NFT- and Metaverse-Related Cryptocurrencies Underperform as Fl | NFT & Crypto Updates
NFT- and Metaverse-Related Cryptocurrencies Underperform as Floor Prices Sink
The Flow network’s FLOW token, which can be used to build NFTs and decentralized applications (dapps) such as games on the Web3 platform, slumped 20% during the past seven days. FLOW’s decline was the second largest during that period among 52 cryptocurrencies with a market cap over $1 billion, according to crypto data and analysis firm Messari. According to a report from NFT data aggregator NonFungible.com, the amount of U.S. dollars traded in the NFT market dropped 25% in the second quarter from the first three months. NFT resell profit also fell 46% for a total loss of $1.4 billion.
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