The bear market of 2022 decimated demand in crypto in general and specifically in the decentralized finance (DeFI) and non-fungible token (NFT) scenes.

At the peak of the last bull run, Immutable X (IMX) and MultiverseX (EGLD) prices soared to record highs, becoming altcoins to buy in 2021. However, by the end of 2022, token prices had crashed by over 90%. It has never been the same again for Immutable X and MutiverseX despite their upgrades and lofty vision-mission statements in the NFT and metaverse sub-sectors.

While the first half of 2023 was mainly mixed, crypto projects looking to leverage artificial intelligence (AI) in their operation have been edging higher, even outperforming Bitcoin (BTC) and Ethereum (ETH).

In their ongoing presale, InQubeta (QUBE) and Borroe.Finance (ROE) has recorded triple-digit gains. They are easily the popular altcoins to consider in Q4 2023. InQubeta taps AI and uses NFTs to create a decentralized crowdfunding platform for ambitious startups to raise funds.

On the other hand, Borroe is focused on increasing liquidity for web3 startups. It uses AI and NFTs so that projects can raise cash using their future earnings. To make borrowing easier, Borroe uses AI for risk assessment and the blockchain for transparency.

This dichotomy begs the question, what happened to ImmutableX and MultiverseX? Why are they being replaced by InQubeta and Borroe? Are the best NFTs to invest in being minted on InQubeta and Borroe?

The NFT and Metaverse Crash in 2023

The root cause of the IMX and EGLD crash from early 2022 to the first half of 2023 is the bear market. Dropping crypto prices and changing monetary policies in Europe and the United States moved capital away from “risky” assets, including Bitcoin (BTC), to safe havens.

As a result, dwindling capital inflows, worsened by falling crypto platforms, including FTX and 3AC, starved funds and activity to emerging sub-sectors like NFTs and Metaverse. Declining activity and worsening sentiment forced IMX and EGLD prices from peaks of around $9 and $490 to spot rates–a drop of over 90%.

Supporters are optimistic activity will recover in the months ahead, lifting price

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Author: BeInCrypto Team

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