Metaverse is among the least affected by the ongoing bear market: DappRadar

While the crypto market as a whole has seen a decline in trading volume, users are still flocking to metaverse worlds, according to a recent report.

The Dapp discovery and analysis platform DappRadar has published a study on the Metaverse’s usage, adoption, and condition during the ongoing market conditions. The company reported that, at just $90 million in Q3, trading volume in the sector decreased by 91%. More specifically, the top ten metaverse platforms recorded a decline in their trading volume by around 80%.

Demand for Metaverse remains high

Land sales experienced a smaller fall of 37.54%, indicating that interest in that area isn’t dwindling as swiftly. But the starting price for virtual lands has dropped by 75%. Despite the massive drop in trading volume, DappRadar indicated that the interest and demand for the Metaverse had remained high. It stated:

“Despite the economic uncertainty that the markets currently face, the interest in metaverse platforms keeps consolidating at growing rates.” 

Following the Otherside NFT mint in May, virtual world projects, according to DappRadar, experienced a “calmer quarter.” The Sandbox and Decentraland, however, have continued to be some of the most well-liked projects all year long. Since then, the former has increased the number of its unique active wallets (UAW) in the Sandbox marketplace by more than four times while maintaining an average of 750 wallets interacting with its contracts daily.

Decentraland’s daily active users, meanwhile, have stayed at or slightly above 792 since May, in great portion because of Pride month in June and Art week in August.

This comes at a time when big brands have showed their faith in the sector’s potential. While many companies have registered their trademark filings for metaverse, many are using it for unique applications. Recently, retail giant Walmart hinted at its plans to promote its brand through virtual world. Moreover, tech giant Microsoft is also using Metaverse for developing immersive technology got industrial workers.