Play-to-earn gaming sites suffered the most during the crypto bloodbath that deteriorated cryptocurrency prices in 2022 first half.
The fading gamer interest amidst the market downturn plus doubts surrounding the P2E business mode success saw platforms such as STEPN dealing with losses of inactive users and revenue slump over the last few months.
STEPN Over Last Few Months
The initial massive hit to the move-to-earn site emerged in May when STEPN declared suspending its operations for gamers in mainland China, complying with regulatory protocols.
The news emerged on May 26, meaning a brief effect on the active user metric during that month. Dune Analytics’ data shows the move-to-earn network recorded 702,649 monthly users in May.
However, the network’s active users plunged 32% in June, with only 474,568 players in the month. July’s 99% fall saw the monthly active user index at 237,780. Meanwhile, the move-to-earn network has recorded 85,807 active players (so far) in August.
Moreover, Dune Analytics data shows STEPN’s existing and new daily users hit an ATH on the day of the China service suspension news. The day had STEPN users growing by 14%, whereas existing ones increased by 15%. However, steady declines have ensued since then. Daily users on STEPN were 549by August 13.
STEPN has attempted to reignite player interest over the past month as fading gamer participation appeared visible. The platform has introduced several competitions and add-ons to entice gamers. However, the attempts seem not to bore fruits as new, returning, and active users still plunge.
Moreover, gamers’ count decline saw new ‘shoes’ minted on the network dropping. That has noted a massive 1,664% slump from the 12,176 shows on June 21 to 690 shoes on August 14. STEPN’s total minted shoes hovered at 142,771.
GST-SOL & GMT
Meanwhile, the two coins that run STEPN’s ecosystem diverged in performance. While writing this content, GMT traded at $1.01, gaining 7% over the past month. Nevertheless, GST-SOL declined by 23% over that timeframe.
What are your opinions about the move-to-earn platform? Will it attract gamer attention again? Feel free to leave a reply in the section below.
Editorial credit: photo_gonzo / shutterstock.com
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