The past 24 hours, the prices of metaverse-related cryptocurrencies, including apecoin (ape) and axie infinity (axs), have surged by approximately 6%. apecoin is the utility and governance token that serves as the foundation for otherside, a metaverse project created by yuga labs. the broader cryptocurrency market cap has only gone up 1.6% in the same time period. prices of ape, axs, the sandbox’s sand, and decentraland’s mana have climbed 6.3%, 6.9%, 5.2%, and 4.4%, respectively.
Special council elections for apecoin were recently concluded, with five members being elected to govern the apecoin project. additionally, yosuke matsuda, president of final fantasy publisher square enix, recently reaffirmed his company’s commitment to the metaverse space. in square enix’s 2021 new year’s letter, blockchain technology was listed as one of the “top three” areas of investment for the company in the mid-future.
News of the price increase follows the conclusion of apecoin’s special council elections and square enix’s commitment to the metaverse space. this has caused a surge in the prices of metaverse-related cryptocurrencies. yosuke matsuda predicted that blockchain games would “transition to a new stage of growth in 2023” and that square enix is “most focused” on blockchain technology and games. notably, axs and sand were among the worst performers in the cryptocurrency market in 2020, with both coins losing around 93% of their value during the course of the year.