Data from Footprint Analytics reveals that GameFi projects characterized by a play-to-earn (P2E) business model have seen a decline in user interest since the beginning of this year. The data suggests that the index for new users in the GameFi space has plummeted by 57% between April 2021 and August 2022.
This falling interest in P2E projects can be seen in the latest price performance of STEPN over the last few months. Based on data from Dune Analytics, the move-to-earn platform has seen its monthly active users decline by 95% since May 2022.
STEPN monthly active users (Source: Dune Analytics)
In an attempt to spark runners’ interest in its ailing move-to-earn gaming ecosystem, the STEPN project has launched a series of campaigns and challenges over the past month that users can participate in to earn rewards.
Moreover, the project celebrated its one-year anniversary by organizing the Before/After Challenge from September 2 to 8, this year. To stand a chance of winning some GMT tokens, users were required to share their progress so far with the STEPN App by posting a series of before and after video clips.
At the time of writing, the price of STEPN is trading at $0.6059, as seen on CoinMarketCap. This is after STEPN’s price plunged a further 10.85% over the past 24 hours. Furthermore, the price of STEPN has weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 4.55% and 0.2%, respectively. Notably, one GMT token is worth 0.00003233 BTC and 0.0004647 ETH.
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Source: Cryptocurrency - investing.com
