In a new report, DappRadar looks at trends in the metaverse that will impact the future of the blockchain industry.

Read the original DappRadar report here.

The Web3 metaverse solves some of Web2’s well-known problems: data analytics and name concentration. It is a revolutionary, decentralized architecture that uses blockchain technology to connect virtual worlds with new money and assets.

On the other hand, numerous critics see the vision of Web3 as illusory. Critics argue that it is just hype and the risk of fraud is high. They often predict the future of a meta-universe based on centrally managed platforms, which now dominate the online gaming industry.

Source: Unsplash

NFT virtual real estate is the most exciting part of the blockchain meta-universe. These digital plots of land collectively form the virtual world of blockchain — the BVW, or a three-dimensional virtual environment, which allows owners to build by encouraging creativity and decentralization.

Side note: NFT games are just gaining momentum.

DappRadar’s report recounts the developments in the metaverse over the past quarter and analyzes the on-chain rate of the most popular metaverse projects.

The metaverse environment

Trading volume in virtual worlds fell 91.61% to $90 million in the third quarter. The number of land deals fell 37.54% from the previous quarter, indicating no decline in enthusiasm for such projects. Analytics platform DappRadar suggests that there is still interest in virtual worlds.

Source: DappRadar

DappRadar noted in the report that while trading volumes fell sharply in the third quarter, the average number of NFT sales for these ten most famous projects was down only 11.55% from the second quarter.

The platform explains that the decline in trading volumes may only reflect falling asset prices, not a lack of interest.

Source: DappRadar

However, in the third quarter, eight of the top ten metaverse projects saw a decline in the number of non-playable token sales — NFT, with Yuga Labs Otherside seeing a 74% decline.

The Sandbox and the former Minecraft-based NFT Worlds V2 platform had a positive trend, with a 190% and 79% increase in NFT sales, respectively.

DappRadar attributes this to the hype surrounding Alpha Season 3 in The Sandbox, which offers many new game features and collectables.

Falling land prices in the metaverse

Today, property values in the metaverse are close to an annual low. DappRadar reports that NFT land prices have dropped an average of 75%.

Source: DappRadar

Real estate in the metaverse seems like a risky investment today. However, last year it was a reliable source of income for many.

The economic decline of tokens in the metaverse

Source: Unsplash

Compared to other cryptocurrencies, metaverse tokens have been struggling since the beginning of the crypto winter. The weak market exposed vulnerabilities in early play-to-earn models when most players profited through speculation and token inflation.

The MVIS CryptoCompare Media & Entertainment Leaders Index was down 85% compared to Ethereum’s 71% decline. In addition, DeFi Leaders had an 80% decline, and Infrastructure Leaders had an 80% decline.

Performance has improved since the June low, but metaverse coins have often behaved erratically, indicating a lack of investor faith in the ultimate winning concept.

Source: DappRadar

Yuga Lab’s APE token has lost 72.92% since May 1 and reached $5.44 on Sept. 30 at a market capitalization of $1.42 billion. The Sandbox SAND coin also follows a downward trend, along with other leading metaverse tokens.

To summarize

Source: Unsplash

According to McKinsey, more than 50% of live events will be in the metaverse by 2030. More than 80% of commerce will become dependent on consumer actions online, such as brand discovery and virtual store visits.

Most learning and communication will occur in the metaverse, as will virtual or hybrid collaboration. By 2030, Gartner predicts that the average Internet user will devote up to six hours daily to the metaverse.

The metaverse should not replace the physical world or the interpersonal connections that bring people together. The metaverse should provide unlimited mobility between the two worlds, expanding, not reducing, the range of interaction.

The potential of a metaverse that could generate up to $5 trillion by 2030 seems inevitable. Therefore, companies, policymakers, and consumers would do well to study and learn as much as possible about this phenomenon and technology.

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