A new report from Kraken Intelligence reveals that metaverse coin projects are one of only two crypto categories to see year-over-year growth in prices. Metaverse tokens are far outperforming any other crypto category in the current bearish state, up nearly 400 percent year-over-year. Here are the details of the report…
Kraken drew attention to the rise in metaverse coin projects
According to data from Kraken Intelligence and the May 2022 market report, Decentraland (MANA) with a 41 percent increase, The Sandbox with a 470 percent increase. (SAND), Axie Infinity (AXS) up 511 percent and STEPN (GMT) up 746 percent. Metaverse tokens can be used to pay fees, buy land, and participate in governance. The next largest category in terms of annual earnings was exchange tokens, which rose 6 percent. All other categories saw negative price action over the same period, ranging from 13 percent for Bitcoin to 72 percent for DeFi.
Non fungible tokens (NFT) and Blockchain-based games using Metaverse platforms have remained immensely popular throughout 2022 so far. Despite the drop in prices across the market, the number of users among these games remained consistent with around 1 million users per day, according to data from decentralized application (Dapp) tracker DappRadar. The Kraken report noted that although the number of daily users remained stable in May, “NFTs recorded a massive drop, with daily volume falling 87.1 percent.”
Money flows into the industry
Every category tracked by Kraken’s report, including Metaverse and exchange tokens, has experienced negative returns over the past 30 and 90 days. Metaverse tokens were among the biggest losers in the past 30 days, down 42 percent. It also had the highest volatility rate by far. Despite the short-term price action, money is flowing to finance the industry. According to DAppRadar’s report, as we reported as Kriptokoin.com, $ 2.5 billion was raised in the first quarter of 2022 to support Blockchain games and Metaverse projects.
According to the report, investors were keen to support games as 52 percent of all Blockchain activity comes from gaming DApps. According to the report, if we go at this pace, play-win and Metaverse-related projects will continue to build the future of this industry. Layer-1 tokens like Solana (SOL) and Cardano (ADA) led the losers in the last 90 days, dropping 53 percent and 43 percent in the last 30 days. Bitcoin (BTC) and Ethereum (ETH) have seen relatively modest losses compared to altcoins in all three timeframes measured by Kraken.
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