A recent bank run had dealt a lethal blow to Silicon Valley Bank (SVB) on Friday, causing cryptocurrency markets to be thrown into turmoil after the bank’s collapse on March 11th. This event is the largest bank collapse since the global recession in 2008, and marks the second crypto-linked bank to fail this past week, with the other being Signature Bank. Metaverse platforms have also been affected, with Roblox stating in a Friday filing that about 5% of its $3 billion worth of cash as of February 28th 2023 had been kept at Silicon Valley Bank.
If a bank fails does it means that businesses will fail as well?
Let’s go back to the basics.
1️⃣ Many Metaverse builders are VC-free. The World has not stopped, and it’s most certainly not the end of it.
Roblox’s Chief Financial Officer Michael Guthri said that no matter the outcome of SVB’s collapse and the timing, “this situation will have no impact on the day to day operations of the Company”.
2️⃣ Other VCs will capture the opportunity to take Metaverse start-ups who suffer loss under their wing, as the potential has been confirmed multiple times by extensive research from some of the most respected institutions such as JP Morgan, McKinsey & Company, Citi Bank, PwC, Deloitte, etc.
3️⃣ The Metaverse is building cases proving it’s benefits financially, creatively, as well as in the manufacturing process and performance, that is starting to make its ways through the day-to-day operations of consumers, enterprises and industries.
Will the Metaverse be able to endure the test of time? Yes. After all, what doesn’t kill you makes you stronger…
But what lessons should we learn from this?
What do you think?
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