In the current market conditions, crypto currencies related to the metaverse are doing well. They are averaging a +400% year-over-year increase, much higher than Bitcoin (BTC) and Ether (ETH).
A +400% increase over one year
Cryptos related to the metaverse are far outperforming all other crypto categories in the current market conditions, as they are up nearly 400% year-over-year.
These include Sandbox (SAND), which is up +470% year-over-year, Axie Infinity (AXS), up 511%, and STEPN (GMT), up 746%, according to data from Kraken Intelligence and CoinGecko’s May 2022 market report.
In contrast, the promising Decentraland (MANA) is up just +41% year-over-year, far less than its direct competitors.
Cryptos in the metaverse can be used to pay fees, buy virtual land and participate in events in the virtual world.
Crypto-currencies that are up very slightly year-on-year are tokens from exchange platforms like Binance with its Binance Coin (BNB) and its stablecoin the Binance USD (BUSD), or Kucoin with the Kucoin Token (KCS).
The other crypto-currency categories including the traditional Bitcoin (BTC) and Ether (ETH) show negative performance over a year.
The biggest losses go to DeFi-linked crypto-currencies, which show an average performance of -72% year-on-year, again according to the report.
The metaverse is still very popular
Despite the current downturn in the overall markets and the lack of interest in non-fungible tokens (NFTs), the world of the metaverse and its virtual games have remained very popular with users so far.
The number of users of these games has remained constant at around 1 million users per day, according to data from decentralized application (Dapp) tracker DappRadar.
For NFTs, however, it’s a different story. The daily trading volume of NFTs dropped by 87.1% in May, according to the Kraken report. That doesn’t stop NFT enthusiasts from being optimistic about the future, especially when you consider that the NFT market could be worth $13.6 billion by 2027.
Over the last 30 days and the last 90 days, the cryptos linked to the metaverse are still suffering like all the other cryptos, with a negative performance of -42% on average. This is still less than the overall market.
Money continues to flow into the metaverse sector, which is of great interest to investors from all over the world, even the biggest companies. This is evidenced by the recent investments of the social networking giant Meta, which has claimed to be spending billions of dollars on the development of this universe, although it is not profitable at the moment.
DAppRadar’s Q1 Gaming Report states that $2.5 billion has been raised to support blockchain games and metaverse-related projects in the first quarter of 2022:
“At this rate, gaming and metaverse-related projects will add $10 billion this year to continue building the future of this industry.”
The metaverse industry still has a bright future ahead of it if these numbers are any indication.
