Crypto Gaming Coins Drop Significantly Over 24 Hours

Just last week, NFT-related coins were seeing a surge, in light of the rest of the crypto industry hemorrhaging billions. Decentraland (MANA), Sandbox (SAND), Axie Infinity (AXS), and Gala Games (GALA) were among the top, but over the past 24 hours, it seems as if last week’s trend is beginning to wane very quickly.

AXS, the token behind the popular play-to-earn game, Axie Infinity, has seen an 8% drop over the past 24 hours.

AXS is down 87% from its all-time high of $165.37 during the NFT renaissance of November 2021, the coin, currently trades at $20.95, according to data from CoinMarketCap.

SAND, the coin of celebrity-endorsed metaverse platform SandBox, has lost 9% of its total value over the past 24 hours, currently trading around $1.28 according to data from CoinMarketCap. The past 24 hours have seen the coin drop 84% from its all-time high of $8.44, in November of 2021.

GALA is the 82nd largest cryptocurrency by market capitalization, which is at $561 million, but could not avoid the losses the rest of the NFT-related market was seeing as it plunged 8.23% over the past 24 hours. GALA is the coin behind NFT gaming ecosystem Gala.

The token currently trades for $0.08 apiece, down 90% from its all-time high in November of 2021 of $0.8367.

Lastly, one of the oldest NFT game-related tokens Decentralands MANA is down 9% over the past day. Trading at $1.02, down from its all-time high of $5.47 in the same November of 2021.

The reasoning behind the mini-crash is hard to pinpoint but some are looking toward NFT’s lackluster week in overall trading volume. Dune Analytics is reporting the trading volume of the NFT marketplace is down to levels not seen since before January of 2021.

Axie Infinity seems to be at the top of losses, with data reported from Nansen suggesting revenues on the platform have been sliding over the past six months. The daily revenue of Axie Infinity has been reported to be $5,500 from breeding and marketplace fees, down a horrendous 99% from its all-time high of a ridiculous $17.5 million per day recorded in August 2021.

Axie Infinity makes most of its money through marketplace fees and breeding fees. A breeding fee of 0.5 AXS is generated every time a new Axie character is born, and a marketplace fee of 5.25% charges whenever Axies are traded.

Last week I pointed at crypto gaming tokens as a potential refuge during a hypothetical upcoming bear market, but it seems as if that was just a wave of confidence. Not to dilute any of the potentials this industry is going to have, as gaming is famously a generator of value. What is needed is a feature as enjoyable as the $.25 arcade machines were for both the player and the owner of the arcade.