Tuesday, March 21

Metaverse Tokens Remain Steady as Meta Action Plunges | Bitcoin Portal

There was a 3.7% drop in global cryptocurrency market capitalization in the last 24 hours, meaning price drops erased the gains made this week, but one group of tokens survived: metaverse tokens.

Most of the major metaverse tokens appear to have gone up in the tens. MANA, Decentraland’s utility token, is down 2% in the last 24 hours but is up 21% compared to last Thursday. Currently, it is being negotiated at US$ 2,63.

SAND, the token from Anomic Brands’ blockchain project The Sandbox, has had nearly 9% of its market cap erased in the last 24 hours, but is up 16.5% in the last week and is priced at US$ 3,62.

Similarly, Flow, the blockchain for the NBA Top Shot series of non-fungible token cards (or NFTs), is up 18% for the week despite a 10.5% drop in the last 24 hours. FLOW is being traded at US$ 5,87.

Lastly, LOOKS, the token of upstart NFT market LooksRare, is up 24.1% in the last seven days despite falling. 10,7% on the last day.

LooksRare is one of the biggest success stories in 2022 so far.

The market made $110 million in trades on the day of its launch, but there are concerns that many of the trades are from “wash traders” who manipulate the network’s rewards model.

Metaverse goes up and Meta goes down

Shares in Meta, formerly known as Facebook, tumbled 21% premarket on Thursday after the company warned investors that its first-quarter financial release is likely to be under-projected on account of thegrowing competition”.

CEO Mark Zuckerberg blames TikTok, but much of the shortfall can also be attributed to the fact that Meta spent $10 billion in the development of its recent Metaverse/Web 3 initiative, leaving a lower profit margin than usual.

The situation only got worse, as there were allegations of verbal and sexual harassment during a technology demonstration of Meta’s social networking virtual world.

There is also the fact that Meta’s proposed “global and borderless currency” is now dead; the company announced that it was selling all of the project’s assets and intellectual property to crypto-friendly bank Silvergate.

It looks like Meta has a lot of work to do before he can restore his investors’ confidence.

*Translated and edited by Daniela Pereira do Nascimento with permission from the Decrypt.co.