The end of November was definitely not good for some metaverse currencies, with some projects dropping between 15% and 30% in the last week. No doubt this market has a lot to grow, but the explosion of new tokens has created an oversupply. Another phenomenon was the conversion of old projects, which now focus on the metaverse, games, and NFT.
The list above shows the biggest falls linked to the metaverse, according to CoinMarketCap. Only cryptocurrencies with a minimum of U$250 million in market value on 24/Nov were selected.
There are undoubtedly positive surprises at the opposite end, such as MOBOX (MBOX +52%), RMRK (RMRK +33%), CEEK VR (CEEK +16%) and Illuvium (ILV +16%). However, the period was of a slight increase in the total capitalization of cryptocurrencies, which reached US$ 2.72 trillion (+1.8%).
ups and downs
Earnings for those who invested until mid-October are still high, so even a 30% drop is not able to “pop” the bubble. Notice in the chart below how these cryptocurrencies continue with highs of 86% or more in 3 months.
Obviously, each project has its peculiarities, and I’m not the right person to analyze them individually. Anyway, like the followers of influencers and dream sellers, most join after the industry has started to boom.
Note the date of the promotional material taken from the Empiricus website: practically at the peak of the currencies in the chart above. To be honest, they were already running some promotional videos a few days earlier.
In any case, almost all influencers and course sellers go after what’s been successful, so it’s normal to be late for the ball. They may get 12 out of 40 recommendations right, but a random selection of the top-300 projects would give the same result.
Do not believe? Test it out by choosing 4 altcoins a week for 3 months. Forget the losers, market the winners on Instagram and Youtube, and become a successful influencer.
Returning to the issue of the “burst” of the Metaverse bubble, now that the Venture Capital industry has discovered the pot of gold, it will suck until nothing else comes out. In other words, they are going to buy partnerships with renowned companies, hire the best studios, buy users by handing over money at the beginning, in short, make that hoopla to get demand for the token.
Remember the “wave” of decentralized services: Theta, Filecoin, BitTorrent, Steemit?
The craze phases of specific sectors in cryptos have always existed, and will hardly go away. People want the next big currency, the project that will finally bring down Facebook, internet providers, or stock exchanges.
Rest assured, the Metaverse “bubble” hasn’t burst yet, but this project of yours that pushes you to the peak, forget it.