Metaverse tokens saw a growth of 400 percent year-on-year amidst the current bearish condition
By Shashank Bhardwaj
Image: Shutterstock
A new report by Kraken Intelligence revealed that metaverse tokens were one of the only two categories of crypto assets to witness year-on-year growth in their prices. Despite the current bear phase in the market, metaverse tokens are extensively outperforming every other crypto category, registering a year-on-year increase of 400 percent.
According to data from Kraken Intelligence and CoinGecko’s May 2022 report, the tokens which have registered the maximum gains are The Sandbox’s SAND, which went up by 470 percent; Decentraland’s MANA, which went up by 41 percent; Stepn’s GMT, up by 746 percent; and Axie Infinity’s Axie Infinity Shards (AXS), up by 511 percent. Metaverse tokens can be used to buy land, pay fees and be a part of governance on a metaverse platform.
Exchange tokens are the other category which saw year-on-year growth of 6 percent. In the same period, all other categories saw a negative price action. Bitcoin saw a drop of -13 percent, while DeFi, or decentralised finance, saw a drop of -72 percent.
2022 saw blockchain-based NFT gaming and metaverse platforms as the most popular choices for traders and investors. Despite the slump in prices, the user base among those games remained consistent, with about a million users each day, as per data from DappRadar, a decentralised application tracker.
The Kraken report implied that “NFT volume saw a large decrease with daily volume dropping -87.1 percent.” However, May witnessed a flat daily usership.
All categories tracked by Kraken’s report experienced negative returns, including metaverse and exchange tokens. These have experienced negative returns over 30 and 90 days, respectively. In the past 30 days, metaverse tokens were among the worst-hit categories, dropping by 42 percent, showcasing the highest volatility at 173 percent.
Funding of the metaverse sector has not been hampered despite the short-term price action. The reports indicated that $2.5 billion was raised for several metaverse projects and blockchain games in Q1 2022. As 52 percent of all blockchain activity came from game DApps, Investors have been eager to invest in these games.
“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 worst affected altcoin tokens were led by layer-1 tokens like Solana(SOL) and Cardano(ADA), down 53 percent and 43 percent over the previous 90 and 30 days, respectively.
As measured by Kraken, Ether (ETH) and Bitcoin(BTC) saw a relatively modest loss over all the three time frames compared with altcoins.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
Jack Dorsey and Jay-Z collaborate to launch 'The Bitcoin Academy'
Tether launches new USDT tokens on the Tezos blockchain
South Korean Exchanges delist Litecoin
Lithuania aims to tighten crypto regulation and ban anonymous accounts
Budweiser partners with Zed Run to enter NFT game domain
Edge to launch confidential no KYC crypto Mastercard
Metaverse tokens register 400% YoY growth despite altcoin bloodbath
Alibaba's Cloud Branch launches its own NFT service
Iota partners with Dell to develop real-time carbon footprint tracking
Aurora pays $6 mn bug bounty to ethical hacker
Crypto.com's Cronos launches Web3-focused $100 mn accelerator
Two more crypto ETFs launch in Australia
Binance collaborates with The Weeknd for World Tour
MetaBrewSociety to offer voting rights over a brewery via NFTs & DAO
Over half of the Asian affluent possess crypto investments in their portfolio
IRA Financial Trust to file a lawsuit against Gemini over $36 mln crypto assets exploit
CBDC can kill crypto: RBI deputy governor tells IMF
Bermuda positions itself to become a crypto hub
BAYC and OtherSide witness phishing attack; lose 145 ETH
US FTC blames social media for crypto scams
Japan Passes Stablecoin Bill For Investor Protection
India's Central Bank Plans Graded Implementation Of CBDC
Coinbase is extending its hiring freeze indefinitely
Binance raises $500 mln for Web3-focused fund
NFT market sees first insider trading case in US
Solana blockchain halted for four hours
Bitcoin dominates derivatives market, ends May on a high note
KuCoin launches decentralised wallet and ventures into Web3
South Korea to establish virtual assets watchdog in light of Terra collapse
JPMorgan pilot tests Asset Tokenization With Singapore
World Bank Disapproves Of Central African Republic's "Sango" Crypto Hub
$90 million DeFi hack discovered seven months after the theft
Terraform Labs' Employees Probed For Intentional LUNA, UST Price Manipulation
Agoraverse to introduce the first Web 3.0 shopping center
MoneyGram and Stellar partner to offer stablecoin remittance
Binance receives a category 4 license in Bahrain
Hong Kong Classic movie-themed NFT collection to launch in June
Bitcoin and Ethereum to be accepted for payments by luxury fashion house Balenciaga
The Nemesis brings the Formula 1 Grand Prix into the metaverse
SpaceX to follow Tesla to accept DOGE for merch: Elon Musk
Italian university promotes local culture in the metaverse
Tether launches a stablecoin pegged to Pesos on Ethereum, Tron and Polygon
Fed Vice chair speaks about the potential of CBDCs and the future of stablecoins
JPMorgan trials private blockchain for collateral settlement
Mythical games enters a strategic partnership with NFL to launch play-and-own NFT video game
Andreessen Horowitz raises $4.5bn for its crypto fund
Uniswap exceeds $1 trillion in swaps
Babel Finance hits a $2bn valuation with $80mn funding
Stellar joins hands with Mercado Brazil to develop CBDC for Central Bank of Brazil
CoinDCX offers an opportunity to its users to generate crypto yield on crypto assets through it's 'Earn feature'
US to have crypto oversight bill in June
First 'crypto satellite' launched on SpaceX rocket
SWIFT May not exist in five years: Mastercard CEO
eBay drops first NFT collection to non-crypto buyers
Universal Music Group doubles down on NFTs for musicians
WEF 2022: Banks see the need for caution and speed on central bank digital currencies
VC funding for African crypto startups grew 11x in 2022: Report
Bitcoin displays red candles for the eighth consecutive week
Avalanche to host novel NFT marketplace Artcrypted
132-year-old Swiss bank will now offer crypto services
OpenSea launches NFT marketplace Seaport
Bill to allow retirement fund investment into crypto to be introduced in US
How NFTs lost their lustre
Crypto.com partners with Shopify to enable crypto payments via app
FTX enters TradFi; launches stock trading services in the US
Sebi to make celebrity endorsement of crypto products tougher
Record number of Shib burnt in a single retail transaction
South Korea proposes a new framework for crypto firms
Coinbase introduces Coinbase Pay to web developers
Defi tracker Ape Board acquired by Ethereum analytics firm Nansen
India plans to introduce reverse charge tax on foreign crypto platforms
Spotify reportedly tests NFT galleries on musician profiles
Crypto regulations to be discussed at G7
Brazil's stock exchange to launch bitcoin futures trading
A16z State of Crypto Report: Ethereum a double-edged sword, and other takeaways
Crypto could lead to dollarisation of economy: RBI
El Salvador to host 44 countries to discuss Bitcoin
Do Kwon unveils the plan to revive Terra
Vitalik Buterin donates $1 billion in ETH to Dogecoin Foundation
Elon Musk advocates Dogecoin as a potential currency
Binance denies participation in Terra's 2019 funding round
61% Companies want to market in the metaverse: Survey
Nigeria's SEC classifies cryptos as securities
UK Treasury pushes forward a Stablecoin regulation
Chinese Court declares that BTC has economic worth
Brazilian bank Nubank introduces Bitcoin and Ether trading
Diem co-creator David Marcus launches crypto project
Terra's stablecoin UST collapses, LUNA falls 99%
Institutional Bitcoin inflow increases amidst market downtrend
Bitcoin falls to lowest in 16 months; sheds 2021 gains
KuCoin Exchange reaches $10 billion valuation following funding round
Russian journalists solicit crypto donations amidst western sanctions
NFT blockchain Flow launches $725 mln Blockchain Ecosystem
Madonna joins hands with Beeple for NFT Collection
YouTube shuts down educational crypto channels
Meta confirms NFT testing on Instagram to begin this week
Japanese ecommerce website allows crypto payments
China's CBDC rolled out at transport networks in two more major cities
Mining Capital Coin CEO accused of $62 mln investment fraud
Bitcoin falls below $30,000, lowest since July 2021
State of Utah creates blockchain and digital innovation task force
$36 million in JUNO tokens lost forever due to a typo
Elon Musk secures funding from Sequoia, Binance to back Twitter bid
Terra acquires $1.5 billion more Bitcoin
South Korea to remove ban on ICO; new crypto regulations underway
Crypto donations to be accepted in the US Federal elections
Spotify launches its metaverse in partnership with Roblox
Uzbekistan approves solar mining of crypto
Starbucks teases Web3 platform in NFT announcement
Coinbase opens NFT marketplace to all
Kazakhstan orders crypto miners to register with authorities
Sports NFT Platform Stakes raises $5.3 mln for 'digital bragging rights'
Rari Capital loses $80 million in Fresh Exploit
Crypto publication Decrypt raises $10 million at $50 million valuation
Vitalik Buterin says transaction fees need to reduce to 5 cents to remain acceptable
MicroStrategy reports $170 million impairment loss on Bitcoin holdings in Q1
US senators propose new crypto bill limiting capital gains tax
BAYC Metaverse witnesses $300 million sales at launch
21Shares and ByteTree launch a gold-cum-Bitcoin ETP
NFT project DeGods DAO buys basketball team in Ice Cube's Big3 leap
NFT sector to process more than $800 billion in next 2 years: report
Telegram to allow users to send crypto
Goldman Sachs rolls out first bitcoin-backed loan
Ukrainian government to accept NFT donations
Bitcoin not a panacea for Africa's economic woes: IMF
Mexico Senate gets Bitcoin ATM
Edward Snowden reveals he's one of the creators of Privacy Coin Zcash
BlackRock launches blockchain industry ETF
Ethereum's incoming switch to Proof-of-Stake driving down GPU prices
Central African Republic adopts bitcoin as legal currency
Brazil approves law to regulate crypto
Binance announces crypto card for Ukrainian refugees
New York bans crypto mining using non-renewable power
Derivatives exchange Bitget launching in India
NFL Releases NFT collection on Polygon
Sustainable Bitcoin mining grew 60% in the past year
Bored Ape Club Instagram hacked, NFTs stolen
Dogecoin surges after Twitter accepts Musk's buyout offer
Meta to open first physical store in metaverse bet
New York looking to criminalise crypto frauds
Popular NFT launch on Ethereum loses $34 million in faulty smart contract
DeFi platforms at much higher risk than centralised exchanges: report
Twitter to allow crypto payments, backed by Stripe
Bahamas may allow residents to pay taxes with crypto
Coinbase to acquire BtcTurk exchange for $3.2 billion
Paris Hilton invests in Afterparty's new NFT ticketing platform
Ridley Scott to Make a Movie on Ethereum
Russia to include cryptocurrencies in its updated tax laws
40 crypto companies sign open letter to EU regulators
BTC and ETH will break all-time highs in 2022: Celsius CEO
Blockchain games are leading the DApp industry: DappRadar report
Finance Minister Nirmala Sitharaman calls for global crypto regulations
WazirX co-founders shifting base to Dubai
Blockchain.com reportedly exploring IPO this year
CoinDCX raises over $135 million in fresh funding round, now worth $2 billion
Atari terminates blockchain joint venture with ICICB Group
Monero's July hard fork confirmed by its community
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange Coinberry
US Govt Links North Korea to Axie Infinity Hack
Jack Dorsey's first tweet NFT resells for only $280
Opera crypto browser now available on iOS
Beanstalk Stablecoin protocol loses $182 million in governance exploit
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction fees
Ripple claims 'a very big win' in SEC case
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infra
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billion
Homegrown blockchain co Polygon commits to go carbon neutral this year
NBA registers four NFT trademarks
US crypto expert jailed 63 months for helping North Korea
Fortnite developer Epic Games raises $2 billion to build for the metaverse
Indian companies storm the metaverse and NFT space
Coinbase is producing a movie trilogy on Bored Ape NFTs
Multiple Indian Twitter accounts hacked, NFT content posted
German police shut down $1.3 billion illegal darknet firm
Meta tests sale of virtual goods in metaverse
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currencies
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu Dhabi
EU limits Russians' crypto investments to 10k Euros
Coinbase suspends UPI payments in India three days after launch
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipe
In Texas, crypto miners turn to solar power
South Africa concludes technical Proof-of-Concept for its CBDC settlement system
Terra buys $200 million in AVAX for reserves
Bitcoin will remain as a standard: Chess world champion Garry Kasparov
Coinbase launches in India
Meta working on virtual money 'Zuck Bucks': report
Germany closes Russian darknet marketplace Hydra
Britain paves way to accept stablecoin
Crypto industry reels from $600 million hack
NFT of Nelson Mandela's arrest warrant auctioned for $130,000
Bank of England calls for tighter regulation of cryptocurrencies
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctions
Crypto provides fix for some in crisis-hit Afghanistan
Bitcoin to the rescue: Cryptocurrencies' role in Ukraine
Digital art in spotlight as Dubai makes crypto hub bid
G7 looks to thwart cryptoassets use as Russian sanctions dodge
Can cryptocurrencies give Russia, others breather from economic sanctions?
Cryptocurrencies enter Russia-Ukraine conflict
Russia seeks to regulate cryptocurrencies
Donald Trump's NFT collection to laud his own presidency
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. For any queries, write to support@coindcx.com.
Copyright © 2022 Forbes India. All rights reserved.
