Three metaverse tokens that racked up massive gains amid bleak crypto market

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Three metaverse tokens that racked up massive gains amid bleak crypto market

Metaverse cryptos
Image source: © Elenabsl | Megapixl.com

Highlights

  • The crypto market has seen a roller-coaster ride in the last one year
  • Except for few tokens most of the digital assets have lost their value in the last one year
  • Metaverse tokens outperformed the broader crypto market by a wider margin

The last one year has been a roller-coaster ride for the overall crypto market. Over the last one year, the total crypto market cap went on to rise from US$1.60 trillion (in June 2021) to a record US$3 trillion (in Nov 2021), only to fall below US$1.2 trillion. We also saw the collapse of the so-called stable coins.

Most of the digital tokens lost their entire gains or even more than what they had gained in the later part of 2021. The bellwether crypto, Bitcoin is down nearly 10% in the last one year while Ethereum, the second-biggest crypto has shed nearly 30%, as per data available on CoinGecko. Except for few tokens that are linked to the metaverse arena, most other digital assets have lost value in the last one year. Metaverse tokens outperformed the broader crypto market by a wider margin.

Metaverse tokens such as Decentraland (MANA), Axie Infinity (AXS), Stephen (GMT), Sandbox (SAND) and Apecoin (APE) lead the gains in the crypto space. Let us understand what metaverse tokens are and how much they have gained in the last one year despite the crypto market gloom.

What are metaverse tokens?

Metaverse is a step ahead of the internet. Metaverse allows people to create their digital personalities and connect with other people in a virtual world. Briefly, it empowers people to connect with other individuals in a different dimension.

With the boom of NFTs (non-fungible token) in 2021, the crypto metaverse also gained significant attention. Despite the downturn in the crypto market, blockchain-based gaming using metaverse and NFTs remained a topic of discussion among crypto and gaming enthusiasts.

Suggested reading: Is Chainlink (LINK) crypto rising because of its updated roadmap?

In the metaverse, financial transactions are carried out using cryptocurrencies. Every metaverse project involves metaverse tokens, which are used for conducting transactions. 

Here’s a list of metaverse tokens that have gained immensely in the last one year despite most other altcoins experiencing a bloodbath.

SAND, AXS, GMT crypto

Image source: © Inueng | Megapixl.com, © Kviztln | Megapixl.com

Sandbox (SAND)

Sandbox is a digital world based on blockchain technology. It allows users to create, buy and sell virtual assets within a game. SAND is the token used to buy and sell these assets. The focus of the platform is to create a play-to-earn model. On Sandbox, a user can be both gamer and creator simultaneously. SAND tokens facilitate transactions on its network and can be traded across crypto exchanges.

Today, following the bearish trend of the crypto market, SAND tokens tumbled by 1.19% to US$1.30, with a 24.62% fall in the trading volume in the last 24 hours. Talking about historical performance, Sandbox racked up an eye-popping 360% gain in the last one year, as per the data shared by Coingecko.

Axie Infinity (AXS)

Axie Infinity is a trading and battling game on the blockchain, which is partially operated and owned by its players. The game is inspired by a game like Tamagotchi and Pokemon. In the game, the players collect, raise, battle, breed, and trade creatures which are based on its native token AXS. The creatures in the games are called Axie, and each Axie is an NFT.

AXS outperformed the broader crypto market by a wide margin. As per the Coingecko, AXS surged by 405% in one year.

Stepn (GMT)

STEPN’s whitepaper has explained the platform as a web-3 lifestyle app, which has the elements of social-fi and game-fi. The users can generate earnings on the network by running, jogging and walking outdoors. NFT sneakers are sold on the platform. Users use these NFT sneakers to earn in-game currency. GMT (green metaverse token) is the native token of Stepn.

Outperforming the broader crypto market, GMT has surged by 4.81% today in the last 24 hours, with a 27.78% increase in the trading volume. If an investor had purchased GMT at the time of launch in August 2021 and held it till today, they would be enjoying a staggering return of 9788.91%.

As per the data shared by Binance, the GMT price has increased by 850% in the last 90 days.

Do read: Is LTO Network (LTO) crypto rising after Binance US listing?

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