Metaverse Tokens Up 400% Year Over Year Despite Altcoin Bloodbath

Metaverse Tokens Up 400% Year Over Year Despite Altcoin Bloodbath

Metaverse tokens are well above all other categories of currency cryptocurrencies in the current bearish condition, increasing by almost 400% year on year.

Leading the gains are Decentraland (MANA) at 41%, Sandbox (SAND) at 470%, Axie Infinity (AXS) at 511%, and STEPN (GMT) at 746%, according to data from the market report of May 2022 by Kraken Intelligence. and CoinGecko. Metaverse tokens can be used to pay fees, buy land and participate in governance.

The #NFT boom of 2021 not only brought a lot of attention to investments in digital art, but also popularized the cryptocurrency metaverse.

The Kraken Intelligence report takes a closer look at how the cryptographic metaverse will change the way we communicate: https://t.co/kjrf6Pu8yg

– Kraken Exchange (@krakenfx) June 7, 2022

The next category that resurrected the most for year-over-year gains was exchange tokens which saw an increase of 6%. All other categories saw negative price action over the same period, ranging from -13% for Bitcoin to -72% for DeFis.

Blockchain-based games that use non-fungible tokens (NFTs) and metaverse platforms have been very popular throughout 2022 so far. Despite falling prices in the market, the number of users in these games has been consistent at about 1 million users per day, according to data from the decentralized app tracker (Dapp) DappRadar.

The Kraken report noted that while May saw steady daily user base, “NFT volume saw a large decrease, with daily volume -87.1%.

All categories tracked by the Kraken report, including metaverse and token exchanges, have had negative returns in the last 30 and 90 days. Metaverse tokens were among the worst losers in the last 30 days, down 42%, with the highest volatility at 173%.

Despite the short-term price action, money is being poured to fund the sector. DAppRadar’s Q1 Gaming Report noted that $ 2.5 billion has been raised in support of blockchain and metaverse gaming projects in Q1 2022. Investors were anxious to support gaming according to the report because 52% of all Blockchain activity came from the game DApps:

“At this rate, play-to-earn (P2E, or play-to-win) and metaverse projects are adding $ 10 billion this year to continue to build the future of this industry.

Tier 1 tokens such as Solana (SOL) and Cardano (ADA) have led losers as in the last 90 days they have fallen by 53% and 43% in the last 30 days.

Bitcoin (BTC) and Ethereum (ETH) have seen relatively modest losses compared to altcoins in the three timeframes measured by Kraken.

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