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Metaverse adoption increases as market decline persists

Metaverse

The metaverse ecosystem has declined over the last few months, just like the regular market. However, a new report suggests that the market is still garnering a lot of interest across several financial industry sectors. According to statistics posted by DappRadar, projects claiming the top 10 positions in the metaverse have taken a beaten, faking about 80% in the process. Another factor that has driven the market into the negative is the bad press that has followed it in the last few months.

Metaverse users continue to purchase NFTs

Reports have also claimed that metaverse platforms, Meta and Decentraland, have also witnessed a low turnout of users. However, both platforms have come forward to discard the claims. Although DappRadar claimed that trading volume in Q3 has declined, the platform claimed that NFT sales only witnessed a drop of 11% compared to the quarter before.

The platform claimed that a decline in trade volume could mean a decline in the price of NFTs and not necessarily a low turnout of users across the top 10 platforms. The platform claims that instead, it feels the trend shows bullishness among users towards the project. Although the drop in crypto prices affects the asset price, traders are still interested in them.

The top 8 NFTs platforms recorded a decrease in sales

One surprising metric is that about eight of the top 10 recorded decrease in the total number of NFTs sold over the quarter. Leading the pack was Yuga Labs’ Otherside NFT, recording a massive 74% drop to finish the quarter. However, the positive sentiment was donated to the group by The Sandbox, which saw a massive 190% jump, and NFT Worlds with a huge 79% jump. According o DappRadar, the jump in Sandbox can be tied to its upcoming Alpha Season 3, where gamers would be opened to new experiences. In the same vein, NFT Worlds saw traders flocking to it after the value of its NFT dropped by 90% across this quarter.

DappRadar has all claimed that Land NFTs have seen their plot price decline by 75% on average, a reason why trading volume has also taken the same direction. The company also added that it is usual for real estate to undergo price swings, but the general bearish market is making the ones in the metaverse depreciate. DappRadar had to explain some aspects of its report after the general public misconstrued some of its statements.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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