The prices of metaverse-related cryptocurrencies including ApeCoin (APE) and Axie Infinity (AXS) have shot up by around 6% in the past 24 hours.
Per data from CoinGecko, APE is up 6.3% to $3.88, Axie Infinity's AXS rose 6.9% to $6.41, while The Sandbox's SAND rose 5.2% to around $0.40. Decentraland’s MANA posted more modest gains of 4.4% to reach around $0.31.
In contrast, the broader cryptocurrency market cap is only up around 1.6% in the last 24 hours.
The news came as APE recently finalized its Special Council elections, which saw five members elected to govern the future of the ApeCoin project. ApeCoin is the utility and governance token that underpins Otherside, the metaverse project from Bored Ape Yacht Club creator Yuga Labs.
Elsewhere, video game publisher Square Enix reaffirmed its commitment to blockchain and Web3 gaming in its annual New Year's letter.
The recent good news for investors follows a brutal 2022 for Metaverse-related coins; AXS and SAND were among the worst performers in what was a bleak year for crypto as a whole, both losing around 93% of their value during the course of the year.
Square Enix reaffirms blockchain commitment
The price move comes as a big gaming player doubles down on metaverse investment, with Yosuke Matsuda, president of Final Fantasy publisher Square Enix, recently reaffirming his company’s commitment to the space.
In the company’s New Year's letter, Matsuda said that blockchain technology was one of the “top three” areas of investment for the company in the mid-future, and one on which the company was “most focused.”
Matsuda noted that while 2022 was “a year of great volatility in the blockchain-related space,” he anticipated that blockchain games would “transition to a new stage of growth in 2023.”