Metaverse Tokens Soar: Sector Set to Reach $5T Value by 2030
6. Februar 2023
• Metaverse tokens have seen substantial gains over the past month, with 18 of the top 20 tokens in the sector registering gains of over +319%.
• Big Tech companies like Alphabet, Apple and Meta are pushing for the development of this sector, with an estimated value reaching $5 trillion by 2030.
• The CoinDesk Culture & Entertainment Index (CNE) has also surged 83.2% in the last month, due to projects such as ApeCoin that unlock keys to culture in arts and entertainment.
Metaverse Tokens Show Big Gains
Metaverse tokens have seen significant growth in January, with 18 out of the top 20 tokens recording gains of over +319%. This is a major increase from their performance throughout most of 2022. Magic and High Street are two metaverse tokens which have both gone north of 300% this past month.
Big Tech Involvement
Big Tech companies including Alphabet (Google), Apple and Meta (Facebook) are heavily invested in developing this market. McKinsey reported that this sector could reach a $5 trillion value by 2030 due to these investments.
Tokens related to virtual worlds and decentralized platforms built on blockchain technology are used as currency within virtual environments or as a way to purchase content on these platforms. This play-to-earn gaming industry has become increasingly popular recently, with Axie Infinity being one example.
CoinDesk Culture & Entertainment Index Surge
The CoinDesk Culture & Entertainment Index (CNE), which includes a number of metaverse tokens such as Decentraland and Sandbox but also play-to-earn game tokens like Axie Infinity, has surged 83.2% in the last month due to projects like ApeCoin unlocking access to culture in arts and entertainment via celebrity endorsements like Snoop Dogg promoting Bored Ape Yacht Club community activities.
Overall, it appears that metaverse tokens have had a good start to 2021 after struggling during 2022 – thanks largely to tech giants investing heavily into its potential along with burgeoning play-to-earn gaming scene and strong celebrity endorsements driving up interest even moreso – making it an interesting space worth watching during 2021.