Metaverse Tokens Like ApeCoin (APE) and Sandbox (SAND) Deep in the Red

So-called metaverse tokens were on the upswing in 2021, and projects such as Sandbox (SAND) or Decentraland (MANA) delighted investors with rallies. But now disillusionment returns, Metaverse tokens lose significantly.

When the Facebook parent company renamed itself, Meta, at the end of 2021, the associated statement was clear: social networks and virtual worlds are to merge in the medium term into a common platform in which avatars and 3D animations guarantee online experiences. The whole thing is then to be called Metaverse, and accordingly, a division was formed in the crypto industry that offers alternatives to the billion-dollar plans of Facebook founder Mark Zuckerberg with Metaverse tokens and associated projects. But if you look at the current price developments, you get the impression: the air is out for ApeCoin (APE), The Sandbox (SAND), and other Metaverse tokens.

Discover the world’s most interesting financial news with the mobile app Born2Invest. The app provides its readers access to the latest news in global business, stock market, finance news, and also trending topics like bitcoin, cryptocurrency, and biotech.

How much did the price of SAND drop

SAND, for example, has dropped about 18 percent over the last seven days and has fallen back to a price of around $0.45, the last time it was this low before Facebook’s rebranding. The situation is similar for Decentraland (MANA), which is down 15 percent for the past week. With a current price of just over 0.3 US dollars, MANA is worth as little as it was last in February 2021.

This year, the launch of ApeCoin (APE) in March had generated hype, partly because the project is closely linked to the expensively traded NFTs of the Bored Ape Yacht Club. Titled “Otherside,” ApeCoin is slated to get its own metaverse, and initial land sales for it blew expectations in May. But towards the end of the year, there is no longer any sense of euphoria around ApeCoin, APE slipped to a price level of currently around 3.50 US dollars and is thus only a few cents above an all-time low.

Conclusion: Metaverse dreams burst, is revival realistic?

The share price of Meta (formerly Facebook) has collapsed in 2022, 66 percent minus since January 1 speaks volumes. Part of the reason is that Zuckerberg’s Metaverse initiative is producing unattractive results and looks outdated in its graphical implementation.

The crypto industry’s Metaverse projects are also treading water in terms of content and technology, and declining user numbers are the result. Whether the current price levels make Sandbox, Decentraland, and ApeCoin worth buying is questionable. The dynamics of the heavily battered crypto markets are hitting Metaverse Token particularly hard; a sustainable turnaround stands and falls with the general acceptance of the Metaverse idea.

__

(Featured image by Riki32 via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in BLOCK-BUILDERS.DE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.