Top 5 Metaverse tokens by market cap see double-digit weekly gains

Following a difficult period, most of the assets on the crypto market continue their road to recovery, including several metaverse tokens that are seeing major improvements.

Specifically, the top five metaverse-related tokens by market capitalization – Decentraland (MANA), The Sandbox (SAND), ApeCoin (APE), Theta Network (THETA), and Axie Infinity (AXS) – are all on a roll, recording double-digit gains over the previous week, according to CoinMarketCap data retrieved on July 7.

Among them, The Sandbox is the convincing leader in weekly gains, as it has increased its value by 31.86%, trading at press time at $1.28. This token is followed by the native token of the Bored Ape Yacht Club (BAYC) ecosystem – ApeCoin, the price of which currently stands at $5.03, recording a 17.44% increase across the week.

Axie Infinity token is close behind, gaining 12.74% in a week, ending up at the price of $15.02. Decentraland’s MANA, a cryptocurrency and platform where users can buy land in the metaverse, is in fourth place in terms of weekly gains, growing 12.10% on the week, to the price of $0.9166. Decentralized video delivery network Theta’s token is fifth, gaining 10.20% and currently trading at $1.25.

Indeed, the increased gains recorded by these tokens could suggest a renewed interest of crypto investors in the metaverse is also demonstrated by the increasing number of famous people, companies, sports clubs, and organizations filing for metaverse-related trademarks.

As Finbold reported, NFT-related trademarks in the United States exceeded 4,000 from January 1 to May 31, 2022, indicating that around 27 new NFT trademarks were filed per day in the first half of the year.

Meanwhile, the social news aggregation, content rating, and discussion website Reddit announced on July 7 that it is launching an NFT marketplace for unique collectible avatars. 

The platform will grant users the license rights to use the NFT not just as an avatar on Reddit but also elsewhere on the internet.

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