Metaverse tokens saw a growth of 400 percent year-on-year amidst the current bearish condition
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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.