How Facebook's Metaverse Failure Affects the Crypto Industry
The crypto industry witnessed one of the most depressing and worst markets in a long while. Many events were a major factor in the industry's bad outlook in 2022. The FTX collapse, the degradation of TerraUSD, and Genesis's bankruptcy complicated many things in the crypto industry.
However, internal issues within the crypto industry aren't the only thing causing havoc. Metaverse projects without positive outcomes, such as that of Facebook, have been affecting the crypto market.
Since many metaverse developers are interlinking the technology with blockchain technology, the failures of metaverse companies such as Facebook will seriously affect crypto. Facebook's crypto/metaverse involvement is not helping either, as all their projects have been ending in negative outcomes.
The first impact on the crypto industry is that it reduces people's trust in projects integrated with the crypto industry. When a metaverse project fails, some people feel that their integration with the crypto industry caused the failure.
Many tokens related to many metaverse companies have dipped whenever there's news about the failure of another metaverse project. On the investor's side, many have lost millions of dollars due to the failure of many metaverse projects. Investors who invested their money into the Facebook metaverse project are currently in losses and thus might make a lot of them avoid other projects related to blockchain technology.
