The metaverse is reportedly enjoying steady gains in 2023, with projects pulling ahead of other popular crypto-related verticals, such as decentralized finance (defi).
Projects such as Enjincoin, Axie Infinity, Decentraland, Apecoin, STEPN, and The Sandbox have all registered an improvement of their overall results, according to Blockworks.co.
The publication reported that the sector was up 105% year-to-date, and up 62% over the last 30 days, citing Index Coops’ Metaverse Index.
Metaverse games and projects incentivize their consumers to invest and hold tokens, as the more a project grows, the more benefits token owners collect.
Axie Infinity, for example, was very popular a few years ago and even helped several people in the Philippines afford real estate properties. The country’s government planned to impose taxes on gains realized through Axie Infinity.
In the meantime, a number of projects have jumped in value and performance. Decentraland’s MANA was up 150% year-to-date with its overall performance in the past 30 days a steady 90% gain.
Enjincoin, another popular token, is trying to close the gap from its all-time peak registered in November 2021. Axie Infinity and APE have increased by 48% and 73% in the past 30 days, the index stated.
As to why the surge has occurred, it’s difficult to say. Blockworks research analyst Sam Martin said there is no particular reason why this is happening – or why the metaverse would outperform the defi sector.
Confidence in the metaverse sector seems to be rising. Meta, previously known as Facebook, was able to buoy up investor expectations for the metaverse project it hosts – even though the project had accumulated massive losses according to the company’s last financial update.
Regardless, investor confidence on Wall Street is strong because of Meta, and this seems to now be improving the fortunes of metaverse tokens and assets across the board. The metaverse recently made a foray into soccer, with Manchester City joining the experience.
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