Metaverse, which was also affected by the downtrend in the crypto money market, failed in its third quarter reports.
Metaverse, which crypto investors are excited and interested in, is moving away from expectations and demand. In particular, Meta (Facebook)’s entry into the metaverse field and its strong investments attracted great attention. Investors, who think that the developing and evolving technology will move to a different dimension with the metaverse, also focused on the projects. However, the last bear market has managed to shake up the NFT and metaverse markets.
Metaverse Reports Aren’t Heartwarming
Metaverse, which attracted great interest from the whole world, experienced a volume decrease of approximately 91 percent in the third quarter. With this decrease, there was a volume of 90 million dollars.
The metaverse, which has left its mark on the crypto world, also attracts great attention from corporate companies. In particular, companies are integrating their own brands into new technology by participating in land sales. However, according to the report, there was also a serious decline in land sales in the third quarter. The third quarter land sales report decreased by approximately 37 percent from the previous quarter.
The situation does not look good in the top 10 metaverse projects, which are shown as the leaders of this sector. The trade volume of the top 10 projects decreased by 80 percent compared to the previous quarter. Decentraland and Sandbox projects began to have difficulties in finding new investors. Also, cryptocurrencies with the purpose of being released into the metaverse have lost an average of 60 percent this quarter.
Despite the General Outlook, the Number of Metaverse Users Increases
No matter how negative the general data give, the increase in the number of users heading to the metaverse area stands out. Despite the crypto bear market, sales rates dropped only 11 percent in the third quarter. According to DappRadar, this actually highlights continued demand. Seeing this as a bullish signal, the analysis company argued that declines in different categories could not end the sector.
According to DappRadar, the trading rates affected by the bear market did not affect demand. Users still show great interest in the metaverse field. An example of this is the intense interest in newly released projects since the pre-sale.
32766
