Meta Platforms (NASDAQ:), the parent company to Facebook, saw the biggest single-day drop in stock prices for any U.S. corporation with 26% in shares on Thursday. This was after disappointing earnings by the tech giant and a decrease in daily active users.

Meta changed its name to Facebook late in 2021 to signify its intent to concentrate on the Metaverse. Its struggles coincide with double-digit percentage gains by its decentralized rivals The Sandbox, Decentraland.

Metaverses crypto-backed