On the 2nd of January, the prices of metaverse-related cryptocurrencies, such as ApeCoin’s APE and Axie Infinity’s AXS, increased by more than 6% over the past 24 hours, a new year gift. According to data from CoinGecko, the price of APE increased by more than 6.3%, and it is currently, as of this writing, trading at around $3.88. And the price of AXS surged by more than 6.9%, and it is currently trading at around $6.41, as per data from CoinGecko.
On the other hand, The Sandbox’s SAND also increased by more than 5.2%, and it is currently trading at around $0.40, as per data from CoinGecko. While the price of Decentraland’s MANA also surged by more than 4.4% and is currently trading at around $0.31, according to data from CoinGecko. However, over the past 24 hours, the market cap of the overall cryptocurrency market increased by more than 1.6%.
The reason behind this hefty price increase of APE is due to it recently finalized its Special Council elections, which as a result gave five members to govern the future of the ApeCoin project. Currently, ApeCoin is the utility and governance token that underpins Otherside, Bored Ape Yacht Club creator Yuga Labs’s metaverse project.
On the other hand, Square Enix, a video game publisher, reaffirmed its commitment to blockchain and Web3 gaming in its annual letter of New Year. With this reaffirm, the video game publisher doubles down on metaverse investment. In New Year’s letter, Yosuke Matsuda, president of Square Enix, wrote that blockchain technology was one of the top three areas of investment for the company in the mid-future, on which the company is most focused.
This latest price increase of the metaverse-related cryptocurrencies came after a brutal 2022 in which the price of AXS and SAND decreased by more than 93% during the year, the worst performers.