The prices of metaverse-related cryptocurrencies, including ApeCoin (APE) and Axie Infinity (AXS), have skyrocketed by around 6% in the past 24 hours.
According to data from CoinGecko, APE is up 6.3% to $3.88, Axie Infinity’s AXS is up 6.9% to $6.41, while The Sandbox’s SAND is up 5.2% to about $0.40. Decentraland’s MANA posted more modest gains of 4.4% to around $0.31.
By contrast, the overall cryptocurrency market capitalization is only up 1.6% in the last 24 hours.
The news came when APE recently ended their Special Council elections, in which five members were chosen to govern the future of the ApeCoin project. ApeCoin is the utility and governance token that underpins Otherside, the metaverse project of Yuga Labs, creator of Bored Ape Yacht Club.
On the other hand, video game publisher Square Enix reaffirmed its commitment to blockchain and Web3 games in its annual New Year’s letter.
The recent good news for investors comes after a brutal 2022 for Metaverse-related coins; AXS and SAND were among the worst performers in what was a dismal year for cryptocurrencies as a whole, both losing around 93% of their value over the course of the year.
Square Enix reaffirms its commitment to the blockchain
Yosuke Matsuda, president of Final Fantasy publisher Square Enix, reaffirmed recently your company’s commitment to this space.
In the new year letter of the company, Matsuda said that blockchain technology was one of the “top three” areas of investment for the company in the mid-future, and one the company was “most focused on.”
Matsuda noted that while 2022 was “a year of great volatility in the blockchain-related space,” he anticipated that blockchain gaming would “enter a new stage of growth in 2023.”
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source: decrypt.co