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Metaverse market cap hits $26 billion

If you told someone 30 years ago that one day people would interact in online, 3D virtual spaces, they’d laugh at you. Yet the Metaverse, Neal Stephenson’s fictional concept, is gradually taking shape. Today, leading firms in and outside tech are angling for a piece of the internet’s next iteration.

The sector has been growing in leaps and bounds since debuting in 2020. Available stats corroborate this assertion too. According to data presented by tradingplatforms.com, the Metaverse sector has a market capitalization of over $26B.

At press time, the sector had moved over $4 billion in 24 hours. Moreover, its market value grew by 5.15 percent. All that is keeping with projections that it’ll grow at a CAGR of 41.7% between 2021 and 2030.

Tradingplatforms.com’s Edith Reads has been sharing her thoughts on the development. She says, “ The Metaverse has moved from being an abstract and niche concept into the physical world we live in. Virtual socializing platforms are increasingly gaining popularity driven by demand for digital ownership and simulated experiences.”

As per tradingplatforms.com’s presentation, ten projects dominate the metaverse sector. These 10 hold a combined market cap of about $18.32 billion. That figure works to over 69 percent of the metaverse’s capitalization.

Dominant Metaverse Tokens

Decentraland’s MANA token leads the way in market cap terms. The premier metaverse token had a valuation of $4.52 billion at the time of writing. Again, the project had a circulating supply of 1.8 billion MANA. And it moved over 235 million tokens worth an estimated $583.5 million.

Sandbox (SAND) and Axie Infinity (AXS) take the second and third spots, respectively. The former had a market cap of $ 3.82B from a circulating supply of 925 million SAND tokens. Again it moved over 326 million tokens in 24 hours, valued at over $1.31B.

Meanwhile, the latter held a market cap of $3.16B. It transacted more than 10 million AXS exceeding $554M in value. Moreover, its circulating supply crossed the 60.9M mark in the last 24 hours.

Following in the fourth to the sixth position were Theta Network (THETA), Enjin Coin (ENJ), and WAX (WAXP). Whereas THETA’s market cap was $3.07B, ENJ’s surpassed the $1.57B mark, while WAXP’s hit the $644M valuation.

And rounding up the top ten are SushiSwap, Ontology, Illuvium, and Chromia. The four had a combined cap of over $1.6B. Another 175 tokens have a joint market cap of over $7.7B.

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