An increase of + 400% a year
Metaverse-related cryptocurrencies are far superior to all other crypto categories in the current market conditions, as they evolve. almost 400% year-on-year.
In particular, it is possible to quote Sandbox (SAND) showing an increase of +470% in one year, Axie Infinity (AXS)increased by 511%, and STEPN (GMT)increased by 746%, according to data from the May 2022 market report from Kraken Intelligence and CoinGecko.
On the other hand, promising Decentraland (MANA) showed an increase of only +41% in one year, lower than its direct competitors.
💥 Ang #NFT The 2021 boom has not only attracted the primary attention of digital art investments, it has also spawned the crypto metaverse.
The Kraken Intelligence report takes a closer look at how the crypto metaverse is changing the way we communicate: https://t.co/kjrf6Pu8yg pic.twitter.com/YHpljpBJR9
—Kraken Exchange (@krakenfx) June 7, 2022
The metaverse universe cryptos can be used for pay fees, buy virtual land and participate in virtual world events.
Cryptocurrencies are very small every year trading platform tokens such as Binance with Binance Coin (BNB) and its stablecoin is Binance USD (BUSD), or even Kucoin with Kucoin Token (KCS).
Other categories of cryptocurrencies, particularly traditional Bitcoin (BTC) and Ether (ETH), posted negative performances over the year.
The biggest loss will come back cryptocurrencies associated with DeFi average performance of -72% a year, according to the report.
👉 In depth: Metaverse – understanding these virtual worlds based on blockchain and NFTs
The metaverse as is still very popular
Despite the current decline in all markets and the lack of interest in non-fungible tokens (NFTs), the metaverse universe and its virtual games remain very popular with current users.
The number of users of these games remains constant, to nearly 1 million users per dayaccording to data from the decentralized application (Dapp) tracker DappRadar.
On the other hand, for NFTs this story is different. NFT’s daily trading volume fell 87.1% in May according to Kraken’s report. This has not prevented followers of these technologies from being optimistic about the future, especially when we know that the NFT market could represent 13.6 billion dollars by 2027.
In the last 30 days and the last 90 days, the cryptos associated with the metaverse are still suffering the scourge like other cryptocurrencies, with a negative performance of -42% on average. Which is lower than the overall market.
Money continues to flow into the metaverse sector with great interest to investors around the world., even the largest companies. Witness the recent investments in social network giant Meta, which claims to be spending billions of dollars on developing this universe, that it is useless at the moment.
DAppRadar’s Q1 Gaming Report shows 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 numbers are to be believed.
👉 Relevant – a16z launches a $ 600 million fund to invest in the gaming industry and the metaverse
Source: Kraken Report
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About the Author: Timothy Bernines
Enthusiastic about the world of investing, cryptocurrencies have caught my attention for a few years now. Having a great interest in the field of new technologies and Web 3, this is why I naturally want to write articles on Cryptoast, to contribute to the democratization of this social universe.
All articles by Timothé Bernines.