In the current bearish scenario, Metaverse tokens have vastly outperformed all other cryptocurrency categories, growing nearly 400% year-over-year.
According to the May 2022 market report data released by Kraken Intelligence and CoinGecko, the biggest gains were Decentraland (MANA) up 41%, Sandbox (SAND) up 470%, Axie Infinity (AXS) up 511%, STEPN (GMT) up 746% %. Metaverse tokens can be used to pay fees, buy land, and participate in governance.
Kraken Intelligence Shows Metaverse Tokens Up 400% YoY
So far, blockchain-based games using NFTs and the Metaverse platform remain very popular throughout 2022. According to data from decentralized application (Dapp) tracker DappRadar, user numbers for these games have remained stable at about 1 million users per day despite the market-wide price crash.
The Kraken report noted that while daily user volume was flat in May, “NFT transaction volumes fell significantly, with daily transactions down 87.1%.”
Every category tracked by the Kraken report, including Metaverse and exchange tokens, has experienced negative returns over the past 30 and 90 days. The metaverse token is one of the biggest losers in the past 30 days, down 42%, and has the highest volatility so far at 173%.
Despite the short-term volatility in prices, money is still pouring into the industry. DAppRadar’s Q1 competition report states that $2.5 billion was raised in Q1 2022 to support blockchain games and Metaverse projects. According to the report, investors are keen to back gaming as 52% of blockchain activity comes from gaming DApps:
“At this rate, Wanzhuan and Metaverse-related projects will add $10 billion this year to continue building the future of the industry.”
Layer 1 tokens such as Solana (SOL) and Cardano (ADA) were among the top losers over the past 90 days, down 53% and 43% respectively over the past 30 days.
In all three timeframes measured by Kraken, Bitcoin (BTC) and Ethereum (ETH) saw relatively modest losses compared to altcoins.
Of the 50 largest airdrops, 23 (46%) recorded token price peaks within two weeks of the airdrop date. This suggests that the best time to sell airdrop tokens may be within 14 days of receiving the airdrop tokens for maximum profit.
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Cointelegraph