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Metaverse Popularity and Demand Defies Crypto Bear Market: Report

Metaverse Popularity and Demand Defies Crypto Bear Market: Report

Metaverse Popularity and Demand Defies Crypto Bear Market: Report

  • Large Metaverse projects showed sustained activity in the third quarter.
  • Just a small drop in revenue on large Metaverse projects.
  • Metaverse tokens have been hit over 90% since spikes.

In an industry report published Oct. 20, DappRadar revealed that interest and demand for the Metaverse has remained strong despite falling trading volumes. Virtual Worlds had a quieter quarter following the hype surrounding the release of Otherside in May. The coin brought Metaverse’s trading volume to over $700 million this month alone. With no much-vaunted project launched in Q3, this volume is down 91.

6% of the $893 million generated in the previous quarter, reported DappRadar. Additionally, land transactions were down 37.5% sequentially, suggesting that “excitement around these types of projects has not abated but is nearing its end.” Consolidation period.

Virtual Worlds holding steady

In terms of user data, or the number of unique wallet addresses that interact with a dApp’s smart contracts (UAW), The Sandbox and Decentraland were the most active Metaverse platforms throughout the year. The NFT market has trended higher over the past five months, with UAW up 348% since May. There is a similar trend with Decentraland, which has had a daily average of ADRs from around 800 since May.

The report found that sales for the top ten Metaverse projects fell just 11.5% in the third quarter. reduced. There were some standout examples like The Sandbox Alpha Season 3, which reached 200,000 monthly active subscribers. As a result, the platform increased its sales by 190% sequentially.

Metaverse tokens battered

CoinGecko tells a grim tale of the depreciation of the metaverse’s token price spikes. Decentraland’s MANA is currently trading lower on the day at $0.601. MANA has lost a whopping 90% since its all-time high. Sandbox SAND dropped to $0.722 and is now 91% below his ATH. The Axie Infinity AXS was down at $9.12, a painful 94% off its peak price.

 

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