The Metaverse is an exciting opportunity for content creators, brands, and consumers. It will give back control to those that need it rather than those with the most money or the best technology. Trading metaverse tokens is a booming business, yet it seems Binance is losing ground on that frontier.
Upbit Is The New Metaverse Tokens King
Seeing all crypto markets go through a healthy boost again is remarkable. The year 2022 was brutal on all currencies, pushing prices down by over 60% on average. Bearish spells are bound to happen and go beyond the crypto industry. Similar trends were noted across stocks and bonds, whereas precious metals performed better. Even so, there is still much market unease despite promising signs in the first month of 2023.
One popular asset class to pay attention to is metaverse tokens. The Metaverse will provide a new virtual environment where creators, users, and brands come together. Although its success remains uncertain, there are various initiatives in the space. Notable names include Axie Infinity, The Sandbox, Decentraland, Magic, Render, Enjin Coin, etc. All projects try to make a lasting impact, although that isn’t always easy.
Over the years, the trading of metaverse tokens has gained momentum. Most crypto traders would opt for the Binance exchange in that regard. It is the biggest crypto trading platform and supports hundreds of assets. Moreover, Binance’s venture arm invests in various metaverse projects, leading to more token listings. However, Kaiko data indicates the platform is no longer the go-to exchange for these assets. Instead, it has been dethroned by Upbit.
That shift isn’t entirely unexpected, either. Binance will remain a successful exchange regardless of metaverse tokens trading. However, there are also concerns over market manipulation regarding specific assets. That is less of an issue with Upbit and other platforms providing access to these assets. As a result, Upbit’s volume for metaverse tokens surpassed $600 million recently, whereas Binance struggles to hit $300 million.
Which Tokens Are In Demand?
As the trading of metaverse tokens picks up, it is essential to look at the assets people seek exposure to. Unsurprisingly, the highest demand is noted by AXS, the native currency of Axie Infinity. The free-to-play version of Axie Infinity apparently increased demand for the main game’s play-to-earn asset. That is a good sign, as the title struggled to retrain existing and attract new users in 2022. However, continuing that trend will be tricky, as the price momentum has soured again in the past week.
Other metaverse assets with strong trading volume include The Sandbox (SAND), Decentraland (MANA), and Magic (MAGIC). Of course, one shouldn’t overlook Enjin Coin (ENJ), Render (RNDR), Internet Computer (ICP), or My Neighbor Alice (ALICE) either. Building a metaverse is a lengthy endeavor, and some projects should hit the market running in 2023. Whether they will deliver on people’s expectations is a different matter.
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