now it stands at $148 million. At the same time, the circulating supply is approximately 361,250,000 APE.

ApeCoin
Source: Coinmarketcap

Axie Infinity

Axie Infinity’s price today is $6.39, with a market capitalization of $640 million and a 24-hour trading volume up by 132.81%. Now it stands at $71 million. At the same time, the circulating supply is approximately 100,125,814 AXS.

 

Axie InfinityAxie Infinity
Source: Coinmarketcap

Square Enix reaffirms its commitment to blockchain technology

The price increase comes as a major gaming company, Yosuke Matsuda, doubles down on metaverse investment. Square Enix publisher Square Enix’s president recently reaffirmed his company’s commitment to the space.

Matsuda stated that blockchain technology was one of the “top three” investment areas for the company in the medium term. However, the area on which the company was “most focused” in the company’s New Year’s letter. The year 2022 was “a year of great volatility in the blockchain-related space,” according to Matsuda. However, he predicted that in 2023, blockchain games would “transition to a new stage of growth.”

Also Read: Top 5 Metaverse Predictions For 2023

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