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- The Sandbox and Decentraland. In Q4 2021, Meta recorded $33.67 billion in total sales, up from $28 billion the year before. Its net income, however, fell to $10.28 billion from $11.2 billion a year ago
- SAND tokens for The Sandbox, one of Decentraland’s key Metaverse competitors, have gained 17.5 percent in seven days, starting at a low of US$3.31 and rising to a high of over US$4, with support levels at US$3.60
- Reality Labs, Meta’s digital and augmented reality research and development firm, was given its own division in its earnings report for the first time. It suffered losses of more than $10 billion, rising from $6.6 billion in 2020.
Despite a drop within the stock price of Meta Platforms, decentralized Metaverse tokens have achieved steady increases this week. After the digital giant disclosed poor profits and a decrease in daily active users, Meta Platforms, the parent organization of Facebook, witnessed the greatest single-day drop in the market price for a U.S. firm ever, with a 26 percent drop in share prices on Thursday.
Meta Recorded $33.67 Billion In Total Sales
In late 2021, Meta notably changed its name from Facebook to announce its plans to focus on the Metaverse, and its troubles have coincided with double-digit percentage increases for its decentralized competitors. The Sandbox and Decentraland. In Q4 2021, Meta recorded $33.67 billion in total sales, up from $28 billion the year before. Its net income, however, fell to $10.28 billion from $11.2 billion a year ago.
Reality Labs, Meta’s digital and augmented reality research and development firm, was given its own division in its earnings report for the first time. It suffered losses of more than $10 billion, rising from $6.6 billion in 2020. However, it is still in the early phases of developing Metaverse technologies, such as a haptic glove that allows users to touch things in the metaverse.
Yat Siu, chairman, and co-founder of Animoca Brands told Cointelegraph that the steep drop in Meta’s share price could be indicative of a broader trend in which customers are starting to question the centralized Web2 model: It’s a system in which no major portion of the network’s ownership or value is shared, that will ultimately lead to a decrease as users seek for better alternatives.
Because people are going to spend considerably more time online in the future, the issue is where and how they will do so. This is an early sign that they are migrating away from Web 2.0, and Web3 is the natural next step for a rising number of people. Web2 firms such as Meta and Apple, according to Siu, are also losing their top individuals to Web3 startups and projects.
The open web and Web3 Metaverse is much more than a product cycle; it’s a cause and fighting anything like a single firm is difficult.
Metaverses Supported By Cryptocurrency
The price of Decentraland’s MANA token has risen over 20% in the last seven days, from a seven-day bottom of US$2.19 to the latest levels of support around the US$2.60 mark. Decentraland is an Ethereum-based Metaverse platform.
Similarly, SAND tokens for The Sandbox, one of Decentraland’s key Metaverse competitors, have gained 17.5 percent in seven days, starting at a low of US$3.31 and rising to a high of over US$4, with support levels at US$3.60. Aside from Meta, additional factors are influencing MANA and SAND prices this week. The Decentraland 2022 Manifesto was released, revealing a prototype phone app, improvements to the play experience, increased NFT usefulness, and protocol advancements.
The Sandbox team has announced a cooperation with UNIX Gaming, a decentralized autonomous organization (DAO), as well as a February 10th release of extra land in its metaverse. The Sandbox is owned by Animoca Brands, and earlier this week, there were unverified speculations that Meta might be purchasing the Metaverse platform. Siu, on the other hand, quickly put an end to those reports on February 3.
Other large tech giants, like Apple and Microsoft, are entering the market in addition to Meta. With the latest job advertisement for a Business Development Manager asking for someone to help lead Disney’s efforts in the NFT area, it appears that the entertainment behemoth is gearing up for a foray into the Metaverse as well.