© Reuters Crypto-game tokens and metavers accumulate around 400% annual profit despite market collapse
Metaverse tokens and cryptocurrencies have risen more than 400% year-on-year, even after the crash that wiped out most of the market and caused more than 80% crashes.
Leading the gains are Decentraland MANA (867% increase), Sandbox SAND (470% increase), AXS do (511% increase) and Stepn GMT (746% increase), according to Kraken data. Intelligence and CoinGecko’s Market Report for May 2022.
VERIFY: Cryptocurrency quotes
Needless to say, these are annual percentages. This is because, the last fall of the market caused the price of all assets to collapse, some of them reached 80% fall, as stated above.
Metaverse tokens can be used to pay dues, buy land, and participate in governance.
The 2021 #NFT boom has not only drawn general attention to investments in digital art, but has also popularized crypto metavers. co / kjrf6Pu8yg pic.twitter.com/YHpljpBJR9
– Kraken Exchange (@krakenfx) June 7, 2022
“The 2021 #NFT boom not only drew widespread attention to digital art investments, but also popularized the metavers of cryptocurrency. The Kraken Intelligence report takes a closer look at how the metavers cryptographic the way we communicate: http://blog.kraken.com/post/14243/the-metaverse-an-inflection-point/ “
The next highest category for year-on-year earnings is exchange tokens, which rose 6%.
All other categories had a negative price action during the same period, ranging from -13% for (BTC) to -72% for decentralized finance or DeFi.
The popularity of metavers
Blockchain-based games that use non-consumable tokens (NFTs) and metavers platforms have remained very popular in the first six months of 2022.
Despite the drop in prices across the market, the number of users of these games has remained constant at around one million users per day, according to data from the decentralized application tracker DappRadar.
The Kraken report noted that while May saw steady daily users, “NFT volume experienced a sharp decline, with a daily volume drop of -87.1%.
All categories tracked by the Kraken report, including metaverses and exchange tokens, performed negatively over the past 30 days and 90 days.
Metaverse tokens were among the biggest losers in the last 30 days, down 42%.
Despite the short-term price action, money is being poured to finance the sector. DAppRadar’s Q1 Gaming report noted that $ 2.5 billion was raised in support of blockchain and metavers chain gaming projects in the first quarter of 2022.
According to the report, investors were eager to support gaming, as 52% of all blockchain activity came from gaming DApps:
“At this rate, the winning and Metaverse-related gaming projects will add $ 10 billion this year to continue building the future of this industry.”
Level 1 tokens as SOL of and of, led the losers, with a drop of 53% and 43% in the last 90 and 30 days, respectively.
Bitcoin and Ether () experienced relatively modest losses compared to altcoins in the three time periods measured by Kraken.