Decentraland

DappRadar

Read

Polygon

DappRadar analysts say the industry and observers need to internalize the evolving utility of metaverses. 
Blockchain-based virtual worlds are struggling to weather the storm as on-chain data indicate a continued trade decline. According to a monthly <a href="https://dappradar.com/blog/casual-game-platforms-lead-with-10-on-chain-gaming-activity" target="_blank" rel="noreferrer noopener">overview report</a> by DappRadar, in August 2023, there were only 8,329 land sales (worth $4.1 million in total) in virtual reality projects, a decline of 23% compared to Jul. 2023. 
<figure class="wp-block-image size-full">
 <img decoding="async" width="1180" height="715" src="https://crypto.news/app/uploads/2023/09/vuybsdf.png" alt="Metaverse land sales update a year-low at $4.1m - 4" class="wp-image-14195183">
 <figcaption class="wp-element-caption">
 Trading volume in virtual worlds | Source: DappRadar
 </figcaption>
</figure> 
In addition to <a href="https://crypto.news/sec-claims-decentraland-and-the-sandbox-tokens-are-securities-heres-why-toads-is-different/" target="_blank" rel="noreferrer noopener">regulatory pressure</a> from U.S. regulators, the decline in sales comes when the whole crypto industry is trying to stay afloat amid the bear market. 
<figure class="wp-block-image size-full">
 <img decoding="async" width="1142" height="663" src="https://crypto.news/app/uploads/2023/09/bihiudsohf.png" alt="Metaverse land sales update a year-low at $4.1m - 5" class="wp-image-14195220">
 <figcaption class="wp-element-caption">
 Decentraland volume and sales data on a daily basis | Source: NFT Price Floor
 </figcaption>
</figure> 
According to <a href="https://nftpricefloor.com/Decentraland" target="_blank" rel="noreferrer noopener">data</a> from NFT Price Floor, Decentraland’s average sale price plunged 22% to 0.5322 ETH (~$860 at the time of writing) per land over the past 90 days. Decentraland trading volume for the same period dropped by 40.5%. Other metaverse-focused ecosystems follow, for the most part, the same trend. 
However, Sara Gherghelas, a blockchain research analyst at DappRadar, says users and investors should “internalize the evolving utility of metaverses.” 
<blockquote class="wp-block-quote"> 
 “Initially conceptualized primarily as digital arenas for land sales and trades, their scope has broadened substantially.” <cite>Sara Gherghelas, DappRadar analyst</cite>
</blockquote> 
She also suggested the market recalibrates the criteria used by analysts to evaluate the success and potential of a virtual world. Gherghelas says the attention should be focused on the continuous developments, innovations, and holistic user experiences instead of “over-relying on metrics like land sale volumes.” 
 Read more: <a href="https://crypto.news/binance-nft-ends-sandbox-staking-and-drops-polygon-network/"> Binance NFT ends Sandbox staking and drops Polygon network </a>

Metaverse land sales update a year-low at $4.1m

crypto.news

Other articles published on Sep 15, 2023

Entities From Russia And Korea Are Abusing Blockchain Technology

Polygon 2.0: MATIC Token Set for Upgrade to POL

Bitcoin price rebound sends profit taking deals to 2-month high

Hong Kong policymaker responds to Vitalik Buterin over regulation

Biggest Crypto Gainers Today on DEXTools – Emoti, JINBE, MONKEY

Tokenization of Real-World Assets Poised to Surpass $10 Billion by 2024

Join our free newsletter for daily crypto updates!