Metaverse Grows 400% Year Over Year Despite Altcoin Bloodbath | Cryptocurrency

A new report from Kraken Intelligence reveals that Metaverse tokens were one of only two crypto categories that saw year-over-year price growth.

Metaverse tokens are significantly outperforming all other crypto categories in the current bearish state, up nearly 400% year over year.

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

The second highest category for year-over-year gains was exchange tokens which saw a 6% increase. All other categories saw negative price action over the same period ranging from -13% for Bitcoin to -72% for DeFi.

Kraken Intelligence Reveals Metaverse Tokens Are Up 400% Year Over Year

Blockchain-based games using non-fungible tokens (NFTs) and Metaverse platforms have remained extremely popular throughout 2022 so far. Despite falling market prices, usage of these games has remained constant at around 1 million users per day according to data from decentralized application (Dapp) tracker DappRadar.

The Kraken report pointed out that although May saw stable daily usage, “NFT volume saw a sharp decline with a daily volume decline of -87.1%.”

Every category tracked by Kraken’s report, including Metaverse and exchange tokens, has seen negative returns over the past 30 and 90 days. Metaverse tokens have been among the worst losers over the past 30 days, dropping 42%, with the highest volatility by far at 173%.

Despite short-term price developments, money is flowing in to finance the sector. DAppRadar’s Q1 gaming report noted that $2.5 billion was raised to support blockchain games and Metaverse projects during the first quarter of 2022. Investors were eager to back the games according to the report because 52% of all blockchain activity came from gaming DApps:

At this rate, gaming-to-win and metaverse-related projects will add $10 billion this year to continue building the future of this industry.

Layer 1 tokens such as Solana (SOL) and Cardano (ADA) led the losers as in the last 90 days they were down 53% and down 43% in the last 30 days.

Bitcoin (BTC) and Ethereum (ETH) posted relatively modest losses against altcoins over the three time periods measured by Kraken.

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Metaverse Grows 400% Year Over Year Despite Altcoin Bloodbath | Cryptocurrency

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