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.
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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 Part of the reason is that Zuckerberg’s Metaverse initiative is producing unattractive results and looks outdated in its graphical implementation.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.
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