Forget the gold rush, the metaverse coin rush is here!pen_spark
Metaverse coins are gaining traction, with their market cap recently rising by around +0.6%. This brings the total market value to $13 billion, indicating significant growth in the digital asset space. This rise reflects a growing interest in virtual worlds and online experiences. This Monthly analysis will help you understand the trends driving this market.
So, are you ready to rule the virtual world? Jump right in.
Metaverse coins form the digital currency backbone of virtual worlds, known as the metaverse. Within these expansive digital realms, users engage, create, and exchange digital assets ranging from virtual fashion to art pieces and even virtual real estate. Powered by blockchain technology, these coins ensure secure transactions, fostering a vibrant virtual economy.
While some metaverse coins are exclusive to specific virtual platforms, others find their way onto mainstream cryptocurrency exchanges like Coinbase or Binance, facilitating wider accessibility and liquidity.
Render, FLOKI, Axie Infinity, The Sandbox, Decentraland, Illuvium, Enhin Coin, OrginTrail, Yield Guild Games and Chromia are the top ten Metaverse Coins by market capitalisation.
| Metaverse Coins | Market Cap | 24-Hour Volume |
| Render | $4,188,472,830 | $471,980,603 |
| FLOKI | $1,701,945,040 | $158,989,812 |
| Axie Infinity | $1,047,484,011 | $33,273,352 |
| The Sandbox | $982,647,257 | $61,369,301 |
| Decentraland | $794,166,260 | $51,427,545 |
| Illuvium | $567,236,340 | $7,166,816 |
| Enjin Coin | $410,833,573 | $23,455,045 |
| OriginTrail | $348,473,987 | $2,402,934 |
| Yield Guild Games | $306,863,664 | $53,290,421 |
| Chromia | $225,049,581 | $10,164,619 |
Render stands tall as the undisputed leader in the metaverse coin arena, boasting a staggering market capitalization of $4,188,472,830. Its dominance extends to trading volumes, with an impressive $471,980,603, setting a high bar for its competitors.
Following Render closely are FLOKI and Axie Infinity, with market capitalizations of $1,701,945,040 and $1,047,484,011, respectively. While FLOKI enjoys a robust trading volume of $158,989,812, Axie Infinity trails behind with the lowest volume among the top five metaverse coins.
| Metaverse Coins | 30-Day Change |
| Render | +7.7% |
| FLOKI | -16.4% |
| Axie Infinity | -29.1% |
| The Sandbox | -32.2% |
| Decentraland | -31.1% |
| Illuvium | -33.3% |
| Enjin Coin | -39.3% |
| OriginTrail | -28.2% |
| Yield Guild Games | -38.8% |
| Chromia | -38.2% |
When we delve into the 30-day performance metrics of the top ten Metaverse coins, a mixed bag of results emerges. Render emerges as the lone beacon of positivity, showcasing a commendable uptick of +7.7%. However, the landscape is predominantly painted in shades of red, with negative changes plaguing the rest of the cohort. Enjin Coin takes the brunt of the downturn, plummeting by -39.3%.
Yield Guild Games and Chromia closely follow suit, with declines of -38.8% and -38.2% respectively. FLOKI, although showing resilience, experiences a downturn of -16.4%, emerging as the best performer after Render.
Render, FLOKI, Axie Infinity, The Sandbox and Decentraland are the five prime Metaverse coins to keep an eye.
| Metaverse Coins | Price | 24 Hour Change | 7-Day Change | 30-Day Change | 1-Year Change |
| Render | $10.53 | +4.5% | +47.3% | +7.7% | +480.1% |
| FLOKI | $0.000173 | +1.5% | +14.8% | -16.4% | +386.6% |
| Axie Infinity | $7.19 | -0.2% | +5.0% | -29.1% | +4.9% |
| The Sandbox | $0.4297 | -0.0% | +3.1% | -32.2% | -15.5% |
| Decentraland | $0.4213 | -0.8% | -1.6% | -31.1% | -10.6% |
4.1. Render
Render is a decentralised network that connects people with spare Graphics Processing Unit power to artists who need it for intense 3D rendering tasks. This peer-to-peer network lets users share computing power, making 3D rendering faster and more efficient. It also supports building digital services like AI and NFTs.
Its current price is $10.53. With a $4,188,472,830 market cap, it is the largest Metaverse coin by market cap. It has a 24-hour volume of $471,980,603. It marks a 30-day change of 7.7% and a 7-day change of 47.3%. It also records a 24-hour change of 5.3%. Notably, its one-year change value is as impressive as +480.1%.
4.2. FLOKI
FLOKI is a cryptocurrency designed for a broad audience, serving as the utility token for the Floki Ecosystem. This ecosystem encompasses a network of applications, platforms, and utilities centered around the FLOKI token. It is baced by a large community.
Its current price is $0.0001752. It records an impressive 7-day change of +14.8%, though it marks an unimpressive 30-day change of -16.4%. Its one-year change is as high as +381.6%, similar to Render. It also has a positive 24-hour change of +1.8%.
4.3. Axie Infinity
Axie Infinity is a digital game that combines NFT collectibles with blockchain technology. In this game, players collect, breed, and battle fantasy creatures called Axies. The game features unique characters and storytelling, attracting players world wide.
The AXS token allocation provides insights into the distribution of Axie Infinity Shards, which helps understand the focus of the project.
A significant portion is allocated for staking rewards (29.0%) and play-t0-earn (20.0%), suggesting a strong emphasis on community engagement. Sky Mavis, the developer, has a 21% allocation, indicating resources for ongoing development. Public and private sales account for 11% and 4% respectively, enabling broader investor participation. An ecosystem fund (8%) and advisor allocation (7%) support further growth and external expertise.
The current price of AXS is $7.25. It shows a positive 7-day change of 5.0%. Conversely, it displays a negative 30-day change of 29.1%. Notably, its 24-hour change is, though negative, just -0.3%. Anyway, with a $1,047,484,011 market cap, it is still the third largest in terms of market capitalisation. But, its 24-hour volume is around $33,273,352, the lowest among the top five Metaverse coins by market cap.
4.4. The Sandbox
The Sandbox is a decentralised virtual world where users can create, own, and monetise content. Similar to Roblox, players can build custom games and experiences. The key difference is that assets in The Sandbox are owned as NFTs, giving users true ownership and control.
As per the SAND allocation analysis, a significant portion (25.8%) is set aside for the Company Reserve, suggesting resources for further development and stability.
Breaking Down SAND Allocation
Delving into the SAND token allocation sheds light on the project’s foundation and trajectory:
- Company Reserve (25.8%): Signals a strategic reserve for continued development and stability.
- Seed Sale (17.2%) & Strategic Sale (4%): Reflects early investor confidence and support in the project’s vision.
- Team Allocation (19%): Highlights the dedication of developers towards project realization.
- Foundation (12%): Focused on fostering community growth and engagement.
- Advisor & Binance Launchpad Sale (10% & 12%): Indicate external expertise and wider exposure, bolstering project visibility.
With a current price of $0.428, SAND showcases a 7-day uptick of +3.1% and a 24-hour change of +0.3%. While its 30-day and 1-year changes trend negatively, its robust 24-hour volume of $61,369,301 underscores its liquidity and market traction.
4.5. Decentraland
Decentraland is a VR world where users can buy, build, and monetize virtual land. What makes Decentraland unique is its decentralised structure, with all transactions recorded on the Ethereum blockchain. MANA is the native currency in Decentraland, used to buy LAND and other virtual goods.
As per the MANA token allocation analysis, the Crowdsale (ICO) at 40% indicates strong community involvement from the start.
Decrypting MANA Token Allocation
A closer examination of the MANA token allocation reveals a balanced distribution strategy:
- Crowdsale (ICO) (40%): Signifies early community participation and engagement.
- Community & Partners, Team & Early Contributors, Decentraland Foundation (20% each): Ensures equitable resource allocation across stakeholders, fostering ongoing development, and governance.
MANA, currently priced at $0.4256, demonstrates a 7-day uptick of +1.6% despite a 30-day change of -31.1%. With a 24-hour volume of $51,427,545, it boasts considerable market activity, outpacing competitors like Axie Infinity.
Endnote
The metaverse coin market is a dynamic and rapidly evolving space, driven by the growing interest in virtual worlds and digital assets. The recent rise in market capitalisation to $13 billion underscores the increasing traction of these coins. While Render has shown the strongest growth with a positive 30-day change, many other top coins experienced a downward trend over the same period.
Despite this, coins like FLOKI, Axie Infinity, The Sandbox, and Decentraland continue to attract attention due to their unique ecosystems and potential for long-term success. As the metaverse evolves, these coins are poised to play a crucial role in shaping its future.
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