28 October 2021 was the date Facebook; the worlds largest social media platform with 2.89 billion monthly active users, officially announced to the world that they would be changing the name of their company to ” META “. They also announced that they would be changing the direction of their company away from being only a social media company, and turn themselves primarily into a MetaVerse Company! This surprised the world, and took the investing world by storm. Now every investor, hedge fund and money manager wanted to know more about the MetaVerse. The MetaVerse was now the talk of the town and on everyone’s radar! If you were not already playing with or investing in the MetaVerse, now was your wake up call. This created a massive move of money into all things Crypto Gaming, NFT’s, and all things MetaVerse. Many Crypto Gaming project skyrocketed in value 🚀.
As an example: on 10/24/2021 The Sandbox was at $1 a coin by 11/24/2021, just 1 month later, which is also about one month after the Facebook announcement, Sandbox was trading at $ 8.40! Yes, that is a 8x in 30 days ! 😮. Soon after this, later in the month of November the prices of crypto started to decline with large caps like Bitcoin and Ethereum crashing 30% on fear of a fed tapper and covid-19 fears. At this same time, most games and game coins crashed 50%+ in price, with top names like Sandbox crashing down to $4.60. This crash was even worse for in game assets and in game coins like SLP ( Axie Smooth Love Potion ) and Farmers World ( FWW Farmers World Wood or Farmers World Gold FWG) which saw price crashed over 80% ! 😳
The volatility in these emerging MetaVerse Economies is real and even greater than in the general crypto markets. From my understanding, these games and the emerging economies growing out of them, are still very very young, but built on user demand and user growth, much like a stock. The more player’s play and put money into the game, the more demand for in game assets grow, the more the price of these in game coins grows. As soon as new players drop off or leave in larger numbers, massive price crashes can come. As the old players keep mining in game NFT’s or in game coins, if there are less and less new players to buy the newly mined Gold or in game coins, price will fall. This can lead to massive price crashes like we witnessed in the fall.
This price crashed has occurred across the entire NFT’s gaming space and because this economy is so young it is the first time we have seen such a price crash for in game assets across the whole space. Leaving many play to earn gamers worried if prices will ever recover.
While most, myself included know prices will return to much higher prices in the future, it is evident that these early MetaVerse in game asset prices are very volatile. We look forward to reporting on the next bubble that happens across the space in the near future. I feel MetaVerse gaming will see new highs in 2022 and in the not too distant future. This early financial bubble in the MetaVerse might have been kicked off from the excitement in the Facebook announcement, but Play2Earn gaming has a long, grand future ahead. Please let us know what you think in the Forum or in the comments, and if you liked this post share it and let others know about the work we are doing here at www.IncomePlayer.com
Have a great day and keep playing 😎