The Metaverse Tokens Kick Off The Year Strongly

In what was a bad year for cryptocurrencies overall, Metaverse 

Tokens AXS and SAND were among the poorest performers, shedding about 93% of their value.

Metaverse currencies like ApeCoin (APE) and Axie Infinity (AXS) have seen a 6% price increase over the past day. Axie Infinity's AXS is up 6.24% to $6.40, The Sandbox's SAND is up 4.8% to about $0.40, and APE is up 6% to $3.76, according to CoinGabbar. The MANA token of Decentraland had more moderate advances of 4.35% to reach about $0.30.

In 2022, these Metaverse tokens had among of the poorest performances.

The statement was made shortly after the Special Council elections, in which five candidates were chosen to lead the ApeCoin project in the future. The utility and governance token that drives ApeCoin is The metaverse initiative called Otherside was developed by Bored Ape Yacht Club's makers, Yuga Labs.

Publisher of video games Square Enix reiterated its dedication to blockchain and Web3 gaming in its annual New Year's letter. The latest good news for investors follows a terrible 2022 for Metaverse tokens, with AXS and SAND among the worst performers in what was a bad year for cryptocurrencies generally, losing about 93% of their value.

Analysis of Metaverse token prices

ApeCoin

Today's ApeCoin price is $3.76, with a $1.3B market value and a 261.79% increase in 24-hour trading volume. It is currently worth $148 million. The circulating supply is roughly 361,250,000 APE at the same time.

Infinity Axie

The current price of Axie Infinity is $6.24, with a $640 million market cap and a 132.81% increase in 24-hour trading volume. It is currently $71 million. At the same time, there are about 100,125,814 AXS in circulation.

The price increase occurs as Yosuke Matsuda, a significant game company, increases its investment in the metaverse. The president of Square Enix, who publishes Square Enix, has reiterated his company's dedication to the market.

According to Matsuda, the company's "top three" medium-term investment areas include blockchain technology. However, the company's "most targeted" region according to its New Year's letter. According to Matsuda, 2022 was "a year of high instability in the blockchain-related environment." He did, however, forecast that blockchain games would "transition to a new stage of growth" in 2023.