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Fashion January 3, 2023

Metaverse Tokens Plunge More than 90% in Value in Industry-Wide Bloodbath

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Metaverse Tokens Plunge More than 90% in Value in Industry-Wide Bloodbath

Metaverse tokens with more than $1 billion in market capitalization plunged more than 90% in value throughout 2022 due to an industry-wide tanking of the crypto and metaverse markets. 

Among them, ApeCoin (APE), Flow (FLOW), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), Enjin Coin (ENJ), and Internet Computer (ICP) which brought so many gains to sophisticated and unsophisticated traders and investors in 2021 were hit hardest.

Also read: Metaverse Investing: Tokens or Stocks?

APE, the novel token of the ApeCoin ecosystem built on the success of the Bored Ape Yacht Club (BAYC) and its sister project the Mutant Ape Yacht Club (MAYC) and the Bored Ape Kennel Club (BAKC) shed 90% of its value in 2022. 

APE was launched on March 17, 2022, and reached a peak of $39.40 on the same day. A total of 150 million APE was airdropped from March to mid-June to BAYC and MAYC NFT holders to help promote the coin to millions of traders and investors. 

Ape and Gucci collaborates

Eventually, APE gained the support of major exchanges such as Binance, OKX, BitMart, Coinbase Pro, and Huobi Global among more than 60 crypto trading platforms.

As the primary token which will be overseeing all future activities in the ApeCoin ecosystem which includes the Otherside Metaverse and upcoming blockchain-based games, APE was accepted by fashion brand Gucci in August as a payment option for its products through a partnership with blockchain payment technology BitPay. 

Aside from Gucci, TIME Magazine also accepted ApeCoin as payment for digital subscribers earlier in the year. 

Despite these milestones, the collapse of TerraUSD (UST), an algorithmic stablecoin by Terraform Labs did not help the fortunes of the token in May. FTXs collapse and subsequent bankruptcy in November plunged APE further into deep losses for investors that bought the token during its peak. On Dec.31, APE was exchanging hands for $3.64, ten times below its yearly high. 

Metaverse Tokens Plunge More than 90% in Value in Industry-Wide Bloodbath

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The Flow blockchain has been an integral part of the non-fungible token (NFT) industry as well as the transition into the metaverse. Unlike other blockchains such as Ethereum, Algorand, and Avalanche that has multiple use cases, Flow is primarily tailored to the needs of NFTs. 

After opening at $8.80 on Jan. 1, Dapper Labs, the development team behind the protocol finally launched NFL ALL DAY in a partnership with the National Football League (NFL) and National Football League Players Association (NFLPA) in August. 

NBA Top Shot highlights NFT platform

NFL ALL DAY which is similar to NBA Top Shot is an exclusive digital video highlight NFT platform that allows fans to buy, own, and trade officially licensed digital video highlights NFTs called Moments. These moments feature some of the greatest NFL players and most sought-after plays in the modern game and throughout the sport’s history. 

While NFL ALL DAY added more than $70 million to the total NFT sales on the Flow blockchain in 2022, its sister project in the form of the NBA’s Top Shot failed to impress. Top Shot’s total sales of approximately $211 million throughout 2022 were below February 2021’s $224 million

With decreasing sales due to falling global NFT market sales, traders responded negatively to FLOW. After reaching a peak of $9.44 on Jan. 2, FLOW closed 2022 with a new price of $0.6535, a 93% plunge in market capitalization from $2.9 billion to $677 million. 

Metaverse Tokens Plunge More than 90% in Value in Industry-Wide Bloodbath

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Metaverse Token the Sandbox (SAND) Was Not Spared 

The Sandbox began 2022 strong with a trading price of $5.85. During the first month of 2022, the Sandbox announced a $50 million fund for what it called its startup metaverse accelerator program. Projects were allotted $250,000 in investments and additional incentives were given to the top-performing projects and this included The Sandbox (SAND) digital asset and LAND, a digital real estate housed in The Sandbox’s metaverse. 

The Sandbox became a behemoth metaverse platform in 2022 as Warner Music Group partnered with the platform to create music-themed LAND in January. 

Aside from this, the Sandbox partnered with another NFT project called the World of Women to drive the mentorship of females through education in March. 

Within the same month, multinational universal bank and financial services holding company HSBC entered the metaverse via the Sandbox to offer educational finance games to its clients. 

Several new metaverse platforms saw the light

The second half of the year saw new partnerships formed with the latest coming through Playboy. Playboy announced in July that it will be creating a MetaMansion social game inside the Sandbox with NFT collectibles and special experiences for the Playboy community. 

Despite the new milestones other metaverse platforms will be envious of, the damage done by Terra and later FTX which culminated in the search for Do Kwon and the arrest of Sam Bankman-Friend respectively reflected negatively in the value of SAND, the novel token of the Sandbox. 

While the Sandbox brought in more than $90 million in NFT sales in 2022, there was a significant decline of 93% in SAND’s price from a peak of $6.01 on Jan. 1 to $0.383 on Dec. 31. 

Metaverse Tokens Plunge More than 90% in Value in Industry-Wide Bloodbath

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Other coins followed along down

Other metaverse coins such as MANA, AXS, ENJ, and ICP also saw double-digit percentage losses throughout 2022.

ICP, the cryptocurrency of Internet Computer, a project which aims to decentralize everything on the internet plunged by 83%.

ENJ, the novel token of Enjin Coin, an ecosystem of interconnected blockchain-based gaming products shed 90% of its value while AXS, the native asset of Axie Infinity, the highest-selling NFT by all-time sales also went down by 93% due to a drop in the average sale value of Axie NFTs.

MANA, the token behind Decentraland, a virtual destination for the buying and selling of virtual land, estate, and avatars also plummeted by 90% due to an industry-wide bloodbath that has wiped more than $2 trillion off the total market capitalization of the entire decentralized finance market.

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Image credits: Shutterstock, CC images, Midjourney.

Fashion

Metaverse Fashion Week Hits the Digital Catwalk This Spring

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Metaverse fashion week

Decentraland is set to host the Spring Metaverse Fashion Week (MVFW) in March, the second such fashion week in the virtual environment.

Earlier this year Decentraland hosted 108,000 people at the first-ever MVFW. Luxury fashion brands including Dolce & Gabbana, Tommy Hilfiger, Selfridges, Guo Pei and Paco Rabanne took part in the landmark event.

Metaverse fashion weekNow Decentraland and its partners, including the non-fungible token (NFT) marketplace UNXD, is seeking to repeat the trick next year. This time the two will collaborate with the Spatial and OVER metaverses to seek out a wider audience.

“After our successful first season with Decentraland, we’re thrilled to be expanding the MVFW platform together to encompass additional metaverses,” said Shashi Menon, Co-Founder and CEO of UNXD.

Digital fashion makes a strong use case

Fashion-conscious metizens minted over 165,000 free NFT wearables at the previous MVFW suggesting strong demand for digital wearables.

Metaverse fashion week

Now Dr. Giovanna Graziosi Casimiro, the head of MVFW, argues that digital fashion is providing one of the strongest use cases for the metaverse.

“I am incredibly honored to be leading the second annual Metaverse Fashion Week and cannot wait to show the world what has developed since the last time we showcased the fashion revolution in the metaverse on a grand stage,” said Dr. Casimiro.

“Within one year, we have shown the world one of the strongest and most obvious use cases for the metaverse yet—digital fashion. After all, we don’t all want to look like dull copies of the same avatar in our digital lives. Just like in the real world, we all want to individualize and curate the personal aesthetics that we are recognized for.”

The theme of Spring MVFW is ‘Future Heritage,’ which is illustrative of how the event is seeking to connect traditional fashion houses with emerging creative talent.

Metaverse fashion week hits the catwalk

MVFW will hit the luxury fashion district of Decentraland between March 28-31, 2023. The event will see internationally recognizable fashion houses return to the catwalk in the Decentraland fashion arena.

Those who wish to register for the event can do so here.

/MetaNews

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Economy

Style.me introduces its wearable NFTs in the metaverse

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Style.me, the industry-leading 3D fashion technology company, has launched a new innovative offering that enables designers to become metaverse-capable creators. In addition this latest step extends the company’s solutions into the world of digital fashion and NFTs. Moreover building on its growing success in virtual fitting and styling.

Style.me

MetaNews.

The company Style.me mints and distributes fashion NFTs

Style.me creates and distributes fashion NFTs, allowing people to wear, share, and use them across the metaverse. In addition, the company gives its partners the ability to bring their physical collections into the digital realm through bespoke “phygital” experiences.

The company Style.me’s plug-and-play technologies will allow metaverse projects to make digital fashion accessible to their communities. New experiences, such as virtual runway presentations, exhibitions, and live events, will be possible for designers and companies.

Style.me, with its 3D and AR technologies, is at the forefront of making digital fashion more accessible

Fashion NFT utilities are now limited, and Style.me is at the forefront of making digital fashion more accessible with its 3D and AR technology.

Style.me’s President, Rufus Parkinson, stated. “Style.me’s mission has been to enable consumers to see and interact with fashion in the digital environment since its inception. We believe that digital fashion and NFTs will alter the industry by allowing us to leverage our patented technology to open up a new dimension of user experiences.”

Combined with blockchain technology and the rapid expansion of the metaverse, digital fashion will explode in the next few years. Morgan Stanley estimates that the premium digital fashion sector alone will reach $20 billion by 2030.

Style.me’s goods are already in high demand, with consumption rising 386 percent in the last year, and this additional fashion NFT offering offers up even more prospects for growth in the digital fashion industry.

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Economy

Samsung offers access into South Korean metaverses and NFTs

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At the very beginning of 2022, South Korean tech giant Samsung announced its foray into the metaverse and a new “NFT Aggregation Platform” designed for its smart TVs.

Along with the NFT TVs, Samsung debuted a virtual reality experience within Decentraland. Moreover one of the most popular metaverse game platforms.

Samsung

MetaNews.

Samsung NFT TV and presence in Decentraland

Microsoft announced the acquisition of Activision Blizzard for $68.7 billion USD in an all-cash transaction on January 18, 2022. Samsung Electronics, a South Korean electronics behemoth and conglomerate. Had unveiled three brand new TV models for 2022. Moreover each with a “intuitive, integrated platform for discovering, purchasing, and trading digital artwork” a month prior.

The Samsung 837X Opening Event opened its doors to Decentraland inhabitants on January 6, 2022. In addition as part of the CES 2022 interactive event, marking Samsung’s official launch in the metaverse.

Residents of Decentraland who attended and participated in the quests during the three-day launch event were able to obtain four NFT badges inside the experience. They toured various settings, watched Samsung promotional movies, listened to DJ performances. In addition eventually entered a competition to win one of three levels of special Samsung wearable NFTs.

South Korean NFT market and becoming a leading force in the metaverse

Heo Baek-young, the CEO of South Korean crypto exchange Bithumb. Claimed that the exchange was creating an NFT exchange to help it “remain competitive” with other domestic Korean exchanges.

Samsung’s local and global rival in electronic device and smart device production, LG, likely will back Bithumb’s NFT exchange, according to Korean media reports.

In addition HYBE, the world-famous South Korean music agency that manages the world-famous Korean pop band BTS, announced a joint venture with Dunamu. A South Korean finance startup, to develop NFTs starring BTS and other musicians. Moreover South Korean legislator Lee Kwang-jae said in December 2021 that he would begin accepting crypto donations and issuing NFT receipts with his image and electoral promises to his followers in an unexpected field of politics.

For the past forty years, South Korea has been focusing on building technology. Moreover top brands with global recognition, despite the ever-present shadows of complex geopolitics and uncertainties. Constrained by natural resources and regional power maneuvers. If we feel that the metaverse will be the next global chapter for the majority of the developed world, there is no reason why we should not strive for success and supremacy.

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