An increase of +400% over one year
Metaverse-related cryptos vastly outperform all other crypto categories in current market conditions, as they are on the rise nearly 400% year-on-year.
In particular, it is possible to cite Sandbox (SAND) which shows an increase of +470% over one year, Axie Infinity (AXS)up 511%, and STEPN (GMT)up 746%, according to data from the May 2022 market report from Kraken Intelligence and CoinGecko.
On the other hand, the promising Decentraland (MANA) shows an increase of only +41% over one year, much less than its direct competitors.
💥 The #NFT boom of 2021 has not only drawn mainstream attention to digital art investments, it has also popularized the crypto metaverse.
Kraken Intelligence’s report takes a closer look at how the crypto metaverse will change the way we communicate: https://t.co/kjrf6Pu8yg pic.twitter.com/YHpljpBJR9
—Kraken Exchange (@krakenfx) June 7, 2022
Metaverse universe cryptos can be used for pay fees, buy virtual land and participate in events in the virtual world.
Cryptocurrencies that are up very slightly year over year are trading platform tokens like Binance with its Binance Coin (BNB) and its stablecoin the Binance USD (BUSD), or even Kucoin with the Kucoin Token (KCS).
The other categories of cryptocurrencies, in particular the traditional Bitcoin (BTC) and Ether (ETH), posted negative performances over one year.
The biggest losses come back cryptocurrencies linked to DeFi which average a performance of -72% over one year, according to the report.
👉 To deepen: Metaverse – understanding these virtual worlds based on blockchain and NFTs
The metaverse is still very popular
Despite the current downturn in all markets and the lack of interest in non-fungible tokens (NFTs), the universe of the metaverse and its virtual games have remained very popular with users so far.
The number of users of these games has remained constant, to around 1 million users per dayaccording to data from decentralized application (Dapp) tracker DappRadar.
On the other hand, for NFTs it’s a different story. Daily NFT trading volume fell 87.1% in May according to Kraken’s report. This does not prevent followers of these technologies from being optimistic about the future, especially when we know that the NFT market could represent 13.6 billion dollars in 2027.
In the last 30 days and the last 90 days, the cryptos linked to the metaverse still suffer the blow like all other cryptocurrencies, with a negative performance of -42% on average. Which is less than the overall market.
Money continues to flow into the metaverse sector which is of great interest to investors around the world, even the biggest companies. Witness the recent investments of the social network giant Meta, which has claimed to devote billions of dollars to the development of this universe, without it being profitable for the moment.
DAppRadar’s Q1 Gaming Report indicates that $2.5 billion was raised to support blockchain games and metaverse-related projects in the first quarter of 2022:
“At this rate, gaming and metaverse projects will add $10 billion this year to continue building the future of this industry. »
The metaverse industry still has a bright future ahead of it if these figures are to be believed.
👉 Related – a16z has launched a $600 million fund to invest in the gaming industry and the metaverse
Source: Kraken Report
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