- Shares of cryptocurrencies related to the Metaverse skyrocketed when Facebook rebranded as Meta.
- AXS, SAND, and MANA have struggled to regain the price range they saw at the height of the Metaverse hype.
The announcement of Metaverses Meta’s launch sent waves of excitement through the tech world and sparked discussions about its potential as the future of the Internet. As the anticipation grew, so did the share prices of several cryptocurrencies associated with the Metaverse. But amidst the hype, rumors of a Metaverse flop began to circulate, fueled by the project’s failure to materialize despite initial excitement.
Read Axie Infinity’s [AXS] Price Forecast 2023-24
Over the years, the gradual decline in the value of crypto assets linked to this realm has further supported the idea of this flop.
Understanding the metaverse
The Metavers refers to a virtual reality space where people can interact with each other and digital objects in a computer-generated environment. It is a collective virtual shared space that includes virtual worlds, augmented reality and the internet.
Reviving an age-old concept, Mark Zuckerberg brought the Metaverse back into the limelight by cleverly rebranding his company as meta. The Metaverse envisions a fully immersive and interconnected digital world that transcends the limitations of traditional websites and applications.
It aims to give users a sense of presence and freedom of choice, enabling them to engage in various activities, socialize, work, play games, conduct business and explore virtual environments.
In the Metaverse, users are typically represented by avatars – digital versions of themselves. They navigate the virtual space, interact with other users and access digital content and experiences. The Metaverse is expected to feature advanced technologies such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI), blockchain, and more.
During its peak, the Sandpit [SAND], Decentralized [MANA]And Axie Infinity [AXS] emerged as the darlings of the Metaverse hype. These projects received a lot of attention, with renowned brands joining forces to introduce innovative products and services within their virtual landscapes.
However, as the Metaverse flop became a reality, their once dazzling popularity began to fade, accompanied by a decline in the value of the assets associated with these ventures.
Possible reasons for the Metaverse flop
One of the reasons behind the Metavers flop is the growing accessibility challenges it brings. Many users are overwhelmed by the complexity of the experience and encounter frustrating bugs and errors along the way.
The user journey has become complicated, requiring countless steps to sign up, access games, and participate in events.
In addition, newcomers must painstakingly create their avatars from scratch, without arousing their interest. In addition, despite the initial hype, users have experienced disappointing performance issues when accessing shared virtual spaces, dampening their enthusiasm for the Metaverse.
Complaints have also been raised about the high cost associated with accessing the Metaverse, which is another barrier to widespread adoption.
Reaction of related cryptocurrencies so far
Axie Infinity [AXS]
Axie Infinity is a striking example of the Metaverse flop. According to data from Active playersthe platform currently has around 24,000 daily players, which may seem like little concern at first glance.
Compared to figures from January, when the platform had 288,000 daily players, and the more than 600,000 it boasted in July 2022, the drop becomes apparent. The game has lost over 100,000 players so far, highlighting its downward trend.
Despite the story of the Metaverse flop, AXS has shown intriguing price dynamics throughout the year. It started the year at around $6.3 and was trading around $6.4 at the time of writing, indicating that it hadn’t experienced a fall in value.
However, it is worth noting that AXS underwent a significant 40% price increase at one point this year, hitting the $10 price range. Unfortunately, a subsequent drop brought the value back to the beginning of the year.
Source: TradingView
Despite appearances, Axie Infinity still has an impressive record in the NFT space. According to DappRadar’s statistics, it maintained the highest volume for any NFT collection, valued at over $4.2 billion at the time of writing.
Its closest competitor was left behind with more than $3.5 billion in volume. This showed that, despite challenges and fluctuations, Axie Infinity’s NFT collection continued to generate significant activity and interest.
The sandpit [SAND]
The sandpit, another crypto project in the Metaverse realm, has also had an intriguing price trajectory this year. Despite significant price swings, overall gains have been minimal so far.
It witnessed a significant price increase of over 28% during a peak around February, reaching a trade value of around $0.9. However, at the time of writing, SAND is trading around $0.4, reflecting a modest gain of more than 1%.
Source: TradingView
While ups and downs have marked the journey of SAND’s price, it’s important to note that the project continues to navigate the challenging Metaverse landscape. The price swings illustrated the volatility of the market, but SAND remains active in the Metaverse cryptosphere.
Decentralized [MANA]
Decentralized, another prominent Metaverse crypto project, experienced a notable price spike at a specific period this year. This was indicated by the daily timeframe chart.
The chart revealed a price increase of more than 28% around January, with MANA trading at around $0.5. However, at the time of writing, MANA was trading around $0.4, reflecting an increase of more than 1.5%.
Source: TradingView
The end of the Metaverse?
Indeed, despite the prevailing Metavers flop story and the challenges faced by various Metaverse projects, the potential cannot be dismissed. We can expect a period of refinement and improved accessibility to the Metaverse, with the goal of making its adoption seamless and easier to use.
How much are 1,10,100 MANAs worth today?
The industry can undergo iterative improvements, learn from shortcomings and address the complexities that hinder widespread adoption.
However, it is difficult to determine exactly how long it takes to reach that stage of maturity. Refining and perfecting the Metaverse experience will likely happen gradually, influenced by technological advancements, user feedback, and the combined efforts of developers and innovators.
