Metaverse land sales, which were extremely popular late last year and in early 2022, have witnessed a significant decline in their previous levels of popularity.
The metaverse sector is continually evolving, and occasional fluctuations are part of the landscape. According to data provided by Delphi Digital, land sales within the metaverse reached their zenith in November 2021, surpassing $8 million in volume. However, in 2022, this figure plummeted by a staggering 98 percent.
The year 2021 witnessed substantial trading activity in virtual land within the metaverse. However, in the current year, the trading volume for virtual land in the metaverse has plummeted by 98 percent.
This decline in metaverse land sales appears to be correlated with the broader downturn in the cryptocurrency market.
Many individuals initially entered the metaverse with hopes of turning a profit, as the virtual world offers opportunities to engage in gaming, trade digital assets, and buy/sell items using cryptocurrencies. Nevertheless, this enthusiasm has waned over time, particularly in light of the cryptocurrency market’s decline.
Notably, despite the decreased trading volume within the metaverse, various global brands continue to file for trademarks focused on the metaverse. As of September, more than 4,000 metaverse-related trademarks had been submitted in the United States.
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