Metaverse tokens are vastly outperforming almost every other crypto category in the present bearish condition, up by nearly 400% year-on-year.
Leading increases are Decentraland (MANA) up 41%, Sandbox (SAND) up 470%, Axie Infinity (AXS) up 511%, and STEPN (GMT) up 746% based on data in the May 2022 market report by Kraken Intelligence and CoinGecko. Metaverse tokens may be used to pay charges, buy land, and take part in governance.
The #NFT boom of 2021 hasn’t only attracted mainstream focus on digital art investments, it’s also popularized the crypto metaverse.
Kraken Intelligence’s report takes a closer inspection at just how the crypto metaverse can change the way you communicate: https://t.co/kjrf6Pu8yg pic.twitter.com/YHpljpBJR9
— Kraken Exchange (@krakenfx) June 7, 2022
The following greatest category for year-on-year gains were exchange tokens that saw a 6% increase. Other groups saw negative cost action in the same time frame period varying from -13% for Bitcoin to -72% for DeFi.
Blockchain-based gaming using nonfungible tokens (NFT) and Metaverse platforms has continued to be tremendously popular throughout 2022 to date. Despite slumping prices over the market, usership among individuals games has continued to be consistent at approximately a million users each day based on data from decentralized application (Dapp) tracker DappRadar.
The Kraken report noticed that although May saw flat daily usership, “NFT volume saw a sizable decrease with daily volume shedding -87.1%.”
Every category tracked by Kraken’s report, including Metaverse and exchange tokens, experienced negative returns in the last thirty days and 3 months. Metaverse tokens were one of the worst losers in the last thirty days, shedding 42%, with undoubtedly the greatest volatility at 173%.
Despite short term cost action, cash is flowing directly into fund the sphere. DAppRadar’s Q1 games report noted that $2.5 billion was elevated meant for blockchain games and Metaverse projects within the first quarter of 2022. Investors were wanting to back games based on the report because 52% of blockchain activity originated from game DApps:
“At this pace, play-to-earn and Metaverse-related projects will prove to add $10 billion this season to help keep building the way forward for this industry.”
Related: Global Web3 metaverse and tax initiatives continue when confronted with an industry meltdown
Layer-1 tokens for example Solana (SOL) and Cardano (ADA) brought the losers as in the last 3 months, they’re lower 53% and lower 43% in the last thirty days.
Bitcoin (BTC) and Ethereum (ETH) saw relatively modest losses when compared with altcoins total three periods measured by Kraken.
