Metaverse Tokens Rally In Price Amid Renewed Interest In NFTs

On Dec 7, 2022

Metaverse tokens are rallying amid renewed interest in NFTs. Last month, NFT sales volume grew for the first time in 7 months. And this interest is reflected in metaverse-based NFT token prices. Over the past week, the likes of Axie Infinity (AXS), Sandbox (SAND), and Apecoin (APE) have rallied significantly.

Leading the way is AXS, with a 33% gain in the past week. According to CoinGecko, the token has performed the best out of the top 100 cryptocurrencies during the time period.

AXS is the native token of Axie Infinity, a play-to-earn (P2E) gaming platform. The token is currently trading at $8.78 with a market cap of over $997 million.

The rally is much welcomed within the Axie community, which has endured a torrid year. They have had to witness AXS lose over 94% of its value, with its trading volume sinking as low as $18,000. However, the change in fortunes has seen volumes jump to $695 million in the past 24 hours. Subsequently, over $3.2 million in short positions have been liquidated within the period, according to Coinglass.

SAND, the token that powers the virtual real estate platform The Sandbox, follows Axie in second place. However, unlike AXS, SAND is up only 9% in the past week. It’s currently trading at $0.61 with a trading volume of $201 million and a market cap of over $954 million.

However, the gains have not been enough to upset the yearly losses. SAND is down 92% from its all-time high.

Apecoin (APE) is the other notable NFT-based token that has recorded gains over the past week. It’s up 3% with a trading volume of over $232 million and a $1.5 billion market cap. Interestingly, like most tokens within this category, its trading volume has seen a massive jump over the past few days.

Outside the top 100, Magic (MAGIC) has been the most impressive. It’s up 96% in the past week, with a trading volume of over $3.8 million. MAGIC is the native token of Treasure, a decentralized video game console. The platform connects games and communities together through imagination.