Saturday, December 2, 2023

Metaverse Tokens Are Up By 400% Year-On-Year Despite Bloodbath

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Metaverse tokens are up by 400% year on year despite the bloodbath on the market and the reports from Kraken Intelligence show that they are one of the two categories that saw a year-on-year growth so let’s read more today in our latest cryptocurrency news.

The metaverse tokens are outperforming every other crypto category in the bearish condition and it is up by 400% year on year. Leading the gains are MANA which is up by 41%, SAND up by 470%, Axie Infinity by 511%, and STEPN up by 764% as per the data from Kraken and Coingecko. The Metaverse tokens can be used to pay for fees, buy land, and take part in governance. The next category for the year-on-year gains were exchange tokens with a 6% increase and other categories which saw negative price action ranged from -13% for BTC to 72% for DEFI.

The blockchain-based gaming using NFT and metaverse platforms remained popular in 2022 but despite the slumping prices on the market, the users remained consistent with about 1 million users per day as per the Dapp tracker DappRadar. The Kraken report pointed out that May saw flat daily users with NFT volumes seeing a large decrease with a daily volume dropping over 87%. Each category tracked by the Kraken report like Metaverse and exchange tokens saw negative returns in the past 30 days and 90 days so these tokens were among the worst losers in the past month as they dropped 42% with the highest volatility at 173%.

kraken intelligence
Kraken Intelligence reveals that Metaverse tokens are up 400% year-on-year

Despite the short-term price action, money is pouring in to fund the sector and the Q1 games report noted that $2.5 billion was raised in support of the blockchain games and the metaverse projects during the first quarter of 2022. the investors are eager to back the games as 52% of the blockchain activity came from game dapps:

“At this pace, play-to-earn and Metaverse-related projects will add $10 billion this year to keep building the future of this industry.”

The layer-1 tokens like SOl, and ADA all led the losers as over the past 90 days and are down by 53% and 43% over the past month. BTC and ETH saw modest losses compared to altcoins in the three-time frames measured by Kraken.

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