Cryptocurrency markets experienced a tremendous decline in the second quarter of 2022. With Bitcoin, which rose to the level of 69 thousand dollars in the last quarter of 2021, play and win (P2E) projects, which experienced significant increases, also got their share from this decrease. With Bitcoin, which first fell to the level of 50 thousand dollars, then to 40 thousand dollars and to 20 thousand dollars as of the second quarter of 2022, decreases of more than 80 percent were recorded in the crypto money, which is the playtoearn project. The decrease in the market value of play and win projects has exceeded 80 percent. While established projects were less affected by the decline, the decline was much deeper in relatively new projects. Here is play to earn 2022 Q2 report… You can check out here for information about Apecoin (APE).
Play to Earn 2022 Q2 Report
In the 2nd quarter of 2022, the following developments took place in crypto projects developed with play-to-win (P2E), GameFi and metaverse-oriented blockchain technology:
– In the deep crypto market downturn in May, PlaytoEarn’s 80% market cap (Market Cap data) melted. The Terra Luna crisis, Russia’s attacks on Ukraine and the FED’s interest rate hikes came to the fore as important factors in the sharp decline in a single quarter.
– After the developments, it turned out that there were not enough solutions and GameFi was faced with a sustainable growth problem.
– Although move to earn exploded as a leading trend, the positive atmosphere it created in a short time dissipated due to the recession in the market.
– Investments in the metaverse world and metaverse metrics continued to remain positive in the cryptocurrency bear market.
– GameFi has taken over Dapp users from DeFi.
– Web3 Gaming and NFTs have managed to attract more than a third of their total investment value to cryptocurrency for the first half of 2022.
The Rate of Depreciation Is Not Reflected On The Number Of Users At The Same Level
The 80 percent decrease in P2E market value was not reflected in the number of P2E participants at the same rate. There was a decrease in the number of P2E participants from 1.2 million users to approximately 800 thousand users (30% decrease). The daily trading volume, on the other hand, was 5-7 billion dollars at the beginning of the second quarter, and it fell back to 1-2 billion dollars at the end of the quarter. Metaverse projects, which ignore the general downward trend of the crypto money market, have managed to stay more resistant than other cryptocurrencies.
Caution: The information contained in this content is for general informational purposes only. It is not investment advice.
For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency