Play-to-earn gaming sites were hit the hardest by the crypto massacre, which lowered cryptocurrency values in the first half of 2022.
The waning gamer enthusiasm within the market crisis, combined with worries about the effectiveness of the P2E financial area, has resulted in network losses of inactive players and income slumps in recent months.
STEPN in Recent Months
The first major blow to the move-to-earn site came in May, when STEPN announced that it will cease its activities for mainland Chinese gamers in order to conform with legal regulations.
The news broke on May 26, resulting in a brief impact on the active user metric that month. According to Dune Insights, the move-to-earn platform had 702,649 monthly users in May.
Nevertheless, the network’s active users fell 32% in June, with only 474,568 participants. The monthly active user index fell by 99% in July, to 237,780. Meanwhile, the move-to-earn network has 85,807 active players in August (so far).
Furthermore, according to Dune Aggregated data, STEPN’s current and new daily users reached an all-time high on the day of the China service suspension news. STEPN users climbed by 14% on the day, while existing users grew by 15%. Since then, although, there has been a continuous deterioration. By August 13, there were 549 daily users on STEPN.
Over the past month, STEPN has worked to rekindle player enthusiasm as dwindling gamer involvement became apparent. To encourage gamers, the platform has offered a number of contests and add-ons. However, the efforts appear to be futile, as new, returning, and active users continue to drop.
Furthermore, when the number of gamers decreased, so did the number of new’shoes’ produced on the network. This represents a staggering 1,664% decrease from 12,176 shows on June 21 to 690 shoes on August 14. The total number of STEPN shoes produced was around 142,771.
GMT and GST-SOL
However, the effectiveness of the two coins that power STEPN’s environment has varied. GMT was trading at $1.01 at the time of writing, up 7% in the previous month. Nonetheless, GST-SOL fell by 23% throughout that time period.
What are your thoughts on the earn-to-move platform? Will it pique the interest of gamers once more? Please leave a comment in the section below.