How Metaverse Popularity Defies the Bear Market

Дата: 25.04.2024

Despite declining transaction volumes, enthusiasm and demand for Metaverse crypto assets have remained high, as highlighted by a report from DappRadar on October 20. Following the excitement of the Otherside launch in May, virtual communities have seen a quieter quarter. Nevertheless, the minting activity increased the monthly transaction volume in the Metaverse to nearly $700 million. However, this figure represents a 91.6% decrease from the previous quarter, which saw $893 million in transaction volume. This drop is attributed to the absence of major product launches in the third quarter. Moreover, fewer land purchases were recorded, with a decrease of 37.5%, indicating that while the euphoria around these projects is stabilizing, it hasn't entirely disappeared.

Metaverse Worlds Continue to Thrive

Съдържание крия

1 Metaverse Worlds Continue to Thrive

2 Metaverse Crypto Tokens Take a Hit

3 Бъдещето на Metaverse

The Sandbox and Decentraland have remained the most productive Metaverse crypto platforms throughout the year, based on user engagement and the number of wallet addresses interacting with the smart contracts of decentralized apps (dApps).

Since May, The Sandbox has averaged 750 active wallets engaging daily with its gaming platform. Additionally, its user activity (UAW) has surged by 348%, continuing a steady increase over five months in its NFT marketplace.

Similarly, Decentraland has maintained a consistent UAW of approximately 800 daily. The report stated: “Despite the overall market instability, excitement in metaverse platforms continues to grow at an increasing pace.” Sales from the top 10 Metaverse initiatives saw only an 11.5% decline in the third quarter, which the report views as a positive sign, indicating sustained interest in these platforms.

The Sandbox Alpha Season 3, which attracted 200,000 active monthly users, is one of the standout examples. This has helped boost sales by 190% compared to the previous quarter.

Metaverse Crypto Tokens Take a Hit

Unfortunately, the outlook for most metaverse crypto tokens is less positive. Many of these tokens have suffered considerably during the 2022 cryptocurrency bear market, with the deterioration of play-to-earn models being a contributing factor, according to DappRadar.

The initial play-to-earn models were vulnerable due to an underdeveloped market, where most players’ earnings came from speculation and reward token inflation. According to CoinGecko, the value of several metaverse tokens has dropped significantly since their peaks.

Decentraland’s MANA has dropped a striking 90% from its all-time high (ATH), while The Sandbox’s SAND has fallen 91%, and Axie Infinity’s AXS has experienced a 94% drop from its peak value.

Бъдещето на Metaverse

Metaverse platforms have enhanced the online experience by creating virtual spaces for socializing, gaming, and trading virtual assets. As competition in the global metaverse industry intensifies, the future projections indicate that the leading companies in this space will control a significant portion of the market.

Established metaverse companies are likely to continue investing in research and innovation to develop higher-quality products to meet the growing demand for metaverse offerings

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