Crypto market research firm Arcane Research is one of the most searched terms in 2021, according to an annual report published recently. “metaverse”became the biggest loser of 2022. According to the report, last year’s phenomenon industry shrank 89% through 2022.
The least damaged area of the year in the crypto industry was privacy-themed cryptocurrencies. monero, ZCash and dash While projects such as these have lost 47% since the beginning of the year, this rate has been announced as 58% in stock market tokens. Father of cryptocurrencies bitcoin and biggest follower Ethereum decreased by 65% and 68%, respectively.
The second biggest loser of the year after Metaverse tokens was alternative layer-1 blockchain projects. Platform tokens, including BNB, have lost an average of 85% in a year.
What is Metaverse? The Rise and Fall of the Metaverse to the Top
The term metaverse, which combines virtual reality technology and blockchain networks, is in Turkish. “virtual world” means. After the bull in crypto last year, the world’s largest social media platform Facebook changed its main group name to Meta, causing local tokens of metaverse projects to officially fly into space.
However, the bear market that started in crypto at the end of the year has deeply affected the metaverse sector as it was the biggest winner of the previous year.
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