Metaverse tokens are down despite supportive statement by Bank of America

Metaverse tokens are down despite a supportive statement by the Bank of America. SAND and MANA are down on the daily chart and 20% down in the last week alone. The Bank of America sees a massive opportunity in Metaverse for the entire crypto ecosystem.

A global strategist and managing director of Bank of America, Haim Israel, has revealed his thoughts on the emerging concept of the metaverse. He said that metaverse is a massive opportunity for blockchain technology. He further elaborated his idea by saying that you need the right platforms and metaverse is definitely going to be a big opportunity. He said that metaverse is the platform where crypto will be used as currency.

Metaverse tokens
Top Metaverse tokens by market cap as of November 2021

The concept of metaverse has really got the attention of people since the company behind Facebook, Instagram, and Whatsapp changed its name to meta. The institutions like Microsoft and Meta (previously known as Facebook) have entered into the metaverse world. Due to this news in the market metaverse tokens gained a lot in the last few weeks. Currently, both the tokens are experiencing retracement.

Metaverse tokens are down:

Metaverse tokens are down despite a supportive statement by Bank of America’s managing director and the fact that meta has lifted the ban on the crypto advertisement. This news of the lifted ban on crypto advertisement is very significant. The companies that operate in the cryptocurrency space will now have access to more than 3 billion individuals across the globe who use Facebook’s numerous platforms.

I think metaverse will open many new doors for investors and common users of crypto. It has such potential that big institutions wanted their part of the pie. The Sandbox (SAND) and Decentraland (MANA) have a lot of time to grow and reach the moon.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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