Report shows Metaverse, the killer narrative of 2021, turned out to be the biggest loser in the crypto sector this year.
Metaverse Observes Drawdown Of 89% Over The Year 2022
As per the year-end report by Arcane Research, both the alternative layer 1s craze and the Metaverse hype of last year came crashing hard in 2022. Here is a chart that shows how some of the biggest narratives of 2021 performed this year:
As the above graph displays, privacy coins performed the best out of all these market segments this year, but the sector still amassed significant losses of around 47%. The report notes that the privacy coins outperforming the others is likely because of Monero’s sustained utility in darknet transactions. Year-to-date, XMR itself is down 35%.
The biggest loser this year was Metaverse, with the sector seeing a massive drawdown of 89% since the start of the year. It would appear that all the hype surrounding the mythical digital parallel world couldn’t survive in this harsh bea
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