Metaverse cryptocurrency’s growth rate is significantly higher than other crypto products on the market. As a result, market trends and the decline of other cryptocurrencies are not hindering the tokens.
According to a market report from CoinGecko and Kraken Intelligence, Metaverse tokens growing in capitalisation can be used in these universes’ products to pay fees, purchase land and manage various aspects of project operations.
Among other things, the report indicates that exchange tokens are considered the second most capitalised for the year. True, they have only grown by 6%. However, this kind of coin existed on the market several years ago, so the lack of explosive growth is understandable. But other crypto coins only fell: Bitcoin capitalisation fell by 13%. However, in light of recent BTC rate drops, you can safely increase this figure by several tens of a per cent, and with altcoin capitalisation, up to 72% in some places.
The volume of NFTs on the market also declined. Judging by the report, the daily volume figure has fallen by more than 87% year on year. However, the number of users of blockchain-based games and NFT has not declined: according to decentralised app tracker DappRadar, around one million people log in daily. Furthermore, the same data showed that in the first three months of 2022, $2.5 billion got spent by investors on mechanisms to support blockchain-based games and metaverse projects. Such large spending has a justification: 52% of all activity on blockchain networks at the time of investment was in gaming technology.
Interestingly, in the last 90 days before the Kraken report got released, all of the coin categories featured in it were showing negative returns. And meta-coins, despite rapidly rising capitalisation, were falling 42%, with the highest volatility peak at 173%.