While most crypto enthusiasts are avidly keeping tabs on both Bitcoin and Ethereum plummeting in value, the crypto gaming sector and NFTs are also going through a rough patch. One of them is AXS, the governance token of the extremely popular play-to-earn (P2E) NFT game entitled Axie Infinity. At this time, AXS has dropped by 19.3% in the last 24 hours.
According to CoinGecko, AXS was at a three-month low of $76.95. Alternatively, the token dropped by 50% since its all-time high of $164.90 from November 6. Other platforms also took a hit, including Chiliz (CHZ), the crypto providing power to the fan token issuance platform Socios, which dropped by 14.8%.
Over the past few months, Socios was able to seal various deals with different sports teams worldwide, including big soccer names like FC Barcelona, Juventus, Paris Saint-Germain, Liverpool FC, and the NFL’s New England Patriots. Not only that but there are also a couple of major Indian cricket teams on the list, among many others.
However, now that the token dropped significantly, it’s now 68% away from its ATH record from March 2021 of $0.87.
The Enjin Coin (ENJ) is also on a similar boat, as it dropped by 15% in the last 24 hours to $2.34, based on data from CoinGecko. SAND, the token for The Sandbox, also fell 13% to $4.85, while Decentraland’s token MANA decreased by 12% to $2.86.
Those two coins reached their all-time highs back in November, but the market hasn’t exactly been good to them, as their prices fell by 42% and 51%, respectively. Overall, it appears that the market capitalization of all cryptocurrencies dropped to $2.13 trillion, which is approximately 10.3%.