The rapid expansion of the cryptocurrency market has been undertaken by metaverse coin projects since late last year. According to data published by CryptoRank, the most profitable metaverse project for its investors was Axie Infinity (AXS), the Pokémon-inspired blockchain game.
Here are the most profitable metaverse coin projects
According to current data, Axie Infinity’s current ROI reaches up to 103.8x. In second place is The Sandbox with 85.3x ROI. These percentages express how much the projects earn their initial investors at their current prices. Another hugely rewarding metaverse project was Decentraland (MANA) with 25x.
Specifically, it should be noted that Axie Infinity made 1643.4x profit at the ATH price. However, it is currently trading at a 93.58% discount from its peak price of $165.37. Interestingly, despite gains of up to 1600%, AXS lags behind MANA and SAND in market cap. All three metaverse projects exceeded $1 billion in volume at one point. However, AXS currently ranks 54th with $881 million. MANA and SAND are just above this threshold.
Here are other metaverse projects that have excelled in return, although they are significantly lower than the top three projects:
- GensoKishi (MV)
- step.app (FITFI)
- Bloktopia (BLOCK)
- My Neighbor Alice (ALICE)
- XANA (XETA)
- Wilder World
- Victoria VR (VR)
Decreased volume and profitability of metaverse lands
However, the transaction volume of 18 metaverse virtual land projects dropped by 98%. Sales have continued since the $8 million peak in November 2021. On top of that, the profitability of metaverse land trading has declined with falling profits in the second quarter, keeping pace with the downward pattern that started in January 2020 and continued through 2021 and early 2022.
Meanwhile, the drop in land sales follows the metaverse boom triggered by firms like Facebook’s parent company Meta. However, the lower volumes are no surprise given the ongoing meltdown in the broader crypto market as well as the general economy.
On the other hand, it should be noted that metaverse plots are touted as the next trend. In turn, the concept sparked a surge in interest, which triggered a rush to buy premium plots that mirror real-life real estate. Most people come to the metaverse market hoping to make a profit as well as play games. Although the transaction volume is low for now, it is worth noting that different sectors have adopted this technology. cryptocoin.com As we have reported, Turkey’s work on metaverses continues.
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