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

Abstract

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 cur- rencies, 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.