Key Metaverse token takeaways:
- Metaverse tokens, including Decentraland (MANA), Axie Infinity (AXS) and Theta Network (THETA) has jumped over 10% in the past 24 hours.
- Facebook/Meta’s bearish quarterly report might have driven users to other platforms, says an expert.
- Key price outlook included.
YEREVAN (CoinChapter.com) – Metaverse tokens counted among the top 50 cryptos by market cap experienced significant gains in the previous 24 hours.
Notably, Decentraland (MANA) rose 11% to $3.28 on Feb. 16. Additionally, another metaverse token, AXS, representing Axie Infinity, rallied 11% to $65.10. Finally, Theta Network (THETA) brought the week-to-week uptrend to 22%, after the 10% daily gain.
Also read: Metaverse ETF Roundhill slashes fee amid booming competition.
The attached chart below compares the recent price actions of the said metaverse tokens in the previous two months, including Bitcoin (BTC). It shows that BTC’s price action led the metaverse pack, limiting their reaction to the Meta stock responsible for causing selloffs earlier in February 2022.
Meta sees the sharpest share value drop ever
Yat Siu, the co-founder, and chairman of gaming platform Animoca Brands, suggested that the avalanche in Meta stock (FB) price partially triggered a spike across Metaverse tokens, noting that the top talent and users from Web2 platforms have been restructuring themselves to become Web3.
In detail, FB plunged after Meta released its quarterly earnings report with year-end results. The company registered increased quarterly revenue year-to-year, going from $28 billion to $33 billion. However, the net income decreased by a billion dollars in the same period.
Meta chief Mark Zuckerberg treated the plunge as a hint to start shifting company incentives.
As a result, “Move fast,” “build awesome things,” and “live in the future” were among Meta’s new internal values. However, “building the future of social connection” might have backfired, as the shareholders met the report with a selloff wave.
Also read: Samsung metaverse to host the new Galaxy S22 series launch.
Moreover, the charts clearly show the report’s effect on the share price and the mentioned Metaverse tokens rising in comparison.
As a result of the 32% plunge, Meta reportedly lost over $230 billion in market value. However, the CEO wasn’t spooked by the plummeting share price and invested over $10 billion in Reality Labs, Meta’s division, responsible for developing the company’s Metaverse platform.
Also read: ‘Doge Killer’ token surges 46% after Shiba Inu creators announce metaverse lands for LEASH holders.
We expect first quarter 2022 total revenue to be in the range of $27-29 billion, which represents 3-11% year-over-year growth. We expect our year-over-year growth in the first quarter to be impacted by headwinds to both impression and price growth.
he said in the report.
