Crypto Exchange Kraken: Decentraland, The Sandbox and Metaverse Sector Outperform Markets

There’s been massive volatility in the crypto space lately, but this is not stopping crypto adoption in terms of the mainstream. Check out the latest reports revealed by the important crypto exchange Kraken.

An important crypto exchange, namely Kraken, said that the metaverse tokens are significantly outperforming the rest of the digital assets markets in year-over-year (YoY) returns.

In Kraken Intelligence’s new May 2022 market recap and outlook, the exchange made sure to highlight the fact that coins such as Decentraland (MANA), The Sandbox (SAND), Axie Infinity (AXS), ApeCoin (APE), and STEPN (GMT) are outperforming the rest of the crypto markets.

“When looking at 1Y performance, the Metaverse sector has significantly outperformed the market YoY with a return of +395%. This includes assets such as Decentraland (MANA), Sandbox (SAND), Axie Infinity (AXS), Apecoin (APE), and STEPN (GMT).”

Despite outperforming the rest of the markets over the last year, metaverse tokens suffered some of the largest losses on the market in May, according to the same report.

“All sectors posted negative performance in the month of May. Layer-1, Metaverse, and Meme Coin sectors led the month with the biggest losses at -43%, -42%, and -39% returns, respectively.”

The report continued and detailed the following:

“Meanwhile, Bitcoin and Privacy coins performed the best on a relative basis, returning -17% and -19%, respectively.”

As we noted the other day, regulation in the crypto space is vital for mass crypto adoption. We recently revealed the fact that two US senators are about to introduce a new bill to Congress that is aimed at creating a comprehensive regulatory framework for the crypto industry.

According to a recent report by Politico, Republican Senator Cynthia Lummis of Wyoming and Democrat Senator Kirsten Gillibrand of New York are prepared to unveil the highly-anticipated bipartisan bill on June 7th.

Check out our previous article in order to learn more details about all this.