As Meta Platforms has pivoted toward the metaverse, cryptocurrencies related to this immersive, three-dimensional version of the internet have taken off. Meta’s announcement helped boost the value of metaverse-related cryptocurrencies, according to new data from Macro Hive. The market research firm found that its Meta index, which tracks the value of metaverse-related cryptocurrencies, is 371 times what it was last year.
This stat points to an important question: what role will crypto play in the metaverse? Crypto tokens already underpin transactions in virtual blockchain-based worlds like Decentraland and the Sandbox (both of their cryptocurrencies were included in the Meta index from Macro Hive).