The cryptocurrency market this year may well have taken a bit of a bearish tilt this year, but the metaverse and associated technologies appear to have weathered the storm, Crypto Lists conclude.
DappRadar indicated that despite declining transaction volumes, enthusiasm in and desire for the Metaverse crypto had stayed high in an industrial study issued on October 20. Considering the excitement around the opening of the Otherside in May, virtual communities have seen a quieter quarter. The mint increased the monthly transaction volume in the Metaverse to nearly $700 million.
According to DappRadar, that value has decreased 91.6% from the $893 million created the prior quarter due to the lack of any highly anticipated products debuting in the third quarter. Furthermore, compared to the prior quarter, fewer land purchases were made, a decrease of 37.5%, which suggests that “the euphoria around such sorts of projects has not abated but is reaching a stabilization period.”
Virtual worlds continue to exist
Go directly to
The Sandbox and Decentraland are by far the most productive Metaverse crypto networks all year round in relation to the customer data, or the variety of different wallet addresses engaging with a dApp’s smart contracts (UAW).
From May, The Sandbox has consistently had 750 wallets engaged with the gaming systems each day on average. As Of may, UAW has increased by 348%, continuing a five-month rising pattern in its NFT marketplace.
Decentraland has followed a comparable pattern, maintaining a consistent UAW of about 800 on a daily average since May. As a result of the report: “Despite the current state of market instability, excitement in metaverse platforms is continuing to rise at an increasing rate.” The top 10 Metaverse initiatives’ sales total only fell by 11.5% inside the third quarter, according to the report. It said, “We view this a bullish indicator,” demonstrating that interest in these kinds of initiatives hasn’t diminished.
The Sandbox Alpha Season 3, which attracted 200,000 active monthly participants, is one of the standout instances. The network has thus been able to boost sales by 190% compared to the preceding quarter.
Shattered metaverse crypto tokens
Unfortunately, tokens from the Metaverse crypto space cannot be viewed with the same optimism. The bulk of them have suffered significantly during the 2022 cryptocurrency bear market. Play-to-earn system deterioration, according to DappRadar, is a contributing factor.
The initial play-to-earn models were vulnerable because of the underdeveloped market, and the majority of players’ income came from speculating and reward token inflation. Regarding the decline in value since the Metaverse crypto tokens’ high values, CoinGecko paints a gloomy picture.
Decentraland’s MANA is already down a startling 90% from its peak. The Sandbox’s SAND is presently fallen 91% from its ATH. Axie Infinity’s AXS stock was down a dismal 94% from its last high.
The Metaverse and its future
By creating a virtual environment in which users may engage in social activities, play games, and purchase and sell virtual property, metaverse systems have proven useful in improving the online experience.
The development of new competitors and the expansion of major market participants have increased competition in the worldwide meta industry in recent years. Future projections indicate that the top companies in the metaverse market will account for a sizable portion of the industry as a whole.
For established meta market businesses, investing in research and innovation to manufacture higher-quality products may be a crucial strategic approach in the years to come mainly because of the demand on metaverse products.
Wrapping it up
The Metaverse and its associated cryptos have shown their prominence by defying odds through current bearish conditions all because of their market demand. What happens going forward is anybody’s guess, but what we know for sure is that for the time being the metaverse and virtual worlds are only going to continue to gain prominence and so will their associated tokens.