At this point, it’s clear that a new crypto bull market is here, and the bleeding from the past year or two is finally over. So, what are going to be the big hits of this crypto cycle? For now, TMS Network (TMSN) is looking promising, as it’s been able to raise more than $2.5 million in its token presale—and it’s only in the second phase. On the other hand, darlings from the previous crypto cycle, such as Decentraland (MANA) and The Sandbox (SAND), are struggling.
TMS Network (TMSN)
It’s no secret that the crypto exchange industry is facing many challenges. However, TMS Network (TMSN) is building a platform to solve many of the issues that have plagued the industry. By combining the decentralized nature of DeFi-based exchanges with the ease of use of centralized exchanges, TMS Network (TMSN) plans to build a one-stop shop for everyone.
Users are in complete control of their assets on TMS Network (TMSN), which means the sorts of issues that occurred with FTX won’t happen here. Additionally, TMS Network (TMSN) users are able to go beyond the crypto world and trade basically any sort of asset that exists in the world. It’s also extremely easy for new users to get started with TMS Network (TMSN), as they only need to connect their Ethereum (ETH) wallets to the decentralized application.
By focusing on both extreme security and usability, TMS Network (TMSN) plans to bridge the gap between crypto newcomers and those who have been living a crypto-native lifestyle for years.
Decentraland (MANA) is a virtual world platform that allows users to create, explore and trade in a decentralized metaverse. However, the recent downturn in the crypto market has posed some challenges for Decentraland (MANA) and its community.
The metaverse is facing a “cooldown moment” amid crypto winter, as investors and developers lose interest and funding for virtual reality projects like Decentraland (MANA). Additionally, there are technical and social barriers that hinder the adoption and growth of the metaverse.
How will this affect Decentraland (MANA)? On the one hand, Decentraland (MANA) may face similar difficulties to other metaverse projects, such as lower demand for its digital assets, reduced development activity and innovation, and increased competition from centralized platforms.
On the other hand, Decentraland (MANA) may have some advantages that could help it survive and thrive in the crypto winter, such as its strong community of users and creators’ integrations with other Ethereum-based protocols and platforms.
The Sandbox (SAND)
The Sandbox (SAND) is a metaverse project that allows users to create and monetize their own virtual worlds and NFTs. However, The Sandbox (SAND) faced some challenges in Q1 2023, as its user activity and NFT prices declined.
The Sandbox (SAND) saw a 9% drop in unique active wallets that interacted with its smart contracts or performed transactions in March 2023. The protocol recorded only 7,500 unique active The Sandbox (SAND) wallets, which is a low number compared to other popular metaverse platforms.
On the other hand, the number of The Sandbox (SAND) transactions increased by 10.29% in the same period, reaching 5,360 transactions. This suggests that the existing The Sandbox (SAND) users were more engaged and active, but the project failed to attract new users or retain old ones.
Decentraland (MANA) and The Sandbox (SAND) are only two names in the crowded metaverse space, so they’ll face plenty of competition if the sector makes a return in 2023. On the other hand, TMS Network (TMSN) is building an exchange with a unique value proposition that is already generating a large amount of excitement.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.