- In Q3, there’s been a sharp hit in trading volumes.
- Though the value of real estate’s any piece is subject to swing, the metaverse real estate is extremely depreciated as of now.
- The downfall in prices are in line with crypto’s wider bear market.
Despite the trading volume for top 10 metaverse projects of third-quarter declining 80% in comparison to the second quarter, DappRadar recommends that there’s still interest in virtual worlds.
On October 20, DappRadar reported that though there’s been a major hit in trading volumes during Q3, for these 10 projects, the average number of NFT sales reduced by 11.55% in comparison to Q2.
According to DappRadar, lower trading volumes could display reduction in asset prices and not lack of interest. DappRadar noted that this a bullish sign as it shows the boost of such projects has not fallen. Alternatively, the decline in prices of cryptocurrency has impacted the entire trading volume of projects rather than a lack of interest.
Out of ten, eight metaverse projects experienced decline in the count of their NFT sales during Q3. However, Otherside saw a decrease by 74% for the quarter.
Coming to the positive action, it was driven by NFT Worlds V2 and The Sandbox, which experienced a rise in NFT sale count by 79% and 190% per piece.
DappRadar believes it a result of the hype around Alpha Season3 of The Sandbox, which provides a series of collectibles and gaming experiences. While NFT Worlds V2 might have experienced a “buying opportunity” since its NFTs value reduced in Q3 by 90%.
According to a report by DappRadar, the floor prices for NFT land plots went down by 75% on average. Also, this might be a reason behind trading volumes falling so much.
Last week, DappRadar defended its metaverse as it was forced to do so and it was understood that daily active users on platforms like Decentraland were less than 40.
It also noted that only user’s interactions with a blockchain are tracked by its user data tool and did not include “non-blockchain-based activities” like non-spending users.
On October 10, The Sandbox shared that its daily number of active users has hit 39,000 while monthly active users are 201,000 during the last 30 days. Decentraland reported daily active users to be 8,000 and 56,697 monthly active users up to October 8.