On October 7, CoinDesk revealed, citing data from DappRadar, that two of the most well-known metaverse cryptocurrencies, Decentraland (MANA) and The Sandbox (SAND), had just 38 and 514 daily active users, respectively. This brought the metaverse a great deal of unwanted publicity.
Due to the method by which DappRadar classifies active users, these figures have recently been called into doubt. However, according to the most recent data from DappRadar on October 18, Decentraland presently has 650 daily Unique Active Wallets (UAW), or users interacting with the dApp, which is a blockchain-based service without a central administrator.
As a consequence, Metaverse tokens were once again forced into the spotlight. According to Kaiko exchange volume statistics for eight exchanges released on October 17, the trading volume for four of the primary metaverse tokens, The Sandbox, Decentraland, Axie Infinity (AXS), and Enjin (ENJ), in September 2020 seems to have reached an all-time low.
Notably, the lack of momentum for blockchain-based metaverses is reflected in trading volumes, with last month seeing the lowest-ever CEX trade volume for AXS, SAND, MANA, and ENJ, comprising less than 1% of daily Bitcoin (BTC) transactions.
Kaiko remarked: “Despite historically low volumes, liquidity is often compared to those of tokens with comparable market capitalizations,” Conveniently, according to CoinGecko, SAND, MANA, and AXS are the 46th, 47th, and 48th most significant tokens by market cap.
Despite the cryptocurrency market’s volatility, Finbold stated on October 12 that Web3 games and metaverse projects continue to attract substantial funding.
According to DappRadar data, blockchain and metaverse projects got $1.3 billion in funding during Q3 2022, a decline of 48% compared to Q2 2022.
In response to these growing demands, Japanese gaming giant Konami disclosed that it is expanding its crypto talent pool while simultaneously focusing on Web3 and metaverse experiences and attempting to enter the non-fungible token (NFT) market.
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