According to a recent annual report by the crypto market research firm Arcane Research, “metaverse,” one of the most searched crypto terms in 2021, emerged as the biggest loser of 2022. The report highlights that the once-thriving industry saw a dramatic decrease of 89% throughout 2022.
In contrast, the sector least affected over the year was cryptocurrencies with a focus on privacy. Projects such as Monero, ZCash, and Dash experienced a 47% loss since the start of the year, which compares favorably to the 58% loss reported for exchange tokens.
Bitcoin, the pioneering cryptocurrency, and Ethereum, its most significant successor, declined by 65% and 68%, respectively.
Following Metaverse tokens, the second most significant loss was recorded in alternative layer-1 blockchain projects. Platform tokens, including BNB, suffered an average loss of 85% over the year.
What is Metaverse? The Rise and Fall of the Metaverse to the Top
The term “metaverse,” merging virtual reality technology with blockchain networks, translates to “virtual world” in Turkish.
Following the crypto bull market last year, the world’s largest social media platform, Facebook, rebranded its main group name to Meta, which propelled the local tokens of metaverse projects to soar significantly.
However, the bear market that commenced towards the year’s end has profoundly impacted the metaverse sector, which was the previous year’s largest beneficiary.
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