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<div class="cryptonews"> 
 <p class="is-style-lead">DappRadar analysts say the industry and observers need to internalize the evolving utility of metaverses.</p> 
 <p>Blockchain-based virtual worlds are struggling to weather the storm as on-chain data indicate a continued trade decline. According to a monthly overview report by DappRadar, in August 2023, there were only 8,329 land <a rel="dofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> (worth $4.1 million in total) in virtual reality projects, a decline of 23% compared to Jul. 2023.</p> 
 <figure class="wp-block-image size-full">
  <picture decoding="async" class="wp-image-14195183"> 
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/09/15/2858416edfd82383897b3295b1165f52.webp.webp"> 
   <img decoding="async" width="1180" height="715" src="https://cdn.thebittimes.com/images/2023/09/15/2858416edfd82383897b3295b1165f52.webp" alt="Metaverse land sales update a year-low at $4.1m - 1"> 
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  <figcaption class="wp-element-caption">
   Trading volume in virtual worlds | Source: DappRadar
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 </figure> 
 <p>In addition to regulatory pressure from U.S. regulators, the decline in <a rel="dofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> comes when the whole crypto industry is trying to stay afloat amid the bear market.</p> 
 <figure class="wp-block-image size-full">
  <picture decoding="async" class="wp-image-14195220"> 
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/09/15/2aad208d4c1683988b8e5cbe61982950.webp.webp"> 
   <img decoding="async" width="1142" height="663" src="https://cdn.thebittimes.com/images/2023/09/15/2aad208d4c1683988b8e5cbe61982950.webp" alt="Metaverse land sales update a year-low at $4.1m - 2"> 
  </picture> 
  <figcaption class="wp-element-caption">
   Decentraland volume and <a rel="dofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> data on a daily basis | Source: NFT Price Floor
  </figcaption>
 </figure> 
 <p>According to data 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.</p> 
 <p>However, Sara Gherghelas, a blockchain research analyst at DappRadar, says users and investors should “internalize the evolving utility of metaverses.”</p> 
 <blockquote class="wp-block-quote"> 
  <p>“Initially conceptualized primarily as digital arenas for land <a rel="dofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> and trades, their scope has broadened substantially.”</p> <cite>Sara Gherghelas, DappRadar analyst</cite>
 </blockquote> 
 <p>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.”</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/metaverse-land-sales-update-a-year-low-at-4-1m-tbt62866.html">https://thebittimes.com/metaverse-land-sales-update-a-year-low-at-4-1m-tbt62866.html</a></p>

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

TheBitTimes

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