Spread the love

The metaverse has been trending ever since facebook rebranded to Meta.

Even if the name existed before, the Facebook rebrand gave it the momentum it never had.

Since the current crypto bearish season, metaverse related trades have reduced drastically, but the metaverse has still remained popular. Why is that?

DappRadar – a Dapp discovery and analysis platform – has released a comprehensive report covering the current state of the Metaverse, its use, and levels of adoption.

Irrespective of the low metaverse trading activities, other metrics gained attraction in the space.

Is the Metaverse Still Popular?

According to DappRadar, the “metaverse,” has two meanings.

  • The “classical metaverse” that relies on Web 2 technologies, which fuse current gaming and social experiences with online, augmented reality.
  • The “blockchain metaverse,” which allows for digital commerce in a decentralized manner –, particularly through NFTs (ex. virtual real estate.)

As contained in the current reports, trading volume in virtual metaverse worlds fell by 91% in Q3, down to just $90 million.

For the top ten metaverse projects, volume fell by about 80%.

A lesser decline of 37.54% was seen in land sales – a sign that interest in that area isn’t fading as quickly.

However, the floor price of virtual lands has fallen by 75%

“In September, only 0.7% of Decentraland’s more than 97,000 properties were listed and sold, despite 1.48 buyers for every land seller,” it continued.

DappRadar  noted that virtual world projects had a “calmer quarter” after the Otherside NFT mint in May.

However, Both the Sandbox and Decentraland have maintained significance throughout the year.

Sandbox has maintained an average of 750 wallets interacting with its contracts per day since that time and has quadrupled its unique active wallet (UAW) count in the Sandbox marketplace.

Meanwhile, daily active users on Decentraland have remained around 792 since May, largely thanks to Pride month in June, and Art week in August.

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

Metaverse Tokens Crash

In Quarter 3, Metaverse-based tokens lost roughly 60% of their value.

This is in line with the rest of the crypto market, where market leaders like Bitcoin are also down 70% from their all-time highs.

Nevertheless, other stats shows more bullishness:

Over 1.12 million ENS domains were registered last quarter, 72% higher than in Q2, cryptopotato disclosed.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

Leave a Reply

Your email address will not be published. Required fields are marked *