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Decline in GameFi Projects: STEPN's Struggles and Market Trends

Explore the recent decline in GameFi projects, particularly STEPN, and the efforts to revive user interest in the move-to-earn platform.
Published on 2022-09-19

Decline in GameFi Interest

The GameFi sector, particularly projects with a play-to-earn (P2E) model, has seen a significant decline in user interest. Data indicates a 57% drop in new users between April 2021 and August 2022. STEPN, a prominent move-to-earn platform, has experienced a 95% decrease in active monthly users since May 2022. This decline is further reflected in STEPN's price, which has plummeted over 10% in the last day.

STEPN's Efforts to Revive Interest

In an attempt to regain user engagement, STEPN has launched various campaigns and challenges. Notably, the Before/After Challenge during its one-year anniversary encouraged users to share their progress for a chance to win GMT tokens. Despite these efforts, STEPN's price continues to struggle, trading at $0.6059 as of the latest update.

Current Price Performance

STEPN's price has weakened against major cryptocurrencies, with declines of 4.55% against Bitcoin (BTC) and 0.2% against Ethereum (ETH). One GMT token is currently valued at 0.00003233 BTC and 0.0004647 ETH. This downward trend highlights the broader challenges facing GameFi projects.

Disclaimer and Caution

Readers are advised to conduct their own research and due diligence before making any investment decisions. The information provided is for educational purposes only, and any actions taken are at the reader's own risk.

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