Metaverse tokens register 400% YoY growth despite altcoin bloodbath
Metaverse tokens saw a growth of 400 percent year-on-year amidst the current bearish condition
By Shashank Bhardwaj
A new report by Kraken Intelligence revealed that metaverse tokens were one of the only two categories of crypto assets to witness year-on-year growth in their prices. Despite the current bear phase in the market, metaverse tokens are extensively outperforming every other crypto category, registering a year-on-year increase of 400 percent.
According to data from Kraken Intelligence and CoinGecko’s May 2022 report, the tokens which have registered the maximum gains are The Sandbox’s SAND, which went up by 470 percent; Decentraland’s MANA, which went up by 41 percent; Stepn’s GMT, up by 746 percent; and Axie Infinity’s Axie Infinity Shards (AXS), up by 511 percent. Metaverse tokens can be used to buy land, pay fees and be a part of governance on a metaverse platform.
Exchange tokens are the other category which saw year-on-year growth of 6 percent. In the same period, all other categories saw a negative price action. Bitcoin saw a drop of -13 percent, while DeFi, or decentralised finance, saw a drop of -72 percent.
2022 saw blockchain-based NFT gaming and metaverse platforms as the most popular choices for traders and investors. Despite the slump in prices, the user base among those games remained consistent, with about a million users each day, as per data from DappRadar, a decentralised application tracker.
The Kraken report implied that “NFT volume saw a large decrease with daily volume dropping -87.1 percent.” However, May witnessed a flat daily usership.
All categories tracked by Kraken’s report experienced negative returns, including metaverse and exchange tokens. These have experienced negative returns over 30 and 90 days, respectively. In the past 30 days, metaverse tokens were among the worst-hit categories, dropping by 42 percent, showcasing the highest volatility at 173 percent.
Funding of the metaverse sector has not been hampered despite the short-term price action. The reports indicated that $2.5 billion was raised for several metaverse projects and blockchain games in Q1 2022. As 52 percent of all blockchain activity came from game DApps, Investors have been eager to invest in these games.
“At this pace, play-to-earn and Metaverse-related projects will add $10 billion this year to keep building the future of this industry.”
The worst affected altcoin tokens were led by layer-1 tokens like Solana(SOL) and Cardano(ADA), down 53 percent and 43 percent over the previous 90 and 30 days, respectively.
As measured by Kraken, Ether (ETH) and Bitcoin(BTC) saw a relatively modest loss over all the three time frames compared with altcoins.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..