According to new research by Kraken Intelligence, only two categories of cryptocurrencies showed a year-on-year price rise.
Metaverse tokens have outperformed every other cryptocurrency category in the current bear market by roughly 400 percent.
There has been a 41% increase in the value of MANA, 470% increase in SAND, a 5111% increase in AXS, and 7466% increase in GMT, according to Kraken Intelligence and CoinGecko’s May 2022 market report on the cryptocurrency market. Paying fees, purchasing land, and participating in governance are all possible using Metaverse tokens.
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Token exchanges experienced a 6% rise in year-over-year gains, coming in second place. Bitcoin (BTC) witnessed a -13 percent drop in price, while decentralized finance (DeFi) dropped by -72 percent in the same time frame.
Nonfungible tokens (NFTs) and metaverse platforms have stayed very popular in blockchain-based gaming until 2022. Even with the falling pricing in the market, according to data from decentralized application tracker DappRadar, users of these games have remained steady at around 1 million users per day.
“NFT volume experienced a substantial fall,” Kraken said in its monthly report, while the number of daily users didn’t change.
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The last 30 and 90 days have seen negative returns in every Kraken-tracked category, including metaverse and exchange tokens. Metaverse coins have lost 42 percent of their value in the last 30 days, with 173 percent volatility.
Money is coming into the market even with the short-term price instabilities. In the first quarter of 2022, according to DAppRadar’s games report, $2.5 billion was funded in support of blockchain games and metaverse initiatives. According to the research, investors were keen to invest in gaming since game DApps accounted for 52% of all blockchain activity.
With the present rate of progress in these fields, the gaming industry should foresee an extra $10 billion in revenue this year. Despite the current financial turmoil, global Web3 metaverse and tax projects continue.
Tokens in the first layer, such as those of Solana’s SOL and Cardano’s ADA, have sorrowed the most, falling by 53% and 43%, respectively, during the last 90 and 30 days.
In comparison to other cryptocurrencies, Bitcoin (BTC) and Ether (ETH) suffered minimal losses during all three periods examined by Kraken.
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Conduct thorough research before you start with NFT trading.