The Metaverse crypto space may not be as sizzling hot as it was back in 2021, but don’t you dare count it out just yet! According to CryptoSlate, the Metaverse market has taken a bit of a tumble, dropping from a whopping $23.54 billion to a measly $4.9 billion. Ouch, talk about a reality check!
But fear not, dear reader, for Glassnode has some rather interesting news to share. It seems that the Cost Basis Distribution (CBD) metric indicates that there are still plenty of people who have not sold their Metaverse tokens, and some are even buying more. Now, isn’t that just the most delightful twist in this tale of digital wonderland?
Even though the prices have gone down, tokens like the Sandbox (SAND) continue to get bought. That means some investors still believe in these projects and see them as good long-term bets. And let’s not forget about MANA, which is seeing strong buying activity around $0.60, meaning people are taking advantage of lower prices. Now, that’s what I call a bargain hunter extraordinaire!
AXS has been steadily accumulated over the past two years, proving that some investors still have faith in the project. Instead of selling, they’re holding tight and lowering their cost basis while waiting for a possible comeback. Now, that’s what I call a patient investor!
Tracy Jin, COO of MEXC, thinks the excitement around the Metaverse faded because it didn’t deliver on the huge expectations. “The hype around these projects has faded considerably in recent years,” she said. Investors have shifted their focus to where they can make more profit. Now, isn’t that just the most hilarious hype that just won’t die?
Metaverse is different from memecoins and Defi, they rely on people to actually use the platform. So, without real-world demand, they have been unable to stay relevant. With slow adoption and limited use cases, these tokens have found themselves in what Jin calls a liquidity trap, where there just aren’t enough buyers. Now, that’s what I call a pickle of a situation!
Institutions have mostly moved on, but big tech companies like Meta, Apple, and Nvidia are still investing in VR and AR. That means the Metaverse concept isn’t dead; it’s just evolving. If blockchain-based projects can keep up and find new ways to attract users, they could still make a comeback. But for now, the hype has cooled down, and investors are playing the long waiting game. Now, isn’t that just the most delightful cliffhanger?
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2025-03-13 19:37