DappRadar highlighted that despite decreased trading volumes and asset prices, there's still significant interest in the Metaverse.
Third-quarter trading volume for the top 10 Metaverse projects may have fallen 80% compared to the second quarter, but analytics firm Dappradar suggests that interest in virtual worlds still remains.across certain platforms, such as Decentraland and Meta — reports which they have refuted.in an Oct. 20 report that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55% compared to Q2.
DappRadar explains that lower trading volumes could merely reflect decreasing asset prices and not necessarily lack of interest, noting that: “We consider this a bullish sign because it shows that the hype for these types of projects hasn’t decreased. Instead, the fall of cryptocurrency prices has affected the projects’ overall trading volume instead of a lack of interest.”
A caveat to these sentiments however, is that eight of the top 10 Metaverse projects saw significant decreases in their NFT sales counts during Q3, with Yuga Labs’ Otherside seeing a 74% decrease for the quarter.NFT Worlds V2, which saw NFT sale count increases of 190% and 79% apiece. DappRadar attributed this to the hype surrounding The Sandbox’s Alpha Season 3 which offers a host of new gaming experiences and collectibles. While NFT Worlds V2 being booted off of Minecraft may have been seen as a “buying opportunity” as the value of its NFTs dropped by 90% in Q3.Meanwhile, DappRadar’s report indicated that the floor prices for NFT land plots had decreased by 75% on average, which may have been one of the reasons why trading volumes had decreased by so much.
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