Cryptocurrencies with ties to the metaverse, such as ApeCoin (APE) and Axie Infinity (AXS), have seen price increases of about 6% over the past day.
According to CoinGecko data, APE is up 6.3% to $3.88, AXS is up 6.9% to $6.41, and SAND is up 5.2% to about $0.40 for Axie Infinity and The Sandbox, respectively. MANA, the currency of Decentraland, recorded more modest gains of 4.4% to reach about $0.31.
In contrast, the overall market capitalization of cryptocurrencies has only increased by about 1.6% over the past day.
The information was released shortly after the Special Council elections, in which five candidates were chosen to lead the ApeCoin project in the future. Yuga Labs, the company that created the Bored Ape Yacht Club, is the developer of Otherside, a metaverse project. Its utility and governance token is called ApeCoin.
In its annual New Year’s letter, video game publisher Square Enix also reaffirmed its dedication to blockchain and Web3 gaming.
The most recent good news for investors comes after a terrible 2022 for coins connected to the Metaverse; AXS and SAND were among the worst performers in what was a bad year for cryptocurrencies overall, losing approximately 93% of their value.