Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Metaverse, NFT Tokens Have Plummeted More Than 20% This Week

admin Avatar
Metaverse, NFT Tokens Have Plummeted More Than 20% This Week

Gaming and NFT-related cryptocurrencies, including Flow (FLOW), Stepn (GMT), Axie Infinity (AXS), Decentraland (MANA), and Gala (GALA), have posted severe losses over the past week.

FLOW, the token powering all things on the layer-1 blockchain flow, has dropped more than 23% in the last week, as per data from CoinMarketCap. FLOW has been bullish since Instagram’s integration earlier this month.

After a week of bearish action, FLOW is now trading at $2.09, up .02% over the past 24 hours. Despite today’s modest recovery, FLOW is still down 95.50% from its all-time high of $46.16 in April 2021, as per data from CoinMarketCap.

Interestingly, FLOW-based NFT trade volumes increased by 52.64% over the past week, suggests data from CryptoSlam.

Meanwhile, the token price of the Solana-based “move-to-earn” game STEPN governance token has fallen 31% over the past week, making it the worst performer among NFT-related tokens, indicating data from CoinMarketCap.

Despite STEPN’s partnership with the soccer club Athletico de Madrid last week, GMT ended deep in the red.

Today, GMT is up by a meager 0.3% and trades at around $0.76, as per data from CoinMarketCap.

Over 454.11K in GMT trades have been liquidated over the past 24 hours, suggests data from Coinglass. Of those liquidations, 86.46% were long positions.

Not just GMT and FLOW, other widespread metaverse and NFT-related tokens also posted severe losses last week. 

Axie Infinity’s AXS governance token fell nearly 22% last week, Ethereum metaverse game Decentraland’s MANA token also lost 20%, and play-to-earn platform Gala’s GALA token has dropped more than 22% over the past week.

2 Months of Running With NFT Fitness App Stepn 

What’s moving the metaverse?

The primary reason behind last week’s bearish price action across the market can likely be blamed on further calls for further rate hikes in September. 

As of this writing, nearly $134 million worth of positions has been liquidated over the past 24 hours as crypto prices continue to tank, as per data from Coinglass.

A closer look at overall NFT sales paints a bearish picture too. The overall volume has dropped by 15.71% over the past week, as reported by NFT data platform CryptoSlam.

Weekly metaverse sales on Decentraland and Sandbox hit a new all-time low last week, too, as per data from Dune Analytics.

Decentraland sales were down nearly 90% from $78,897 just two weeks ago to $7,613 last week.

As for market leaders in Bitcoin and Ethereum, they too have lost significant value over the past week. Bitcoin dropped 10.5% over the past week, and Ethereum shed 14.3% over the same period.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Leave a Reply

Your email address will not be published. Required fields are marked *