Metaverse Trading Volume Has Dropped 80%, But The Hype Hasn't Diminished

A report from DappRadar found that while trading volumes were hit hard during the third quarter, the average number of NFT sales for these 10 projects only decreased by 11.55%.

Q3 trading volume for the top 10 Metaverse projects may have fallen 80% from Q2, but analytics firm Dappradar suggests interest in virtual worlds remains.

The Metaverse industry has been hit by a fair amount of negative press recently, particularly regarding suggested low user activity on certain platforms, such as Decentraland and Meta – reports they have refuted.< /p>

DappRadar noted in an October 20 report that while deal volumes were hit hard during the third quarter, the average number of NFT sales for these 10 projects only decreased by 11.55%. compared to the second quarter.

DappRadar explains that the decline in trading volumes could simply reflect lower asset prices and not necessarily a lack of interest, noting that:

“We view this as a bullish sign as it shows that the hype for these types of projects has not diminished. projects instead of a lack of interest."

A caveat to these sentiments, however, is that eight of the top 10 Metaverse projects saw their NFT sales drop significantly in Q3, with Yuga Labs' Otherside seeing a 74% drop for the quarter.

The positive action was mainly driven by The Sandbox and the old Minecraft-based platform NFT Worlds V2, which saw NFT sales increase by 190% and 79% each.

DappRadar attributed this to the hype surrounding The Sandbox Season 3, which features a host of new gameplay experiences and collectibles. While NFT Worlds V2 booted from Minecraft may have been viewed as a "buying opportunity" as its NFTs dropped in value by 90% in Q3.

Meanwhile, DappRadar's report indicated that NFT land price floors had declined...