The Metaverse space remains the best performer in terms of price appreciation. Despite the market downturn, they are vastly outperforming every other crypto category. Even in the current bearish condition, we are up by approximately 400% year on year.
Currently leading the gains are Decentraland (MANA), Sandbox (SAND), Axie Infinity (AXS), and STEPN (GMT). All up, with 41%, 470%, 511%, and 746%, respectively. Metaverse tokens can be used to pay fees, buy land, and participate in governance.
The next highest category for year-on-year gains was exchange tokens, which saw a 6% increase. All other categories saw negative price action in the same time period. Ranging from -13% for Bitcoin to -72% for Decentralized Finance (DeFi).
It is important to know that blockchain-based gaming using nonfungible tokens (NFT) and Metaverse platforms has remained popular throughout 2022. Metaverse tokens were among the worst losers over the past 30 days. Dropping 42%, with by far the highest volatility at 173%.
Despite slumping prices across the market, users of those games have remained consistent at about 1 million users per day.
According to data from decentralized app DappRadar, despite the short-term price action, investors have been pouring funds into the sector. To support blockchain games and Metaverse projects in the first quarter of 2022, $2.5 billion together. According to the report, because 52% of all blockchain activity came from game DApps. It reads, “At this pace, meta verse-related projects will add $10 billion this year. Majorly, to keep building the future of this industry.”
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