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

Gaming and NFT-related cryptocurrencies, together with Flow (FLOW), Stepn (GMT), Axie Infinity (AXS), Decentraland (MANA), and Gala (GALA), have posted extreme losses over the previous week.

FLOW, the token powering all issues on the layer-1 blockchain movement, has dropped greater than 23% within the final week, as per information from CoinMarketCap. FLOW has been bullish since Instagram’s integration earlier this month.

After per week of bearish motion, FLOW is now buying and selling at $2.09, up .02% over the previous 24 hours. Despite at the moment’s modest restoration, FLOW remains to be down 95.50% from its all-time excessive of $46.16 in April 2021, as per information from CoinMarketCap.

Interestingly, FLOW-based NFT commerce volumes elevated by 52.64% over the previous week, suggests information from CryptoSlam.

Meanwhile, the token value of the Solana-based “move-to-earn” sport STEPN governance token has fallen 31% over the previous week, making it the worst performer amongst NFT-related tokens, indicating information from CoinMarketCap.

Despite STEPN’s partnership with the soccer membership Athletico de Madrid final week, GMT ended deep within the purple.

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

Over 454.11K in GMT trades have been liquidated over the previous 24 hours, suggests information from Coinglass. Of these liquidations, 86.46% had been lengthy positions.

Not simply GMT and FLOW, different widespread metaverse and NFT-related tokens additionally posted extreme losses final week.

Axie Infinity’s AXS governance token fell almost 22% final week, Ethereum metaverse sport Decentraland’s MANA token additionally misplaced 20%, and play-to-earn platform Gala’s GALA token has dropped greater than 22% over the previous week.

What’s shifting the metaverse?

The main cause behind final week’s bearish value motion throughout the market can probably be blamed on additional requires additional fee hikes in September.

As of this writing, almost $134 million value of positions has been liquidated over the previous 24 hours as crypto costs proceed to tank, as per information from Coinglass.

A more in-depth have a look at total NFT gross sales paints a bearish image too. The total quantity has dropped by 15.71% over the previous week, as reported by NFT information platform CryptoSlam.

Weekly metaverse gross sales on Decentraland and Sandbox hit a brand new all-time low final week, too, as per information from Dune Analytics.

Decentraland gross sales had been down almost 90% from $78,897 simply two weeks in the past to $7,613 final week.

As for market leaders in Bitcoin and Ethereum, they too have misplaced vital worth over the previous week. Bitcoin dropped 10.5% over the previous week, and Ethereum shed 14.3% over the identical interval.