Whereas many blockchains profit from their intrinsic relationship with NFTs, a decline within the NFT sector will usually rub off on them. That is precisely what is going on to Movement, a preferred blockchain behind a number of NFT tasks comparable to NBA TopShot and others underneath the Dapper Labs umbrella.
Within the final 30 days, Movement has seen a steep decline in each transaction quantity and the worth of its native $FLOW token and these coincide with some exhausting instances at Dapper Labs.
What’s Occurring at Dapper Labs?
Dapper Labs is the brains behind a number of sport-focused NFT tasks that are based mostly on the Movement blockchain. Sadly, Dapper Labs has taken successful throughout the ongoing crypto winter, even taking the robust choice to let go of twenty-two% of its workforce again in November of this 12 months.
Since that occurred, the Movement blockchain has felt the consequences, with the worth of its native token falling by roughly 26% during the last month and reaching a brand new all-time low. Notably, Movement shouldn’t be the one blockchain in a droop as even the giants like Bitcoin and Ethereum have declined in the previous couple of months. Ought to the crypto winter proceed and NFT tasks proceed to undergo, their underlying blockchains will really feel the warmth as nicely.
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on websites like BTCmanager and Blockchain Reporter. She has a level in Company Communications.
