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Sales of non-fungible tokens associated with the metaverse increased by 27% in August compared to the previous month, indicating that individuals may be “gradually returning to virtual realms,” according to an analyst from DappRadar.
In August, there was $6.5 million in metaverse transactions, a slight decrease from July, yet derived from 13,927 sales, reflecting a 27% growth from last month, according to a report published on Thursday.
“This marks the second month of consistent activity, suggesting that users might be slowly returning to virtual environments like Sandbox, Mocaverse, Otherside, and Decentraland,” it stated on X.
The metaverse experienced its peak enthusiasm in 2021 and 2022, fueled by speculation and excitement regarding the technology’s potential, slowing down in 2023 and beyond after its initial surge in popularity.
Individuals “returning discreetly” to the metaverse
In July, DappRadar documented $6.7 million in sales and a trading volume of 10,900 in the metaverses, a notable increase from merely $3.7 million in sales and 12,800 in volume in June.
DappRadar analyst Sara Gherghelas noted that August data indicate the “metaverse isn’t finished yet,” and it seems that individuals are “returning discreetly to virtual realms.”
However, January remains the peak month for sales this year, clocking in at $7.7 million, while April and May were the strongest months for trading with over 19,000 in volume each.
Platforms concentrating on long-term frameworks
Currently, Gherghelas remarked that leading platforms are concentrating on long-term developments, with an emphasis on infrastructures.
The Sandbox, a metaverse-centric subsidiary of Hong Kong-based Web3 company Animoca Brands, held its largest Land auction in July. The Mocaverse, a Web3 ecosystem and NFT initiative, is on the verge of launching Moca Chain, with a testnet anticipated this quarter.
Concurrently, Otherside, a metaverse platform created by Yuga Labs, introduced AI-driven world-building tools in August.
Decentraland, a browser-based 3D virtual environment, proclaimed a significant engine upgrade, while HYTOPIA, a Web3 gaming platform and metaverse, replaced its $TOPIA token with the new $HYBUX token. The team has also broadened its creator fund.
Related: Animoca’s Sandbox undergoes restructuring as co-founders affirm new strategic positions
“Although the volumes continue to remain modest, leading platforms are redirecting their focus toward long-term infrastructure, identity, and creator tools,” added Gherghelas.
Metaverse initiatives still in development
Businesses are also striving to launch their metaverses, with artificial intelligence startup, Infinite Reality, acquiring the formerly music-pirating application Napster in March, intending to develop a music-centered metaverse.
Meanwhile, the Donald Trump-owned entity DTTM Operations submitted trademark applications back in February, linked to a metaverse and NFT marketplace centered around the U.S. President’s brand.
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