Analysts at DappRadar are emphasizing the importance of understanding the changing role of metaverses in the industry. Blockchain-based virtual worlds are facing challenges as data on the blockchain indicates a persistent decline in trading activity. DappRadar’s monthly report revealed that in August 2023, there were only 8,329 land sales (amounting to $4.1 million) in virtual reality projects, a 23% decrease from July 2023.
The decrease in sales is occurring amidst regulatory scrutiny from U.S. authorities, as the entire crypto industry struggles to navigate the bear market. Decentraland, a prominent player in the virtual world space, has seen its average sale price drop by 22% to 0.5322 ETH (~$860 at the time of reporting) per land over the past 90 days. Trading volume in Decentraland has also declined by 40.5% during this period. Other metaverse ecosystems are experiencing similar downward trends.
Despite these challenges, blockchain research analyst Sara Gherghelas from DappRadar urges users and investors to recognize the evolving role of metaverses. She suggests that the market should reevaluate the criteria used to assess the success and potential of virtual worlds, focusing instead on ongoing developments, innovations, and overall user experiences rather than solely on metrics like land sale volumes.
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