A basket of metaverse coin projects is up 37,000% this year, according to Macro Hive data. The basket also includes Axie Infinity (AXS), a play-to-win platform, and Decentraland (MANA), where players can purchase digital land. Meanwhile, smart contract-related cryptocurrencies are up 2.355% and DeFi cryptocurrencies are up 548% this year. Bitcoin (BTC), on the other hand, rose only 97%. For details of the news cryptocoin.com keep reading.
Basket of Metaverse coin projects leads in earnings
According to Macro Hive data, metaverse coin projects have seen a stunning 37,000% increase this year, multiplying Bitcoin gains. The data is based on the gains of five cryptocurrencies: Axie Infinity, Decentraland, Sandbox, Enjin Coin and GALA, which have rallied 20% in the last seven days alone.
Cryptocurrencies are part of the mataverse, a term for the next phase of the internet where people can live, work and play in the digital world. Small versions of the Metaverse are already starting to appear. For example, Axie Infinity allows users to play games to earn cryptocurrencies. And in Decentraland, players can own digital terrain and other assets.
According to Macro Hive, a UK-based research firm, the metaverse rally was likely “turbocharged” by Facebook’s decision to rebrand to Meta Platforms as a sign of its future transition to the internet. The data was first reported by Bloomberg. Macro Hive has placed cryptocurrencies in four emerging categories: Bitcoin, smart contract platforms, metaverse and decentralized finance (DeFi).
Metaverse coin projects outperformed by a clear margin, while smart contract-related ones, which include applications based on Ethereum, Solana, Aardano, Avalanche, and Polkadot, came in second with a 2.355% rally in 2021. Third was DeFi, which provides services built on Blockchain networks such as Uniswap and PancakeSwap. Macro Hive says the group has amassed 584% this year. Macro Hive notes that Bitcoin, the cryptocurrency equivalent of gold, is up 97%, a meager gain compared to the rest of the basket.
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