Get All Access for $5/mo

Meta Cryptos Surge Off the Back of Facebook's Name Change to "Meta" Over the past couple of weeks, we have seen metaverse cryptocurrencies rally and this looks set to only be the start of this sector's growth during the rest of 2021 and into 2022

By Shishir Jajoo

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Much has been said recently about Facebook's decision to rebrand to Meta, with both arguments for and against but what is without question is the overwhelming effect it has had on the metaverse crypto currency market.

Over the past couple of weeks, we have seen metaverse cryptocurrencies rally and this looks set to only be the start of this sector's growth during the rest of 2021 and into 2022.

Much of this growth has been the realisation of the virtual world becoming more and more attractive for millions of people around the world because of the endless amount of possibilities on offer for users.

Axie Infinity (AXS)

AXS/USD daily price chart. Source: TradingView

Axie Infinity, a blockchain based trading and battle online digital play-to-earn game, saw its market cap reach up to $8.4 billion before correcting to just over $8 billion.

Axie Infinity's native cryptocurrency token (AXS) rallied off the back of the increased metaverse "fomo" with gains of over 20% to reach a price of $150 dollars before correcting to just over $130 dollars.

With Axie being the market leader in the metaverse gaming sector, seeing these types of gains speaks volumes to the newer, lower cap blockchain based gaming projects as they seek to make a name for themselves throughout the rapidly increasing adoption of play-to-earn games.

JEDSTAR (JED)

JED/USD daily price chart. Source: TradingView

JEDSTAR ($JED), the DeFi token in the gaming project's DECO (Decentralised Ecosystem) has seen over 200% growth in the last week from $0.3 to over $0.9 and is now at a great entry point for new investors with a market cap of $42 million, looking set to increase further as the development team roll out new updates. One of these updates includes their STARSTAKING initiative for JED holders that allows investors to stake their tokens and be rewarded up to 120x returns in the new GameFi token KRED. This will be used in their upcoming NFT marketplace AGORA, Collectible Card Game, Metaverse MMORPG game and in a highly exciting partnership with Skill Gaming for STARDOME which will see KRED used as a world's first CAAS (Currency as a Service) on Skill Gaming's platform for over 30,000 gamers.

With JEDSTAR being a relatively new project compared to that of Axie Infinity, investors have been capitalising on the opportunity to be an early investor in the project's upcoming roadmap. When compared to the heights that Axie Infinity has reached in market cap , it speaks to the amount of potential for future growth that the JEDSTAR DECO has ahead of it over the coming weeks and months.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

News and Trends

Indian Startup Ecosystem Poised for Exponential Growth in Next 5-7 Years: KPMG

India is likely to have a labour force of 535 million by 2030 and this demographic asset is pivotal for the growth of the startup ecosystem, offering a ready pool of talent and consumers for innovative solutions.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

Growth Strategies

Tata Motors: 45% Of EV Sales Come From Smaller Towns; Targets Installing Community Chargers

Category acceptance from smaller towns is the key to growth and we have achieved it, Vivek Srivatsa, chief commercial officer, Tata Passenger Electric Mobility

News and Trends

GCCs in India to Lead Innovation and Shape Global Business Trends: Report

The country currently has over 1,700 GCC enterprises employing over 2 million professionals and is at a pivotal point in their development in transforming into strategic hubs, according to a report titled 'Pioneering Innovation In Global Capability Centers' by Avasant.