THE DAILY ENCRYPT

September 25, 2022

NFT Tokens Tied to The Metaverse Decline More Than 20% in Recent Days

In the midst of a market-wide slump, significant gaming and metaverse tokens have fallen more than others....
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In the midst of a market-wide slump, significant gaming and metaverse tokens have fallen more than others. Gaming and NFT-related cryptocurrencies have suffered severe losses in the last week.

According to CoinMarketCap, FLOW, which is the token that powers all things on the layer-1 Blockchain flow, dropped more than 23% over the past week. FLOW is bullish since Instagram’s integration earlier in the month.

FLOW traded at $2.09 after a week of bearish activity. This is an increase of .02% in the last 24 hours. FLOW’s modest recovery today is not enough to overcome its April 2021 all-time high at $46.16. According to data from CoinMarketCap, FLOW remains down 95.50%.

According to CryptoSlam, FLOW-based NFT trading volumes have increased by 52.64% in the past week.

The token price for the Solana-based “move to earn” game STEPN governance token fell 31% over the last week. This makes it the worst performing NFT-related token, according to CoinMarketCap.

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

According to CoinMarketCap, GMT trades at $0.76 today.

Coinglass data suggests that over 454.11K GMT trades were liquidated in the last 24 hours. 86.46% of those liquidations were for long positions.

Last week saw severe losses not only for GMT and FLOW but also for other metaverse tokens and NFT-related tokens.

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

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Market bearishness last week can be attributed to calls for more rate increases in September.

According to Coinglass, almost $134 million in positions have been closed as crypto prices continue their slide.

An even closer look at NFT sales shows a bearish picture. According to NFT data platform CryptoSlam, the overall volume fell by 15.71% in the last week.

According to Dune Analytics, weekly metaverse sales in Decentralandand and Sandbox reached a new record low last week.

Sales of Decentraland dropped nearly 90% from $78,897 two weeks ago to $7613 last week.

Market leaders in Ethereum and Bitcoin have also lost significant value over this past week. Over the same time, Bitcoin lost 10.5% and Ethereum lost 14.3%.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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