The cryptocurrency market plunged into a bear market in late 2021. Even now, after a 73% drop in the value of the global market cap since November’s heady peak, there is in all likelihood more pain to come.
Amid this fall, the entire digital asset sector stands on the precipice of the emerging Metaverse. It is an interconnected network of virtual worlds where anyone can build a world of their choosing or contribute to another.
The buzz around the metaverse concept has seen numerous banks, corporations, brands, and celebrities starting to grapple with this new virtual frontier. But during the meteoric rise of the crypto space in the summer of 2021, it wasn’t easy to tell the dedicated builders from the short-term opportunists.
Now, there’s less money flowing around the crypto space than at any time in the past 18 months. So the bear market will act as a crucible that forges only the most serious, long-term metaverse projects.