It seems as if 2023 has started out on a better foot when compared to the previous year’s significant losses.
The tokens linked to a metaverse project, which are cryptocurrencies that will fund and serve as currency for a futuristic digital reality, went up by about 6% on January 1st.
Apecoin, the token behind the most famous NFT collection Bored Ape Yacht Token, went from $3.60 to over $3.90 in only 24 hours. Meanwhile, Axie Infitiny’s token rose by nearly 7%, reaching $6.41, and SAND grew by 5.3%.
To put it in comparison, Bitcoin went up by only 1.01% in the same time span. Really modest gains when compared to the Metaverse tokens.
Apecoin Election Might Explains The Token’s Surge
Apecoin just went through a major revamping in its management. The cryptocurrency elected five members to govern the future of Apecoin, starting on January 1st.
The ApeCoin DAO election procedure was created in AIP-138, which specifies the method for an equal and fair chance to be elected to the special counsel.
Furthermore, these five candidates were chosen at the end of the nomination process. The top three vote-getters in this election will be appointed to the Special Counsel. The tenure will begin on January 1, 2023, and will last one year.
Metaverse Potential For Growth in 2023
As the years go by, investments in the metaverse seem to only grow as private companies invest in the seemingly infinite potentials that a fully-working metaverse could bring.
Most famously, Mark Zuckerberg’s “Meta” is one of the companies at the forefront of this to-be technological revolution. So far, Meta invested around $36 billion in the technology, and according to recent reports, that investment could be worthwhile.
In fact, a new report from Delloite states that by 2035, the metaverse’s contribution to Asia’s GDP might range between $800 billion and $1.4 trillion per year.
