With the entire crypto market experiencing a downturn, things have not been going well for the Metaverse and the NFT spaces either.
But, things seem to be faring much better, as the last 24 hours have seen significant gains in cryptocurrencies that are focused on NFT and Metaverse.
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These include prominent names like Axie Infinity (AXS), Sandbox (SAND), Apecoin (APE), and Flow (FLOW).
Axie Infinity is a play-to-earn (P2E) gaming platform and its governance token is called AXS. Data from Coingecko showed that there was a 25.6% increase in the token’s value in 24 hours.
This made it the biggest gainer in the list of the top 100 cryptocurrencies. At the time of writing, the AXS token was trading at a value of $8.54, which makes it the 46th-largest crypto in the market.
It also means that the market capitalization of the AXS token is about $970 million. But, despite this increase in the last 24 hours, this year has proven to be a tough one for the governance token.
Back in November 2021, like many other tokens, AXS had also reached its all-time high value of $164.90, but this year saw it lose about 94.8% of its value.
CryptoSlam, the NFT data platform, disclosed that there has been a fluctuation in the trading volume of Axie Infinity in the last few weeks.
This fluctuation saw the trading volume go up and down between $18,000 and $48,000. Considering the recent bullish movement in its price, Coinglass disclosed that the last 24 hours had seen the trading volume reach $20,000.
Data from Coingecko also disclosed that during the same time period, there had been a more than 5.5% rally in the token that powers the Flow blockchain. It is trading at a value of $1.15.
NFTs (Non-fungible tokens) based on the Flow blockchain had been integrated by Instagram in August this year, which pushed up the value of the token to $3.
However, the FLOW token has been on a decline since then. In April last year, the FLOW token reached an all-time high of $42.40.
But, since then, it has seen its value come down by almost 97.3% at the time of writing. Coingecko also revealed that there was a 4% rise in the value of Apecoin (APE) in the last 24 hours, which took it up to $4.12.
This is the token based on the Ethereum blockchain that was primarily created for the ecosystem known as the Bored Ape Yacht Club (BAYC).
APE is the 34th largest crypto and there was a 66% increase in its daily trading volumes, as they climbed to $192 million.
The SAND token saw an increase of 6.7% during the same time period, which saw it reach $0.62. The last week saw the token gain by 9%.
The sales volume
The increase in sales volume is the primary reason tokens related to the metaverse and NFTs have seen a bullish trend in their prices.
Data shows that there was a 20.75% increase in NFT sales volume in 24 hours, which surpassed $16.5 million.
There was a 31.36% rise in the daily trading volumes of NFTs based on the Ethereum blockchain and a 16.28% rise in those based on the Flow blockchain, which resulted in the latest rally.
40% of the trading volume of Ethereum-based tokens was led by Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), and Otherdeed, the NFT collections of Yuga Lab.
Other than the metaverse and NFT tokens, other cryptocurrencies like Bitcoin and Ethereum also saw their prices rise by 1.6% and 2.7% in the previous 24 hours.