Is there a significant technological deception where technology companies are merely orchestrating elaborate scams, while the wealthy thrive on the global media frenzy and people's aspirations for quick wealth?

This narrative commenced with the advent of the internet, generating an enormous media buzz and perpetual media fervor, painting the internet as the promising future. Technology giants like Microsoft and others began to surface, but ultimately, they all became entangled in the famous dot-com bubble at the dawn of the current millennium. People didn't genuinely comprehend the intricacies of the internet or the rationale behind investing their capital in these corporations on the worldwide stock exchanges, consequently witnessing their savings dissipate as the bubble burst.

Subsequently, enigmatic and shadowy origins gave rise to social media platforms such as Facebook, Twitter, and YouTube, where young prodigies like Mark Zuckerberg exercised dominion over millions of individuals, akin to a shepherd guiding their flock. This ushered in a wave of fervent investment in these emerging entities and their counterparts, causing these newfound celebrities to become virtually obsessed. Remarkably, individuals like Mark Zuckerberg garnered both fame and fortune, wielding substantial influence over the course of humanity's decisions. Consider, for a moment, that Mark is contemplating a novel decision while in the bathroom; this decision could impact millions of people and thousands of companies worldwide.

Approximately 13 years ago, digital currencies emerged and, predictably, gained momentum before waning. Finally, the era of artificial intelligence and technologies like GPT materialized, and the consensus was that they would reshape the world. Following the typical pattern, people poured millions into these ventures, but only a select few reaped profits significantly lower than those who suffered substantial losses. It appears that project owners and corporations are capitalizing on our resources, while we, the general public, remain unwittingly ensnared in this cycle.

#facebook #cryptocurrency #trade

When was #facebook 's, sorry I mean Meta's last original idea? did they ever have one?

What do you think they will rename to next #BullRun ?

#crypto2023 #Metaverse #dyor

In 2021, the cryptocurrency market experienced an astonishing rally, with four projects leading the way in the Metaverse and GameFi sectors: The Sandbox (SAND), Axie Infinity (AXS), Enjin Coin (ENJ), and Decentraland (MANA). At their peak in November 2021, these four tokens boasted a combined market capitalization of $16 billion, constituting 0.5% of the total global cryptocurrency market cap, valued at $3 trillion at the time.

However, as the crypto market transitioned into a prolonged winter, the once-gleaming Metaverse projects began to encounter significant challenges. These issues ranged from security and privacy concerns to governance problems and a perceived lack of long-term holding incentives, which contributed to growing disillusionment among investors.

Fast forward to September 2023, and the collective market capitalization of SAND, AXS, ENJ, and MANA has plummeted to a mere $1.23 billion. This represents a staggering 92% decline from their peak in November 2021. To put this decline into perspective, these four Metaverse tokens now constitute only 0.12% of the global crypto market cap. $SAND $AXS $ENJ

Market capitalization, a pivotal financial metric in the cryptocurrency world, reflects the total value of a cryptocurrency's circulating supply and offers insights into the blockchain's overall worth at a specific point in time. The sum of the market cap of these four major Metaverse projects highlights the sector's diminished significance within the broader cryptocurrency landscape.

This dramatic devaluation underscores the waning interest of crypto investors in the Metaverse sector over the past two years. Capital has flowed toward more resilient sectors and emerging trends, leaving the Metaverse projects struggling to regain their former glory.

While this may not mark the endgame for the Metaverse, those who enthusiastically bought into the 2021 hype are now counting their losses. Historical In/Out of the Money (IOMAP) data from IntoTheBlock sheds light on the profitability levels of wallet addresses holding these tokens, comparing current prices to the average acquisition cost.

Among the four major Metaverse projects, Axie Infinity and The Sandbox token holders find themselves in the most challenging positions. A staggering 99.54% of all AXS addresses are "out of the money," and similarly, 98.34% of SAND token investors are now underwater.

Decentraland, with its virtual marketplace and community center, hasn't fared much better, as 89.04% of its investors are currently in the red. Enjin Coin, aimed at enabling developers to create and manage virtual goods on the Ethereum blockchain, also has 75.5% of its investors sitting deep in a deficit position.

In summary, the cumulative market cap of ENJ, MANA, AXS, and SAND has seen a staggering 92% decline from $16 billion in November 2021 to $1.23 billion in September 2023. Moreover, their dominance within the crypto industry has shrunk by nearly 76%.

While there was a mild resurgence in the Metaverse sector in July 2023, triggered by Apple's Vision Pro launch and optimistic statements from Meta (formerly Facebook) CEO Mark Zuckerberg, this momentum appears to be fading. Lingering concerns about security, long-term utility, and player retention have played a role, but the United States Securities and Exchange Commission (SEC) filing lawsuits against Binance and Coinbase in June 2023 further shook the Metaverse space. The SEC labeled The Sandbox, Axie Infinity, and Decentraland as "securities" in these filings, resulting in significant price drops for these tokens.

In conclusion, sentiment surrounding the Metaverse has turned overwhelmingly bearish. However, this downturn could potentially attract strategic investors looking to buy the dip in anticipation of a future resurgence. The Metaverse may have stumbled, but its story is far from over, and the next chapter remains uncertain. #metaverse #SEC #facebook #MarkZuckerberg