Metaverse Tokens Slump Amid Broader Crypto Market Correction

Alongside heavyweights in Bitcoin and Ethereum, popular metaverse tokens have taken a beating in the past 24 hours.

Enjin Coin (ENJ)—the 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 posting a loss of 7.33% over the day.

ENJ is still up 2.5% over the past week though, currently trading at $0.50, according to CoinMarketCap.

ApeCoin (APE)—the governance token within the Bored Ape Yacht Club (BAYC) ecosystem—fell 6.4% in the last day, and is currently changing hands at $4.59, per CoinMarketCap.

Launched in March this year, APE can be used to purchase plots of virtual land in Yuga Labs Otherside metaverse initiative. Founded 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 brought the price of APE to an all-time high of $39.40; however, much to investors' dismay, the token has since tumbled a whopping 88% from its record high.

The Sandbox, Decentraland follow the bearish trend

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.

The Sandbox and Decentraland are Ethereum-based metaverse games where users can acquire virtual land plots—with prices sometimes reaching millions of dollars.

Both tokens, however, are down 86% and 85% since reaching their all-time highs at the end of November last year.

Axie Infinity’s AXS, the native token of the eponymous blockchain gaming platform, is down 4.4% over the day, trading at $14.09, according to CoinMarketCap.

Elsewhere in the market, Bitcoin is down 3.65% over the day, trading around $20,550 by press time.

Ethereum, the world’s second-largest cryptocurrency by market cap, is down 3.52% over the same span, currently trading hands at $1,145.