This week, NFT gems have fallen by more than 20%

Over the last week, video games and NFT-related virtual currencies such as Gala, Decentraland, Axie Infinity, Stepn, and Flow have suffered substantial losses.

According to CoinMarketCap statistics, FLOW, the crypto that powers the entire layer-1 cryptocurrency flow, had already fallen over 23% in the past week. Until Instagram’s assimilation this past month, FLOW has been overly optimistic.

FLOW is already reselling at $2.09, up by 2% in the last two days following a week of downward activity. According to CoinMarketCap statistics, amidst today’s moderate rehabilitation, FLOW still seems to be back by 95.50% from its preceding peak of $46.16 back in April of last year.

According to CryptoSlam statistics, FLOW-based NFT transaction volumes improved by 52.64% last week. In the meantime, Solana-based’s “move-to-earn” video game STEPN leadership crypto has dropped 31% in the last week, causing it the lowest performer within NFT-related cryptos, according to CoinMarketCap statistics.

Amidst STEPN’s collaboration with the club Athletico de Madrid the other week, GMT finished by losing. According to CoinMarketCap, GMT is currently up by 0.3% and trading at about $0.76.

According to Coinglass statistics, around 454.11K GMT transactions have already been expropriated in the last 24 hours. Equities accounted for 86.46% of those sell-offs. In addition to FLOW and GMT, other famous virtual world and NFT-related altcoins suffered significant losses the other week.

This week, AxieInfinity’s AXS leadership crypto dropped by nearly 22%, Ethereum’s virtual world video game Decentraland MANA‘s crypto dropped by 20%, and play-to-earn system Gala’s GALA crypto dropped by about 22%.

Why is all of this happening?

The leading cause of last week’s bear market price movements across the industry is likely to be direct messages for raising rates in September. According to Coinglass statistics, approximately $134M in points have been demolished in the last day as virtual currency costs continue to decline.

A deeper examination of general NFT revenues also paints a bleak picture. According to NFT advanced analytics CryptoSlam, the total volume has fallen by 15.71% in the last week. According to Dune Statistics, weekly virtual world purchases on Sandbox and Decentraland peaked at an all-time low last week.

Decentraland sales dropped nearly 90% the other week, from $78,897 two weeks earlier to $7,613. Leading companies Ethereum and Bitcoin have both lost substantial value within the last week. Bitcoin has lost 10.5% in the last week, while Ethereum has lost 14.3%.