Tuesday, June 25, 2024
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    Metaverse market cap hits $26bn as tokenisation takes off…

    The Metaverse sector has been growing in leaps and bounds since debuting in 2020. According to data presented by financepr.com, the Metaverse sector has attained a market capitalization of over $26bn.

    As of 31 January 2022, the sector had moved more than $4bn in 24 hours, growing its market share by 5.15%. All that is keeping with projections that it’ll grow at a CAGR of 41.7% between 2021 and 2030.

    Financepr.com’s Edith Reads has been sharing her thoughts on the development. She says: “The Metaverse has moved from being an abstract and niche concept into the physical world we live in. Virtual socializing platforms are increasingly gaining popularity driven by demand for digital ownership and simulated experiences.”

    Top 3 Metaverse tokens

    Decentraland’s MANA token leads the way in market cap terms. The premier metaverse token had a valuation of $4.52bn at the time of writing. Again, it had a circulating supply of 1.8 billion MANA and moved more than 235 million tokens worth nearly $583.5m.

    Sandbox (SAND) and Axie Infinity (AXS) take the second and third spots, respectively. The former had a market cap of $3.82bn from a circulation of 925 million SAND. Again, it moved more than 326 million tokens in 24 hours, valued at over $1.31bn.

    Meanwhile, the latter held a market cap of $3.16bn after transacting over 10 million AXS ($554M in value). Moreover, its circulating supply crossed the 60.9 million mark in that time.

    Following in the fourth to the sixth position were Theta Network (THETA), Enjin Coin (ENJ), and WAX (WAXP). Whereas THETA’s market cap was $3.07bn, ENJ’s surpassed the $1.57bn mark, while WAXP’s hit the $644m valuation.

    And rounding up the top ten are SushiSwap, Ontology, Illuvium, and Chromia. The four had a combined cap of over $1.6B. Another 175 tokens have a joint market cap of over $7.7bn.

     

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