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Tuesday, December 6, 2022

Metaverse Sees Its Trading Volume Plummet By 80% But The Hype Hasn’t Gone Down Yet

It has been recorded that the top 10 projects of the metaverse have already fallen by 80% for the trading volume of the third quarter when put up against the second quarter.

And yet, the suggestion from DappRadar, an analytics firm, brings up the idea that the interest of the audience in virtual worlds is still intact. Nevertheless, one cannot deny that this sector has been hit harshly with quite a large amount of negative attention- especially due to the low activity amongst users throughout various platforms- such as Meta and Decentraland.

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Interestingly, these reports have been constantly refuted by the parties involved. The analytics firm also went on to note that in a report on the 20th of October, it was understood that although the volumes of trading did take quite a major hit during the third quarter, the average NFT sales did decrease by just 11.55%.

Metaverse Might See Decreased Sales- But The Attention Is Still There

The analytics firm went on to explain that the lower volumes of trading did nothing but highlight the decreasing prices of assets and not a lack of interest among the audience. DappRadar noted that they would be considering it a bullish sign since it showed that the variance in the projects and its hype hadn’t died down. Rather, the fall in the prices of cryptocurrency did affect the overall volume of trading of the projects, rather than a sheer lack of interest towards metaverse. 

What does put these sentiments in a loop is that almost eight out of the top 10 projects under the metaverse did go through some significant decrease in the sales of their NFT during the third quarter. Otherside- an NFT from Yuga Labs went on to see a decrease of 74% for this quarter. 

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