Metaverse’s Demand On A Rise Amid Crypto Bear Season
The cryptocurrency industry has witnessed a bear season since the beginning of this year. But the Metaverse and other related sectors seem resistant to this bearishness.
A DappRadar report released on October 20, 2022, shows that Metaverse’s demand and interest are still strong despite a fall in trading volumes. This quarter, there has been calm in the metaverse world after the hype surrounding the Otherside release in May.
The launch pushed Metaverse trading volumes to more than $700 million that month alone. However, DappRadar also reported that the trading volume has reduced by 91.6% from the $893 million in the previous quarter.
According to the report, the lack of heavily hyped project launches in the third quarter might be responsible for this massive drop. In addition, the number of virtual land trades reduced by 37.5% from the past quarter. It indicates that “the joy surrounding these projects has not reduced but is now at a consolidation period.”
Steady Growth In The Virtual Worlds
Decentraland and The Sandbox have been the most active platforms in the Metaverse industry since the beginning of this year. This conclusion is based on the amount of unique active wallets (UAW) and user data interacting with a dApp’s smart contracts.
The Sandbox is still averaging 750 daily UAWs interactions on its gaming platform since May 2022. The same scenario also exists in its non-fungible tokens (NFT) marketplace. It has also increased in the last five months, with 348% in UAWs since May.
Almost the same trend is experienced in the Decentraland platform. It has maintained a steady UAWs that is close to 800 per day since May. The report read, “Despite the economic uncertainty that the crypto industry is currently facing, the interest of the majority in metaverse platforms hasn’t waned.”
The report noted that the top ten Metaverse projects’ sales volume decreased by 11.5% in the third quarter. “We see this as a bullish sign,” it revealed, indicating that the hype for these projects hasn’t gone down.
One project with excellent results is The Sandbox Alpha Season 3, with 200,000 active participants per month. This caused a 190% increase in its sales volume last quarter.
However, this bullishness hasn’t positively affected Metaverse tokens’ price. Instead, many have dropped value like other cryptos suffering from the crypto winter. DappRadar revealed that the weak play-to-earn Metaverse games were somehow the cause of the drop.
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