Cryptomarket Downturn: Metaverse (ETP) Shows Resilience
Following a recent hack experienced by the South Korean cryptocurrency exchange, Bithumb, which saw over $30 million stolen as reported by Reuters, the Bitcoin once again faced another drop in value this year to an average of $6500. The year 2018, has not been a good year for the cryptocurrency as it keeps experiencing a period of volatility. Earlier in June, it had experienced a major drop following a hack on a South Korean exchange, Coinrail. According to Coinmarketcap, over 80% of the top digital currencies have experienced a decline. These recent occurrences and the volatility of the cryptocurrencies especially Bitcoin continues to raise many eyebrows and stir doubts in many.
Also, several blockchain projects have delivered below expectations, which raises another cause for concern. Based on a report by Reuters a good number of blockchain projects embarked on by major financial institutions were later halted. Reasons for this ranged from the lack of industry readiness to costs involved. Many hopes were raised at the potentials of the blockchain technology in aiding financial transactions, eliminating middlemen and reducing costs. However, at the implementation, several institutions pulled out citing heavy costs and believed using the traditional technology would be cheaper. Examples of these projects include Depository Trust & Clearing Corporation (DTCC), BNP Paribas SA (BNPP.PA) and SIX Group according to Reuters.
In addition, a report on Techcrunch showed that over a thousand blockchain projects had failed so far in the year 2018. A good number of these projects also turned out to be scams supposedly referred to as “pump and dump” scams. According to Ethereum world news, “Many fraudulent players in the market create business models that have no viable economic merit. Then they attach a worthless token with little or no utility, pumping the value and enticing investors. Once the artificial demand is created, and the price is inflated to the desired level, the operators cash out leaving investors with worthless coins. Such reports do not contribute healthily to the cryptomarket.” Reports such as these certainly do not contribute healthily to the cryptomarket.
However, despite the current stagnation witnessed in the cryptomarket and the huge number of failed projects, the Metaverse ETP has succeeded in maintaining its momentum and in fact, has recently experienced a surge. The ETP was at a low of $0.50 earlier in July but has made a remarkable comeback by over 150% as of 10th July to $1.50. A feat achieved by one of the earliest blockchain projects in China. This is for certain an impressive feat and with a lot of reasons behind the surge.
In late June last month, Metaverse launched its latest mainnet upgrade, called Supernova. With the upgrade, it’s now possible for users to create their own Digital Identities and issue their own Metaverse Smart Token (MST) and Metaverse Identifiable Token (MIT) assets. Enterprises via this upgrade will also be able to customize their needs due to the latest capacity to own secondary issues and burn assets. Metaverse has proven to be cheaper than several other public blockchain projects and much easier to use. This recent development, most certainly contributed to the recent rise of the ETP.
Another major contributor to the rise of the ETP, was the recent implementation of the Metaverse BaaS (Blockchain-as-a-Service) which was announced by the company’s CEO, Eric Gu earlier in June. With the platform, projects with blockchain technology needs can adopt Metaverse’s underlying blockchain infrastructure layer to build their decentralized applications. The organization continues to expand globally across multiple industries with two major partnerships (Lexit and Trade.io) under its belt and seven portfolio companies. These announcements and developments invariably aid the organic growth of the company and consequently affect the rise of the ETP.
In spite of the odds and the volatility of the cryptomarket, Metaverse has proven the capacity to withstand and thrive. Although the organization experienced a downturn earlier this year in January, with the recent developments and advancements along with the support of its visionary international team who know how to drive value via continuous expansion and improvements on the Metaverse Blockchain, it’s becoming glaring Metaverse is set to break new records and attain even greater heights in the nearest future.