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Top Five Metaverse Platforms

Metaverse tokens had a wild 2022, like the other cryptocurrencies that comprise the crypto market.

Metaverse platforms

The value of these digital assets fell by more than 90% in the last year. The top metaverse tokens by capitalization, Apecoin (APE), Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA), and Enjin Coin (ENJ), are trading 90% to 96% lower from their all-time highs.



Apecoin (APE)

According to CoinMarketCap data, Apecoin is the top Metaverse token, with a current market cap of $1.45 billion. Apecoin trades above $3.91 per unit, a far cry from its all-time high of $39.4 last March. However, despite the token’s drop in value since its release, Apecoin has had an exciting year.

The launch of Otherside in April 2022 triggered an exponential rise in the token’s price. APE nearly doubled in price in 10 days after Yuga Labs announced the launch of the first phase of its decentralized Metaverse alongside Animoca Brands. APE holders and Yuga Labs’ NFT community gained access to purchase digital land in Otherside. Major companies such as Gucci and TIME also adopted APE as a payment method.

In late December, APE also grew exponentially following the launch of apestake, a platform that allows holders to stake with the token. Apestake allows APE staking in four pools to generate returns. The launch of this service grew the number of unique APE holders to 104,790 users at the end of December.

Apecoin is an Ethereum-based governance token launched to underpin Bored Ape’s Web3 ecosystem, of which Yuga Labs’ Otherside metaverse is a part. This token was created by the ApeCoin DAO independently of the company developing the NFT project and the decentralized Metaverse.


Axie Infinity (AXS)

Axie Infinity (AXS), the governance token of the Axie Infinity metaverse and NFT Axie Infinity game, trades above $6.75 per unit. It is the second most capitalized Metaverse token in the crypto industry. Its price has fallen more than 96% from its all-time high in November 2021, making it the hardest-hit Metaverse token on this list. Currently, the market value of AXS is $676.3 million.

In 2021, Axie Infinity was the most widely used NFT play-to-earn game and Metaverse in several countries worldwide. However, its popularity and price were hit hard in early 2022 following the $600 million hack suffered by Ronin Network, the blockchain underpinning the project. This hack has been one of the most damaging events in the crypto industry. The developers of Axie Infinity, the company Sky Mavis, refunded part of the stolen value to users affected by the hack and launched a series of improvements to maximize its security and game dynamics and regain the trust of its community.

On the other hand, Axie Infinity developers presented more details about the Metaverse they built for their NFT creatures in April. They told players they could create spaces for their axies, fight battles, collect materials, craft instruments, and trade their assets. The possibilities offered by this Metaverse moved the price of AXS up to $71 in late April, growing more than 43% by that time. Since then, the token’s price has fallen and moved almost horizontally since September.


The Sandbox (SAND)

The Sandbox is one of the industry’s most widely used blockchain metaverses. As such, its SAND token ranks third as the most capitalized metaverse token today. With a unit price of $0.43 and a circulating supply of 1.499 billion tokens, SAND has a current capitalization of $610.3 million. SAND is the governance token of the virtual gaming community The Sandbox, a decentralized Ethereum-based metaverse.

The Sandbox has become several companies’ gateway to the virtual world. The publication TIME, the Korean TV channel MBC, the record label Warner Music Group, the fashion house Gucci, and the athletes Tony Hawk and Kun Agüero are some of the names in this Metaverse. Adidas, Atari, Carrefour, AXA, and PwC have also landed in this virtual world. Users can create avatars, build Non-Fungible Tokens, launch products, and trade game assets within this Metaverse. Its offer has proved attractive to users, artists, and brands worldwide.

The Sandbox has also become a space for social interaction artists use to bring their fan communities together. Last month, this blockchain metaverse was the venue for several events celebrating Christmas. According to Dune Analytics, there are more than 419,000 SAND token wallet addresses.



Decentraland (MANA)

Like The Sandbox, Decentraland is one of the blockchain ecosystem’s most widely used and fastest-growing metaverses. Users can create and monetize their content on the Ethereum blockchain-based platform Decentraland. Its primary token, MANA, is the governance token of the Metaverse, which allows its holders to influence its development and evolution. MANA is currently the fourth largest metaverse token, with a market capitalization of $575 million. Its price is around $0.32 per unit, down 94.7% from its all-time high of $5.9 in November 2021.

Over the past year, Decentraland has implemented several strategies that have driven its adoption by major brands. In January 2022, this decentralized Metaverse partnered with Tennis Australia to host the first tennis Grand Slam in the Metaverse. The platform provided virtual coverage of the Australian tennis tournament, unlocking one of the many opportunities the virtual environment offers. Also in March, Decentraland hosted the first virtual fashion week, Metaverse Fashion Week. Three hundred thousand people attended the event. Major fashion brands such as Dolce & Gabbana, Hugo Boss, and Tommy Hilfiger, among others, took over the virtual catwalks to showcase their designs and set new trends.

Decentraland has also welcomed companies from other industries, such as chocolate maker Hershey’s, streaming platform Netflix, Santander bank, Selfridges department store, and car manufacturer Hyundai. They used the blockchain-built metaverse platform to approach new native Web3 audiences.



Enjin Coin (ENJ)

As the fifth largest metaverse token on this list, Enjin Coin (ENJ) boasts a market cap of $249 million, according to CoinMarketCap. ENJ is the native token of the virtual gaming platform Enjin Network, which allows its users to create websites and gaming communities and chat and host NFT-based virtual item stores. ENJ’s price was 94% below its all-time high of $4.85 in November 2021. Its current price is $0.24 per unit. However, while its price has fallen significantly in the last year, it is a project with significant progress in terms of development.

In a Twitter thread, Enjin developers listed their most significant 2022 milestones, such as the launch of Enjin Wallet 2.0, a digital wallet designed to ensure users a more seamless and secure experience. In 2022, Enjin also partnered with video game developer Square Enix, commemorating the 25th anniversary of Final Fantasy VII with a series of NFTs. Entropia News also joined the Enjin Network partners, launching the Eggs of Entropia crypto collection.



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