The move-to-earn sector of cryptocurrencies is up 6.19%, despite a 1.6% drawdown from the overall cryptocurrency market over the past 24 hours. crypto slate data.
The Move-to-ear sector is a relatively small category with only 16 tokens from platforms that reward users for physical activity.
While interest in the sector has surged in recent months, the industry’s asset market capitalization has risen during the reporting period due to improved price performance of several tokens.
STEPN is the cause of the rise
Around of crypto slate According to the data, STEPN was the best performing Move-to-Earn token in the last 24 hours. The web3 Lifestyle Native Token GMT has gained 11.06% over the past 24 hours, trading for $.0.42411 at the time of writing.
GMT is the native token of the Move-to-earn NFT project, with a market cap of $251 million. NFT projects account for over 65% of the sector’s $374 million market cap.
According to Dune Analytics, the NFT game project launched in December 2021 and thrived on the Solana Network, peaking in May 2022 with over 700,000 monthly users. data.
However, the project has recently suffered several setbacks, including blocking GPS functionality for users in China and a distributed denial of service (DDoS) attack that incorrectly identified users as bots.
All of this led to a drop in user activity and a sharp drop in token value. According to Dune’s analytical data, the project recorded less than 45,000 users in February.
Meanwhile, the recent uptick was sparked by STEPN COO Shiti Manghani’s statement that the project will soon release new features. According to Mangani, STEPN wants to onboard consumers from He Web2 to He Web3.
Besides GMT, the project’s other token, the Green Satoshi Token (GST), has surged 3.21% to $0.02617 at the time of writing. A user of STEPN earns his GST for physical activities such as jogging, running.
Small Cap Token Brings Surprises
Meanwhile, other tokens that showed positive price performance during the reporting period included Genopets’ GENE and beFITTER’s FIU token.The former rose 2.95% and the latter 1.17%.
Genopets is a Solana-based, move-to-earn, free-to-play NFT game that provides players with crypto assets to stay active. It has a market capitalization of $3.4 million and a trading volume of $291,000 in the last 24 hours.
Unlike other monetization platforms, beFITTER focuses on an overall healthy lifestyle and rewards users for their daily activities, including sleep. The platform uses her FIU to reward users for their social interactions. The token market cap is $176,472.
Most Move to Earn tokens trade in red
On the other hand, most of the Move to Earn tokens are crypto slate decreased during the reporting period12 out of 16 tokens lost an average of 2% or more in the last 24 hours.
Data showed that Revolt 2 Earn’s RVLT suffered the heaviest loss of 5.28%, while Digital Fitness’ DEFIT fell by 0.45%.
On top of that, all tokens in the space are trading well below all-time highs.