Popular GameFi and Metaverse tokens such as GMT, AXS and APE have experienced considerable losses as the cryptocurrency market as a whole has declined in the previous 24 hours. The GMT token from STEPN is down 27% on the day, while Axie Infinity (AXE) and ApeCoin (APE) are both down in double digits.
Popular GameFi and Metaverse tokens’ performance
(1) GMT Token
GMT Token by STEPN has been one of the best performing tokens in recent months. Despite earlier overcoming the negative macroeconomic outlook that has weighed on the cryptocurrency industry, the GMT token has increased over 3000% since its debut in early March. GMT is now down 41% from its all-time high of $4.11, which was reached fewer than eight days ago.
(2) AXS token
Play-to-win game Axie Infinity’s previous losses have been extended, with its AXS token falling another 16% today. The flagship token of Axie Infinity is presently down 83% from its all-time high of $164.90 on November 6. Recently, the token has underperformed also due to the $550 million hack of Ronin chain bridge in March.
(3) APE token
ApeCoin, a newcomer to the crypto gaming and Metaverse industry, is also one of today’s greatest losses. The APE token was required to participate in Yuga Labs’ Otherside Metaverse land drop. It reached an all-time high of $26.70 at the end of last month as NFT collectors stocked up. However, it has dropped 17.5% in the last 24 hours.
Sliding markets and fear of inflation led economic downturn
Fears of an economic downturn due to inflation appear to be at the root of yesterday’s dramatic decrease in stocks and crypto-assets. GameFi and Metaverse programmes industry currently depend a large portion of their worth on speculation on what they can achieve in the future. Also, they are frequently the first to be removed from investors’ portfolios during downturns.
