It’s been a bearish past week, fueled by the hawkish Fed’s 50 basis point hike, wiping off nearly $62 billion from the cryptocurrency market, per data from Coingecko.
Metaverse and NFT-related cryptocurrencies have been no exception.
Cryptocurrencies powering the niche, including Flow (FLOW) and Apecoin (APE), have all posted significant double-digit losses over the past week.
FLOW, the token powering Flow Blockchain, an NFT-centric blockchain network, has lost 22% of its value over the past week and recorded a new monthly low of $0.74, per data from Coingecko.
Contrary to its weekly bearish price action, FLOW-based NFT trading volume has surged 27.27% to $1.185 million over the past week, according to data from CryptoSlam.
As of this writing, FLOW is up 2% over the past 24 hours and trades at around $0.77.
APE, the token underpinning the ecosystem of popular NFT collection Bored Ape Yacht Club and its upcoming metaverse platform Otherside, also dropped 18% in the last seven days, wiping most of its gains since the launch of its staking program in November 2022.
APE is also down nearly 86.8% since its all-time high of $26.70 recorded in April 2022, per data from Coingecko. The token is trading at $3.52.
Despite bearish price action, Apecoin-powered Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs topped the sales volume over the past week.
Crypto carnage across the metaverse
Looking past Apecoin and Flow's native token, other metaverse and NFT-adjacent crypto projects in Chiliz (CHZ) and The Sandbox (SAND) have also been mauled by the market.
CHZ, the token behind the Socios NFT marketplace, is also down 18.6% over the past week, trading at roughly $0.11 after staging a meager 0.4% rally this morning, per data from Coingecko.
CHZ recorded an all-time high of $0.87 in March 2021. Since then, however, the coin has plummeted by a whopping 87%.
Last month’s influencer-studded new land sale hasn't been enough to pump the metaverse real-estate coin SAND.
Like other metaverse coins, SAND is also down 18% over the past week. On a yearly note, SAND has lost nearly 91.1% of its value.
Today, SAND recorded its new annual low of $0.45, per data from Coingecko.
Despite its sharp price fall, the sales of Sandbox real estate jumped from $33,000 last week to slightly above $51,000 this week, per data from NFT Stats.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.