- Metaverse and NFT-related tokens have gone down over the week.
- STEPN, MANA and GALA are among the metaverse crypto assets.
- People are excited about the next iteration of the Internet.
Metaverse And NFT Tokens Struggling In Market
NFTs and Metaverse tokens are going through tough times. Decentraland (MANA), Gala (GALA), Axie Infinity (AXS), and Flow (FLOW) have received huge blows over the last week. FLOW, token fueling the L1 blockchain flow has gone down by 23%, ever after experiencing a gain after the Instagram integration. At the time of publishing, the cryptocurrency was trading at the market price of $2.09.
M2E token STEPN fell down by 31% during the past week, which is the worst performance among the NFT tokens. The ecosystem recently joined forces with the LaLiga club Atlético de Madrid, but it has not helped the digital asset to climb up the market. As of this writing, the token was trading at the market value of $0.77.
These are not the only metaverse tokens to receive the blow due to the market conditions. GALA and AXS tokens fell by around 22% during the past week. Meanwhile, Decentraland’s MANA dropped by 20%.
Why Everyone is Excited About The Metaverse
As per a report, two-third of the organizations in the United States are actively engaged in metaverse development. They are testing use cases, developing proof of concepts and even generating revenue streams from the digital worlds. 82% reported that virtual realms will be an essential element of their businesses in the near future.
But how are they planning to do so? By developing the strategies, foundations, assessing the risks and driving the outcomes. 50% of the execs believe that metaverse will completely change the businesses as the people know it. They think that strategies must align the practicality and the long term vision associated with the metaverse.
Technology is just the beginning of the metaverse. Companies should not forget the other aspects including upskilling, hiring and customer research in the virtual worlds. People must take the cryptocurrency in account for the digital worlds. They need to step out of the box to rethink the ways of client engagement, working, improving the brand etc.
This is going to be a brand new tech for the people. But when they are strange to something, they fail to assess the risks associated with it and how to handle it. Admiring the metaverse just because it is the next big thing is not good enough. Similar to the arrival of anything new in industry, individuals should allow it to align with the business results.
Source: https://www.thecoinrepublic.com/2022/08/23/tough-times-for-metaverse-tokens/