The last few days have been exciting for Metaverse enthusiasts, particularly when it comes valuations across all cryptocurrency boards. The market overall is uncertain and unstable, but there are a few exceptions. Play-to-earn tokens and metaverse tokens have been popping up.
The Metaverse board at CoinMarketCap shows that more than 80% are trading in green each week.
The Sandbox (SAND) is one of the top cryptocurrency traders, particularly in the last few days. The cryptocurrency has risen over 110% during the past week and shows no signs that it will slow down. It trades above $8 daily and sets new highs every day. It is also the third largest play-to-earn token (P2E), in terms of market capitalization.
After a remarkable 56% weekly rise, Decentraland, the largest project, managed to surpass Axie Infinity’s market cap. MANA now stands at $5.60 while AXS is still in second place with a mere 5% gain over the past week.
Notable mentions include Enjin Coin, Enjin (ENJ), Ultra (UOS), up 105%, Mines of Dalarnia, (DAR), up 104%, and others.
What is driving the surge?
The massive rise in P2E coins seems to have nothing to do with the hype surrounding them since Meta was rebranded by Facebook.
It’s worth noting that infrastructure smart money has been investing in this market segment since then. CryptoPotato earlier reported that Enjin is preparing to explore the metaverse and establish a $100 million fund to support projects in the ecosystem geared towards decentralization.
KuCoin, a leading cryptocurrency exchange, also launched a $100 Million fund through KuCoin Labs, its investment and research arm. This fund is also aimed at funding early-stage projects in this field.
In the meantime, several prominent institutional investors and venture capital companies such as the Winklevoss twins Marc Andreessen and Alan Howard and Digital Currency Group (DCG), raised $100 million more to accelerate the emergence and growth of the metaverse through Sfermion, an NFT investment company.
Smart money seems to be betting heavily on this market segment’s success and, at the time that press is being published, valuations are being reflective.
Marla Brooks – Financial Analysis
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