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.
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.
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