The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $23,996.12 and BTC market dominance is %. The price of Ethereum is $1,677.79 and ETH market dominance is %. The best performing cryptoasset sector is Cannabis, which gained 28%.
The news is good for traditional investors, but bad for metaverse and NFT hopefuls.
Cover art/illustration via CryptoSlate
Meta — formerly Facebook — reported positive news for general investors but bad news for those interested in its virtual reality (VR) division in its Feb. 1 earnings report.
The company saw substantial revenue, bringing in $32.17 billion during Q4 2022 and $116.61 billion over the entire year. Despite year-over-year losses (4% for Q4 and 1% for the entire year), Meta’s Q4 revenue was on the high end of the $30-$32.5 billion estimate that it predicted previously. The firm also announced a $40 billion buyback today.
That news has positively affected the value of META stock, up 2.79% over the day. META has risen from $148.01 to $153.12 over the past several hours.
Meta also reported that its Reality Labs division saw $4.28 billion in operating losses in the fourth quarter of 2022 and $13.72 billion in operating losses over the entire year. According to reports from CNBC, the division’s fall in revenue seems to be due to declining sales and a need for VR technology that can be used with its devices.
Reality Labs is responsible for Meta’s “metaverse” products, including services such as its Horizon Worlds game and products such as its Quest headsets. Reality Labs also became responsible for various artificial intelligence (AI) projects beginning in 2022.
However, Reality Labs’s metaverse ambitions are best known in the crypto community for spurring the trend of non-fungible tokens (NFTs) in virtual reality projects. Horizon Worlds features in-game tradable items, and although it does not use NFTs as the basis for those items, competing blockchain projects have capitalized on the similarity.
The crypto-based VR world Decentraland saw its MANA token gain about 550% over November 2021, just after Meta announced its metaverse plans at the end of October 2021. The Sandbox similarly saw its SAND token gain 850% that month. Several mainstream companies also began pursuing metaverse and NFT plans then.
Hype around the trend died down in 2022, and the tokens named above have fallen back to baseline prices. Today’s news suggests that the trend could wane further.
Mike trained in library and information sciences before moving into crypto writing in 2018. He lives on the West Coast of Canada.
CryptoSlate looked at the data surrounding notable token unlocks to see how they affect the market.
Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.
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Decentraland is a decentralized virtual reality (VR) platform built on the Ethereum blockchain.
The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain using the platform’s utility token SAND.
Meta (formerly known as Facebook, Inc) is an American online social media and social networking service company based in Menlo Park, California.
The stablecoin has a circulating supply of 1.7 million, while its reserve token’s supply is at 20.8 million, according to data on its official website.
17 projects, including 1inch, Tornado Cash, Moonbeam, ApeCoin and Aptos will unlock a portion of their tokens throughout the month.
The crypto lender emphasized that eligible users must update their accounts with certain information before any withdrawals can be processed.
The firm also expects crypto adoption to increase further and mentions chains and NFTs might go in a new direction in 2023.
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Some charities have voluntarily agreed to return the funds, some have already spent the money, while others are awaiting legal clarity.
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XRP, FIL and OP have the largest estimated locked value with $17.9 billion, $4.9 billion, and $3.7 billion, respectively.
CryptoSlate looked at the data surrounding notable token unlocks to see how they affect the market.
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