Cryptos linked to metaverse increase by + 400% over a year

An increase of + 400% over a year

Metaverse-related cryptor performs significantly better than all other crypto categories under current market conditions as they are advancing almost 400% year-on-year.

In particular, it is possible to quote Sandbox (SAND) showing an increase of + 470% over a year, Axie Infinity (AXS)an increase of 511%, and STEPN (GMT)an increase of 746%, acc data from the market report from May 2022 from Kraken Intelligence and CoinGecko.

On the other hand the promising Decentraland (MANA) shows an increase of only + 41% over a year, much less than its direct competitors.

Metaverse universe cryptor can be used for pay fees, buy virtual land and attend events in the virtual world.

Cryptocurrencies that have risen very little year over year are trading platform tokens as Binance with its Binance Coin (BNB) and its stablecoin Binance USD (BUSD), or even Kucoin with Kucoin Token (KCS).

The other categories of cryptocurrencies, particularly the traditional Bitcoin (BTC) and Ether (ETH), had negative results over a year.

The biggest losses are coming back cryptocurrencies linked to DeFi which on average has a performance of -72% over a year, according to the report.

👉 To elaborate: Metaverse – understand these virtual worlds based on blockchain and NFTs

The meta-verse is still very popular

Despite the current downturn in all markets and the lack of interest in non-fungible tokens (NFTs), the metaverse universe and its virtual games have remained very popular with users so far.

The number of users of these games has remained constant, to about 1 million users a dayaccording to data from decentralized application (Dapp) tracker DappRadar.

On the other hand, it’s a different story for NFTs. Daily NFT trading volume fell 87.1% in May, according to Kraken’s report. This does not prevent supporters of these technologies from being optimistic about the future, especially when we know that the NFT market may represent $ 13.6 billion in 2027.

In the last 30 days and the last 90 days, the cryptos attached to the metaverse still suffer the blow like all other cryptocurrencies, with a negative performance of -42% on average. Which is smaller than the total market.

Money continues to flow into the metaverse sector, which is of great interest to investors around the worldeven the largest companies. Witness the recent investment from social networking giant Meta, which has claimed to be putting billions of dollars into the evolution of this universe without it being profitable at the moment.

DAppRadars Q1 Gaming Report indicates that $ 2.5 billion was raised in support of 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 one is to believe these numbers.

👉 Related – a16z has launched a $ 600 million fund to invest in the gaming industry and metaverse

Source: Kraken Report

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About the author: Timothy Bernines

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I am passionate about the investment world and cryptocurrencies have attracted my attention for a few years now. Since I have a great interest in the areas of new technologies and Web 3, that’s why I would naturally like to write articles about Cryptoast, in order to contribute to the democratization of this universe in society.
All articles by Timothé Bernines.

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