Home
News
Metaverse has remained unaffected from the havoc in the crypto market. According to CryptoSlam, an NFT data aggregator, digital assets like AXS, SAND, APE and FLOW have gained considerably in the past 24 hours. Axie Infinity’s native token was trading at the market price of $8.8 at the time of writing, a 7.94% gain in the past 24 hours.
Metaverse Tokens on The Rise
The data shows that the sales have remained volatile in the Axie Infinity ecosystem, from $18,000 to $48,000. Given the uptrending prices, around $20,000 short trades were liquidated in a day. On the other hand, the Flow blockchain’s native token experienced an upsurge by 5.5% but is currently down by 3.9% in the last 24 hours. FLOW was trading at $1.09 at the publication time.
The native token of the Bored Ape Yacht Club (BAYC) ecosystem, APE, was trading around $4.09 at the time of writing. Recently, the NFT collectible joined forces with one of the most popular watch brands, Timex. They announced that they will release 500 watches with several apes on the face.
Increasing trade volume remains the major cause of this bullish price action. The data aggregator reveals that the NFT sales volume rose by over 20% in the past 24 hours to around $16.5 Million. BAYC and their sister collection Mutant Ape Yacht Club (MAYC) were accountable for around 40% of the Ethereum based non-fungible tokens.
This year has not proved fruitful to the NFT market as the sector saw a considerable decline in contrast to 2021. The industry saw the trade volume reduced to ashes by 97% from $17 Billion in January 2022 to $466 Million in September 2022. June 2022 saw merely 19,000 transactions. May 1, 2022 became the single-highest trading day as the market saw 118,577 NFTs trading in the market for $780 Million.
Pushing The Mass Adoption of NFTs
2022 is undoubtedly a harsh blow in the face of the NFT sector but many experts think that the industry still holds the potential to grow in 2023. Non-fungible tokens are a vital element in the virtual economy which appears to be flourishing in recent times.
Theory behind the bullish market sentiment remains that gaming, music, virtual collectible and more industries will adopt this concept in future. If life goes digital in the upcoming years, similar to what Neil Stephenson depicted in his novel, Snow Crash, then mass adoption may increase.
According to Google, search for “NFT” has plunged by 88% in November 2022. Apart from this, the crypto market was recovering as Bitcoin and Ethereum witnessed over 3% rise in a week.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
