Despite the increasing adoption of Metaverse technology across various domains, there has been a noticeable decline in the trade volume within the Metaverse.
According to insights derived from a report published by DappRadar, the trade volume of the top 10 Metaverse projects in the third quarter experienced an 80 percent decrease when compared to the figures from the second quarter.
Interest in Metaverse grows
Certain platforms like Decentraland and Meta have shown signs of low user activity. Nevertheless, DappRadar remains optimistic about the continued interest in the Metaverse, stating:
“We view this as a bullish sign because it indicates that enthusiasm for such projects remains strong. The decrease in cryptocurrency prices has primarily impacted the overall transaction volume of these projects, rather than reflecting a lack of interest.”
The report mentioned by DappRadar also highlights that a significant average decrease of 75 percent in NFT base prices can contribute to the decline in trade volumes.
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