Metaverse Tokens Spike 400% Despite Crypto Market Crash

Vinod Dsouza
Source: Pixabay

Metaverse tokens are holding strong with their year-on-year gains despite the crypto market crash. While all the other categories of tokens are down in their y-o-y returns, Metaverse tokens vastly outperformed all of them and are up nearly 400% year-on-year. The Metaverse saw a boom in 2021 and gained mainstream attention as top companies announced they were working to develop their virtual lands.

The tokens with leading gains are- Decentraland (MANA) up 41%, Sandbox (SAND) up 470%, Axie Infinity (AXS) up 511%, and STEPN (GMT) up 746%.

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Below is the chart on how Metaverse tokens fared much better than the other categories of cryptos.

Source: Kraken Exchange

DeFi-based tokens were the least profitable and are down 72% year-on-year. The next highest category for the year-on-year gains were exchange tokens which saw a 6% increase.

You can read the full report here on Metaverse tokens published by Kraken in collaboration with CoinGecko. “At this pace, play-to-earn and Metaverse-related projects will add $10 billion this year to keep building the future of this industry,” wrote Kraken.

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The Rise of Metaverse

make money in the metaverse
Source: Pixabay

Metaverse saw significant growth since last year as top companies around the world invested billions in its development. There’s curiosity all around on how the Metaverse will shape the next generation and be the of the internet. Several analysts claim that an investment in Metaverse sectors now can yield tremendous returns as the years progress.

Also, the world’s leading companies are yet to fully launch their Metaserse that could change the world forever. Top banks are also bullish, as Citi Bank published a report in March that the Metaverse may be worth $13 trillion in 2030. If the industry spikes at a similar pace by 2030, then early investors could reap all the rewards it offers.

Nonetheless, another batch of analysts believes that the Metaverse might not be a success and could fall flat. However, whether the Metaverse will be a success or a failure, we will have to wait and watch as only time will deliver the right answer.