Metaverse tokens are cryptocurrencies attached to metaverse games.
Games like Decentraland, Sandbox and more have been doing well in terms of user growth over the past year.
However, metaverse tokens registered significant drops in the month of May.
The crypto market’s bear turn seems to have affected all tokens except those tied to the metaverse arena. According to a report by Kraken Intelligence, the research arm of crypto exchange Kraken, prices of Metaverse tokens have risen by a whopping 400% year-on-year even as the rest of the market turned for the worse.
The report noted that tokens linked to metaverse platforms like Decentraland, Sandbox, Axie Infinity, and STEPN, were up by 41%, 470%, 511%, and 746%, respectively, last month. Exchange tokens saw gains of 6% year-on-year too, and became the second category that saw gains despite the market’s downturn.
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