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Are Metaverse tokens leading the current crypto wave?

Metaverse tokens

TL;DR Breakdown:

  • Metaverse tokens have been exploding over the recent month, as big-name companies like Facebook began making their forays into it.
  • The market is currently valued at over $34 billion.
  • MANA, SAND, UFO, etc., printed more returns than Bitcoin and major altcoins in the last 30 days.

The concept of metaverse – a virtually-enhanced reality – has been making rounds over the recent weeks, and this has thrust the token category into the limelight. It’s undeniable that metaverse tokens have gained immense demand and growth in just the past few months, especially since big-name corporations began making forays into the space. 

For context, the market capitalization of all metaverse-related tokens was less than $2 billion at the beginning of the year. However, the market is currently worth more than $34 billion ten months later, according to Coingecko. It’s speculated that metaverse tokens will become a core part of the cryptocurrency market, given the growing attention and inflows to the token.

What changed for metaverse tokens?

The growing interest in metaverse can be seen as one basic factor driving the market to the upside. Over the last 30 days, some of the tokens recorded immense growth as several companies began dabbling into the metaverse. 

Social media giant Facebook is among the long list of entities making headway with their respective metaverse project. In October, Cryptopolitan reported that Facebook committed about $50 million to research this new digital reality and also rebranded to Meta, to better reflect on the goal of driving into the metaverse.

Besides Facebook, other companies like Nike, Disneyland, etc., have shown interest in debuting in the metaverse. Since then, the attention in the cryptocurrency market has quite shifted towards metaverse tokens, causing massive growth in some of the tokens, compared to Bitcoin and other major altcoins. 

Top metaverse tokens 30d return

If you invested $100 in any of the top tokens in metaverse 30 days ago, you would have the following return:

RkTokenPrice30d%P/L
1AXS$134.26.69%$106.6
2SAND$6.83778%$878
3MANA$4.42471%$571
4ENJ$4.16132%$232
5UFO$0.000047327%$427
6RNR$6.79594%$694

The table shows that metaverse tokens have been on the rally since the past month. The return in Bitcoin and other altcoins is nowhere near the 30-day-ROI of some metaverse coins.

RkTokensPrice30d%P/L
1BTC$56,881-9.45%$90.5
2ETH$4,3003.95%$103.9
3BNB$58821.56%$121.5
4SOL$2183.01%$103
5ADA$1.70-21.03%$78.97
6XRP$1.04-4.60%$95.4

What’s next for metaverse coins?

Except the bull market is reignited, some of the tokens that exploded recently could begin to see a gradual retracement in the short term. However, there is more room for these tokens to surge to new all-time highs (ATH) when considering the long term. 

It’s expected that more funds will continue to flow into the market as more companies are likely also to begin preparing for this new world that promises to connect the digital and physical world. Basically, the concept of the metaverse is only just getting started. Hence, investing and HODLing, one of the top tokens, should be considered a winning strategy. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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