The new crypto niche: NFTs, play-to-earn, and metaverse tokens

The combination of blockchain technologies and the gaming industry has given rise to metaverses and play-to-earn games, which incorporate their own economy, commerce, and currencies, namely, metaverse and play-to-earn tokens. In this study, we analysed the performance and dynamics of 174 tokens, showing that this new crypto niche is characterised by (i) a positive performance in the long run, (ii) the absence of high co-movements with the cryptocurrency market, (iii) the emergence of bubbles, (iv) and the absence of high correlations with NFT features, such as number of transactions, sales and Google searches.

Automated summary

The combination of blockchain technologies and the gaming industry has led to the emergence of metaverses and play-to-earn games. This new crypto niche is characterized by positive long-term performance, low co-movements with the cryptocurrency market, the presence of bubbles, and low correlations with NFT features.