Trading volumes for the top Play to Earn (P2E) tokens have fallen by 98% in July, compared to the height of the bull market in November 2021.
Trading volumes for top play-to-earn tokens are down 98% compared to their November 2021 peak, according to Kaiko Research data.
The P2E concept soared in popularity in late 2021, during the last bull-market's peak. Yet as the games struggled to maintain momentum, interest in trading them has decreased. Kaiko Research data reveals decreased activity in key tokens, including"After soaring in popularity in late 2021, the monthly trade volume for the top P2E tokens has fallen nearly 98% to just $2 billion in June, and July experienced volumes that were the same at around $1.
Carl Dawkins, former head of growth at Tamadoge, said the dearth in P2E activity is also due to gamers becoming disillusioned with a flood of gaming tokens providing little to no reward,"that are essentially Disneyland gambling money."
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