CMC News

#Metaverse Shows Signs of Life as #NFT Sales Jump 27%

NFT trading activity in virtual worlds increased 27% during August, with 13,927 sales generating $6.5 million in volume. The uptick marks the second consecutive month of steady metaverse activity after prolonged dormancy.

DappRadar analyst Sara Gherghelas suggests users may be "slowly sneaking back into virtual worlds" like Sandbox, Mocaverse, Otherside and Decentraland. The #metaverse experienced peak hype during 2021-2022 before cooling significantly.

August's performance followed July's $6.7 million in sales and 10,900 trading volume, representing substantial growth from June's $3.7 million. January remains 2024's strongest month with $7.7 million in metaverse #NFT sales.

Leading platforms are shifting focus toward long-term infrastructure development rather than speculative trading. The Sandbox conducted its largest land auction in July while Mocaverse prepares to launch Moca Chain with a testnet expected this quarter.

Otherside released AI-powered world-building tools in August as part of its platform enhancement strategy. Decentraland announced a major engine upgrade while HYTOPIA replaced its $TOPIA token with new HYBUX and expanded its creator fund.

#VirtualWorlds continue attracting development investment despite modest trading volumes compared to peak periods. Companies like Infinite Reality acquired Napster in March with plans for a music-focused metaverse experience.

Gherghelas notes that while volumes remain modest, leading platforms are building sustainable foundations through "long-term infrastructure, identity, and creator tools" rather than pursuing short-term speculation.