The hawkish Fed’s 50 basis point hike last week made it a bad week for the cryptocurrency market. According to data from Coingecko, the market lost $62 billion because of this.
Metaverse-related cryptocurrencies and NFT-related cryptocurrencies are no different.
Cryptocurrencies that are used to power the niche, such as Flow (FLOW) and Apecoin (APE), have all lost a lot over the past week.
Coingecko data shows that FLOW, the token that powers Flow Blockchain, an NFT-focused blockchain network, has lost 22% of its value in the past week and hit a new monthly low of $0.74.
Contrary to its weekly adverse price action, the trading volume of FLOW-based NFTs increased by 27.27 percent to $1.185 million in the past week, according to data from CryptoSlam.
As of the time of writing, FLOW is up 2% over the previous twenty-four hours and is trading near $0.77.
APE, the token supporting the ecosystem of the popular NFT collection Bored Ape Yacht Club and its upcoming metaverse platform Otherside, has also declined 18% over the past week, wiping out the majority of its gains since the launch of its staking program in November 2022.
According to Coingecko data, APE is down about 86.8% from its all-time high of $26.70 in April 2022. The current price per token is $3.52.
Crypto carnage throughout the metaverse
In addition to Apecoin and Flow’s native token, several metaverse and NFT-adjacent crypto projects, such as Chiliz (CHZ) and The Sandbox (SAND), have been hammered by the market.
CHZ, the token underlying the Socios NFT marketplace, is also down 18.6% over the past week, trading at approximately $0.11 after a meager 0.4% gain this morning, according to Coingecko data.
In March 2021, CHZ achieved an all-time high of $0.87. Since then, however, the coin’s value has decreased by an astounding 87%.
The famous person new property sale held last month has not been sufficient to inflate the metaverse real estate coin SAND. Similar to other metaverse coins, SAND has declined 18% in the previous week. The value of SAND has decreased by roughly 91.1% annually.
According to research from Coingecko, SAND reached its new yearly low of $0.45 today. The sales of Sandbox real estate increased from $33,000 last week to little more over $51,000 this week, according to statistics from NFT Stats.
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