Metaverse Tokens Slump Amid Broader Crypto Market Correction
Metaverse Tokens
Modified Date:- Published Date:-Categories: Cryptocurrency
Metaverse Tokens Slump Amid Broader Crypto Market Correction
Along with heavyweights in Bitcoin and Ethereum, the popular Metaverse token has taken a beating in the past 24 hours. Enjin Coin (ENJ)—a native token of the Enjin platform earned through in-game achievements and used to buy virtual goods—is the worst hit among the Metaverse projects after losing 7.33% on the day. Launched in March of this year, APE can be used to purchase plots of virtual land in Era Labs' Otherside Metaverse initiative.
Established in 2021, Yuga Labs is the entity behind the creation of the mega-popular NFT project Bored Ape Yacht Club. The frenzy surrounding the launch of Otherside in April drove the price of APE to an all-time high of $39.40; Much to the dismay of investors, however, the coin has since dropped by 88% from its all-time high.
The price of The Sandbox’s SAND is meanwhile down 5.5% over the past 24 hours, closely followed by Decentraland’s MANA, which lost 5.17% of its value over the same time span.
Sandbox and Decentraland are Ethereum-based metaverse games where users can acquire virtual land plots—prices sometimes reaching millions of dollars. However, both coins are down 86% and 85% since reaching their all-time highs at the end of November last year.
According to CoinMarketCap, Axie Infinity's AXS, the native token of the eponymous blockchain gaming platform, is down 4.4% throughout the day, trading at $14.09. Elsewhere in the market, bitcoin is down 3.65% throughout the day, trading around $20,550 at press time. Ethereum, the world's second largest cryptocurrency by market cap, is currently trading at $1,145, down 3.52% over the same period.
Bitcoin, Ethereum, Cryptocurrency, NFT Project, Blockchain Gaming Platform, Metaverse Token, Crypto Market, Enjin Coin, Decentraland, Sandbox, CoinMarketCap