Metaverse, DeFi, the Future of Finance, Coins Hit Hard by Crypto Crash

Cryptocurrencies linked to projects dedicated to the metaverse have been hit hard in the current crypto crash that has wiped out more than $1.2 trillion in the digital currency market since November.

It also has been a rout for native coins linked to decentralized finance (DeFi) projects, which are supposed to be the future of financial services. Most DeFi projects want to eliminate the middlemen.

The prices of Decentraland and The Sandbox, two platforms that are leading the push to make virtual land a hot commodity, have collapsed since their November highs.

Mana, the native token of Decentraland, has dropped 15% on a seven-day timeframe. The price is now down 61.7% from its Nov. 25 high. A decentralized virtual reality platform powered by ethereum, Decentraland allows users to buy virtual plots of land to create and monetize content as more users move through the online space.

The Sandbox has seen its price declining 13.1%, while its market cap has collapsed 59.3% from its Nov. 25 high as well. The Sandbox is built around blockchain and non-fungible token (NFT) technology. It’s about ownership and wants to let players monetize in-game resources, a key piece of  the metaverse.



This news is republished from another source. You can check the original article
here

Be the first to comment

Leave a Reply

Your email address will not be published.


*