Metaverse Demand and Popularity Surpass Crypto Bear Market

The bears may have taken a beating on the cryptocurrency markets this year, but the metaverse and related projects appear to have weathered the storm.

DappRadar indicated that despite declining transaction volumes, interest in and demand for the Metaverse had remained high in an industry report published on October 20.

Following the excitement around the opening of the Otherside in May, virtual worlds have seen a calmer quarter. The mint increased the monthly trading volume in the Metaverse to nearly $700 million.

According to DappRadar, that volume has decreased 91.6% from the $893 million generated the previous quarter due to the lack of any highly anticipated projects launching in the third quarter.

Furthermore, compared to the prior quarter, fewer land purchases were made, a decrease of 37.5%, which suggests that “the euphoria surrounding these types of projects has not abated but is reaching a consolidation period.”

Virtual worlds continue to exist – Metaverse

In terms of user data, or the number of unique wallet addresses interacting with a dApp’s smart contracts (UAW), The Sandbox and Decentraland have been the most active Metaverse platforms throughout the year.

The Sandbox has maintained an average of 750 daily wallets interacting with the gaming platform since May. Its NFT marketplace has been on an upward trend for the past five months, with an increase of 348% in UAW since May.

There has been a similar trend with Decentraland, which has maintained a steady UAW of around 800 on a daily average since May. The report summarized:  

“Despite the economic uncertainty that the markets currently face, the interest in metaverse platforms keeps consolidating at growing rates.”

The top 10 Metaverse projects’ sales count only fell by 11.5% in the third quarter, according to the report. It said, “We consider this a bullish indicator,” demonstrating that interest in these kinds of initiatives hasn’t diminished.

The Sandbox Alpha Season 3, which attracted 200,000 active monthly participants, is one of the standout instances. The platform has thus been able to boost sales by 190% compared to the previous quarter.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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