Metaverse Token Surpasses Bitcoin in January | coindesk JAPAN | Coindesk Japan

Metaverse-related tokens significantly outperformed Bitcoin (BTC) in January.

Decentraland (MANA) rose about 145% in January. Although the number of users of the platform has not increased significantly, it was due to the announcement of many new features in mid-January.

(CoinDesk)

Many smaller crypto assets outperformed Bitcoin in the January rally. For comparison, Bitcoin is up about 40% in January, while Ethereum (ETH) is up about 30%. Bitcoin has a market capitalization of $446 billion (about 58 trillion yen) and Decentraland has a market capitalization of $1.3 billion (about 170 billion yen).

Yield Guild Games (YGG) up 92%. The project is investing in the Play-to-Earn (P2E) space. YGG has a market capitalization of $57 million.

Sheraz Ahmed, managing partner of blockchain consultancy STORM Partners, said one of the reasons for the rise of Metaverse-related tokens is that “the business potential of such tokens, as opposed to certain altcoins, has been growing for a year. It’s much clearer than before,” he said.

The Sandbox (SAND) is up 91% ahead of its mid-February unlock. P2E game Axy Infinity (AXS) also rose about 75%. This is also scheduled to be unlocked in April.

“Investors are clearly showing growing interest in the Metaverse. A new report from McKinsey suggests that spending in the Metaverse could total $5 trillion by 2030, with no one wants a piece of it.” (Ahmed)

Metaverse-related tokens currently have a market capitalization of around $8.5 billion, less than 1% of the total cryptocurrency market capitalization, which currently stands at around $1.1 trillion, he said. continued.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Decentraland price changes over the past month (CoinDesk)
｜Original: Metaverse Tokens Outperforming Bitcoin in January