What a difference a year makes. In 2022, some metaverse cryptos were down more than 90% for the year, and many analysts had already ruled out the metaverse as a potential investment option. However, during the first two weeks of 2023, the script changed. Metaverse tokens are now the best performing sector in the crypto market.

Leading the charge has been decentraland (MANNA -5.57%), which at one point rose over 133% in 2023. Opinion seems to have changed dramatically about the prospects for this metaverse token. Also, the sentiment has changed almost overnight. So is Decentraland a buy?

The roller coaster hype cycle

When it comes to the metaverse sector, understanding investor sentiment is key. It really has been a roller coaster hype cycle for the metaverse for the past…