Munich Personal RePEc Archive

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

Vidal-Tomás, David (2022): The new crypto niche: NFTs, play-to-earn, and metaverse tokens. Published in: Finance Research Letters : p. 102742.


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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.

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