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. This is similar to NFTs, with the overall NFT volume dropping by 15.71% during the same period.
Weekly metaverse sales on Decentraland and Sandbox also hit a new all-time low last week. There was an increase in aggregate trading volume, which can be attributed to Otherside’s top sale of 183 ETH. While the Sandbox’s volume was in the green, most metaverse projects including Decentraland, Voxels, and NFT Worlds were down.
The primary reason behind the bearish price action across the market seems to be further calls for further rate hikes in September. Also, investors are nervous about $55 million worth of blue chip NFTs that are at risk of liquidation on BendDAO, a prominent NFT lending platform.