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