SAND - Down More Than 90% in 2022 Can These 2 Metaverse Cryptos Bounce Back in 2023?
This was supposed to be the year of the metaverse, right? Remember the "can't-miss" $1 trillion market opportunity that brands, celebrities, and tech companies embraced in 2021, hoping for a big payoff in 2022? Instead, the two highest-profile metaverse cryptos -- The Sandbox (CRYPTO: SAND) and Decentraland (CRYPTO: MANA) -- are both down more than 90% for the year, and many investors have soured on the metaverse concept.
If these two metaverse cryptos hope to bounce back next year, they need to do something differently to persuade more people to spend time in virtual worlds. Until they do, the crypto tokens powering these virtual worlds are unlikely to recover anytime soon.
A good starting point is simply figuring out what the metaverse is supposed to be. The original concept of the metaverse is a shared virtual world where people hang out, shop, learn, work, and spend time together. Since this was supposed to be a $1 trillion market opportunity, becoming a dominant player in the metaverse meant vast, untapped riches. That's why hopes were originally so high for both Decentraland and The Sandbox two years ago -- these seemed to be the obvious winners.
For further details see:
Down More Than 90% in 2022, Can These 2 Metaverse Cryptos Bounce Back in 2023?