Crypto Gamers Axie Infinity And The Sandbox Are Listed In Worst Performing Cryptocurrencies In 2022

This year is marked as unlucky for the crypto market. Investors and crypto users faced the worst bear markets in the past few months due to the sudden collapse of FTX, Terra, and Celsius Network. More than 1 million investors lost their savings from FTX’s sudden collapse.

Bitcoin, the leading cryptocurrency and other cryptos, experienced a slightly reduced growth rate in their prices at the end of 2022. As per CoinMarketCap, crypto markets are trading with reasonable growth rates despite an imminent global recession following the Federal Reserve’s rate hikes. Bitcoin was trading at $16,557 at press time, down by 1.60% in a week.

Worst Cryptocurrencies Collapse In 2022

In June 2022, abiding by the terms and conditions of the crypto market, Celsius froze halted user-withdrawals.

Celsius stated that assets locked in these filings are not supported by any stakeholder or “it may not go as far as some custody programs and withheld account holders.

The downfall of FTX badly affected the crypto market, which created a high level of doubt and fear among crypto investors and users. Investors are afraid to make a move on cryptocurrency after facing huge losses in the recent FTX collapse.

On November 11, the biggest collapse happened in the crypto market. FTX, the world’s second-largest crypto exchange platform, valued at $32 billion (USD), faced a sudden downfall in the crypto market. FTX filed for Chapter 11 bankruptcy,

Why the crypto gamers Axie Infinity and The Sandbox faced losses in 2022

Metaverse adoption has slowed this year. The crypto market was filled with cyber attacks, frauds, and bankruptcies that slightly impacted the popular NFT-based online game Axie Infinity (AXS) and Ethereum-based metaverse gaming platform The Sandbox (SAND).

The most popular and successful crypto game, Axie Infinity, a monster battlefield game based on the Ethereum mainnet, collapsed in March 2022, after the Lazraus group hacked $622 million worth of crypto assets. This DeFi platform is one of the most affected by cyber attacks in 2022. The users complained that they are experiencing low production values in Axie Infinity.

The popular crypto game The Sandbox (SAND) is facing difficulties currently. In the past 24 hours, The Sandbox is down by 1.5% with a trading volume of $91,401,574. At the time of the crypto market explosion in 2021, The Sandbox reached its all-time high of $8.38. After some months, it started to decline its price slowly.