A DappRadar report found that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55%.
Third-quarter trading volume for the top 10 metaverse projects may have fallen 80% compared to the second quarter, but analytics firm DappRadar suggests that interest in virtual worlds still remains. The metaverse sector has been hit with a fair amount of negative press as of late, particularly around suggested low user activity across certain platforms, such as Decentraland and Meta — reports which they have refuted. DappRadar noted in an Oct. 20 report that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55% compared to Q2. DappRadar explains that lower trading volumes could merely reflect decreasing asset prices and not necessarily lack of interest, noting that: “We consider this a bullish sign because it shows that the hype for these types of projects hasn’t decreased. Instead, the fall of cryptocurrency prices has affected the projects’ overall trading volume instead of a lack of interest.”