A few months ago, metaverse and P2E gaming were the talks of the town – a buzzword that everyone, including venture capital firms, wants to invest in. While Metaverse projects like The Sandbox and Axie Infinity showed great potential, they couldn’t survive the test of time.
Even their investors have started showing interest in new projects with ingenious use cases like Snowfall Protocol (SNW). Still in presale, the Snowfall Protocol token has risen by more than 500% due to its cross-chain capabilities to improve interchain communication.
Read on to learn more about the fall of the metaverse concept and why investors are showing growing interest in Snowfall Protocol (SNW).
Axie Infinity (AXS) Lost 95% From All-Time High
The COVID-19 lockdown popularized play-to-earn gaming and metaverse because many people wanted an alternate source of income. Axie Infinity was one of the games leading the forefront for P2E gaming and the metaverse concept.
At its peak, Axie Infinity had up to 2.78 million monthly active users in January 2022. The number went down below 1 million active players in less than six months. In the last 30 days, Axie Infinity users have been down to only a few hundred thousand.
Part of this decline is due to multiple Ronin exploitation. The network lost $620 million to a hack, which was the beginning of the fall of the AXS token. Following the events, the Axie Infinity token also suffered up to a 95% loss from $160. However, the token is correcting its loss and has gained about 30% this year.
The Sandbox Losing Investors
Like Axie Infinity, interest in the metaverse and The Sandbox has greatly reduced. While many of us are interested in enjoying immersive experiences and exploration, The Sandbox is far from being the dream metaverse.
Many experts have complained about its crudeness and lack of genuinely entertaining elements within The Sandbox. To make things worse, it is still using the low effective and high gas fee Ethereum blockchain. Aside from this, the platform is not user or beginner friendly.
The Sandbox is undoubtedly a great project. However, it failed to meet the long-term expectations and goals of virtual exploration. Consequently, The Sandbox has lost over 90% of its valuation, and its token is trading at $0.55, about 93% down from the all-time high price of $7.53.
Snowfall Protocol: The Future of Interoperability
Snowfall Protocol (SNW) is an inter-chain bridge and asset transfer ecosystem for cryptographic assets (fungible and non-fungible tokens). The protocol’s unique use case in promoting seamless, easy, and secure asset transfer has paved the way for millions of people to interact with every blockchain.
Snowfall Protocol (SNW) supports more than 200 chains and all widely used EVM and non-EVM compatible chains. For metaverse worlds, Snowfall Protocol could bridge different virtual worlds and enable cross-chain interaction between Axie Infinity and The Sandbox. Therefore, it is easy to see why metaverse investors show great interest in the protocol.
Snowfall Protocol (SNW) operates using a first-of-its-kind canonical bridge and a swap/wrap system for crypto assets and NFT. The excellent use cases of Snowfall Protocol (SNW) make it an alluring investment that could be incredibly profitable for both Axie Infinity and The Sandbox investors.
Snowfall Protocol (SNW) is in the fourth presale stage and has seen tremendous support and growth since its launch. While its token is underpriced, demand has gone over the roof, and within a few days, the token saw more than $4 million in presale investment. You can ape in SNW tokens for $0.182 by signing up on the Snowfall Protocol token presale.
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin
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