Thursday, June 1, 2023

Competitor Tokens Outperform Meta


With a 26 percent drop in share prices on Thursday, Meta Platforms, witnessed the greatest single-day decline. When it comes to the market price for a US corporation recorded. It is commonly referred to as the “parent organization” of Facebook.

This slump occurred after the tech giant disclosed poor revenues and decreasing daily active users.

In late 2021, Meta notably changed names from Facebook to reflect its concentration on the Metaverse. On the other hand, its difficulties have corresponded with double-digit percentage advances for its decentralized competitors, The Sandbox and Decentraland.

In Q4 of 2021, Meta recorded $33.67 billion in total sales, up from $28 billion the year before. However, its net income fell to $10.28 billion from $11.2 billion a year ago.

Reality Labs is the Meta’s virtual and augmented reality research and development organization. The financial report shows a new division. It suffered losses of more than $10 billion, up from $6.6 billion in 2020. However, it is still in the early phases of creating metaverse technologies. Such as a haptic glove that allows users to “touch” things in the metaverse.

Drop in Meta Users

The steep reduction in Meta’s share price, according to Animoca Brands chairman and co-founder Yat Siu. Additionally, the abrupt decrease in Meta’s share price could be indicative of a bigger trend. Users are starting to doubt the centralized Web2 paradigm, according to a recent trend:

As individuals are going to devote more time online in the future. The concern is where and how they will do it. This is an early sign that they are migrating away from Web 2.0. The obvious outcome for a rising number of people is Web 3, Siu said.

Web 3 and the open Metaverse are more than simply another product phase, it’s a revolution, Siu continued. Moreover, the Web2 firms like Meta and Apple are “losing their finest people” to Web3 companies and projects. He added that it’s impossible to combat something like that as a solitary organization.

Crypto-backed Metaverse

The price of Decentraland’s MANA token, which is based on Ethereum, has increased by more than 20%. This happened in the last seven days. MANA has risen from a seven-day low of USD 2.19 to current support levels of USD 2.60.

SAND tokens for The Sandbox, one of Decentraland’s biggest metaverse competitions, have gained 17.5% in the last seven days. SAND hit a low of USD 3.31 over the weekend before soaring to a high of almost USD 4. This is with the support levels around USD 3.60.

Aside from Meta, other variables influencing MANA and SAND prices this week. Also, Decentraland announced their 2022 Manifesto, including a prototype mobile app, enhanced play experience, more NFT usefulness, and system updates.

The Sandbox team has announced a cooperation with UniX Gaming, a decentralized autonomous organization (DAO). Also, the February 10th launch of extra “land” in its metaverse.

What is Animoca Brands?

Animoca Brands owns the Sandbox. Earlier this week, there was unverified speculation that Meta might be purchasing the Metaverse platform. Siu quickly put an end to those reports on February 3.

Other large tech giants, like Apple and Microsoft, are entering the market with Meta. With a current job posting for a Business Development Manager, Disney appears to be gearing up. In preparation for a foray into the Metaverse as well. The job description needs someone to help guide Disney’s initiatives in the NFT space. It is, however, unclear whether Disney’s efforts are related to the company’s proposed headset-free augmented reality Metaverse initiative. Revealed using Patent filings.

Mary Santos
Mary Santos
Mary Santos has a degree in economics and after a successful career as an investment analyst, she found an interest in Cryptocurrency. Mary enjoys finding the latest scoop on crypto news.

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