Metaverse is one of the most closely followed topics in the crypto space. However, amid the correction, tokens related to this theme have suffered significantly, falling up to 90% from their recent highs.
The euphoria for metaverse, which grew in response to giant firms entering the space, has faded following a correction in crypto prices as a result of the broader selloff in financial markets caused by the ongoing Russia-Ukraine crisis and inflation fears.
According to Edul Patel, CEO and Co-Founder of Mudrex, tokens are falling because investors are still speculating in cryptos despite the high resilience amid the current war scenario.
Poor earnings from Meta, formerly known as Facebook, also dampened the mood. Experts believe that the concept of a secure future is still alive and well, but that it is still a long way off. They are, however, optimistic that once the clouds of uncertainty lift, tokens will catch up.
Major metaverse tokens like Decentraland (MANA), The Sandbox (SAND), Enjin Coin (ENJ), and Stacks (STX) have dropped between 55 and 75% from their one-year highs.
Whereas a few big names, such as Axie Infinity (AXS) and Render Token (RNDR), have crumbled about 70% of their value from their one-year high.
Mid-sized metaverse tokens such as Theta Network (THETA), Ontology (ONT), and Sushiswap (SUSHI) have jumped about 90% during the period under consideration.
OKX.com CEO Jay Hao stated Metaverse has a bright future and a wide range of applications in every industry around the world. Its token rally will pursue a bull run in the cryptocurrency market.
People have begun to invest in metaverse tokens as giants such as JP Morgan and Samsung have entered the metaverse space. Investors are likely to begin investing in this ecosystem once the war subsidies, Patel continued.
However, not everyone is eager on the metaverse concept. Some of them believe that the scope of the space is limited and that investors will have to wait a long time before they can make any real money from the virtual reality play.
According to Shivam Thakral, CEO of BuyUcoin, making money from Metaverse may be limited to gaming because there is a lot of selling of in-game assets for real money that has been going on for years.
The scope is limited for retailers, but it opens up a whole new dimension for businesses to engage with their customers, according to Thakral. In the long run, investors can look into metaverse assets such as Decentraland, Sandbox, and Axie Infinity.
