A new report from Kraken Intelligence reveals that Metaverse tokens were one of only two categories of crypto that saw year-on-year growth in prices.
Metaverse tokens are vastly outperforming every other crypto category in the current bearish condition, up by nearly 400% year-on-year.
Leading the 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 May 2022 market report by Kraken Intelligence and CoinGecko. Metaverse tokens can be used to pay fees, buy land, and participate in governance.
The next highest category for year-on-year gains were exchange tokens that saw a 6% increase. All other categories saw negative price action in the same time period ranging from -13% for Bitcoin to -72% for DeFi.
Blockchain-based gaming using nonfungible tokens (NFT) and Metaverse platforms has remained tremendously popular throughout 2022 so far. Usership among those games has remained consistent at about 1 million users per day according to data from decentralized app (Dapp) tracker DappRadar.
The Kraken report pointed out that although May saw flat daily usership, “NFT volume saw a large decrease with daily volume dropping -87.1%.”
Every category tracked by Kraken’s report, including Metaverse and exchange tokens, experienced negative returns over the past 30 days and 90 days. Metaverse tokens were among the worst losers over the past 30 days, dropping 42%, with by far the highest volatility at 173%.
