Metaverse tokens suffer massive losses as volatility and uncertainty in the crypto market rise
The online universe has grown crazy over the metaverse! The blockchain and crypto industry is now mostly driven by the popularity of the metaverse and adjoining technologies. In this virtual realm, users can deploy metaverse tokens to buy, sell, and trade in the platform. Besides these, they can also explore online casinos offering slots, poker, roulette, blackjack, and more and enter nightclubs and attend concerts that are organized in the metaverse. The rise of the metaverse tokens in 2021 clearly defined that the crypto community was intrigued by the possibility of a new domain that resembled just our universe, only in the digital form. Some of these top metaverse cryptocurrencies even outperformed popular digital assets in the crypto market, which are supposed to be more trustworthy. However, the condition of the crypto market in 2022 has been quite unflattering, leading to the fall of several digital assets, including metaverse tokens. Here, we have listed the top metaverse tokens that are disappearing among crypto investors due to soaring market uncertainties and lowering appetite to invest in riskier assets.
The Radio Caca token is suffering major losses in terms of value. The RACA token is the native cryptocurrency of the ‘USM metaverse’, an in-development digital environment pitched as a contender to The Sandbox and Decentraland. RACA is also the in-game currency of the blockchain-based NFT game Metamon, in which users buy and trade cutesy characters and items.
Ultra is a publishing platform and ecosystem for video games and video game content. Ultra’s mission is to do away with the current monopoly held by publishing platforms like Steam and provide new opportunities to game developers, players, and influencers. Ultra-promises a solution that is more equitable to players and developers alike. However, the declining value of this crypto is a matter of concern for its investors.
Decentraland defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications. In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize. MANA is one of the most popular metaverse cryptocurrencies, however, the token is facing massive losses due to current turmoils in the market.
The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations and non-fungible tokens, the Sandbox creates a decentralized platform for a thriving gaming community.
Axie Infinity is down by almost 17% since the crypto market began to plummet again. Like other metaverse tokens, Axie Infinity is also facing the heavy blows of losses. Investors are dumping off riskier assets, causing heavy consequences for metaverse tokens like Axie Infinity. Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players.
Theta (THETA) is a blockchain-powered network, purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis.
Stacks enables DeFi, NFTs, apps, and smart contracts for Bitcoin. It is a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications to Bitcoin. These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful — including its security and stability.
Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. The token has gained massive popularity in the metaverse community, however, the crypto’s diminishing value is a matter of concern for its investors.
SushiSwap is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges that use smart contracts to create markets for any given pair of tokens.
Ontology is a project designed to bring trust, privacy, and security to Web3 through decentralized identity and data solutions. It is building a secure infrastructure to provide trusted access to Web3, allowing individuals and enterprises to assure that through regulatory-compliant and digital identity solutions, users and their privacy come first.
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