The metaverse is not spared during the current bear market. DappRadar, a platform that deals with dApps, published a report on the current state of the Metaverse. The trading volume in the virtual worlds fell by as much as 91% in the third quarter. However, this extreme drop is mainly due to the hype that preceded the otherside NFT sale in May. However, despite the current bear market, the metaverse remains popular and retains its users.
The Sandbox and Decentraland
Metaverse projects The Sandbox and Decentraland are the most active metaverse projects at the moment. Also in the bear market they continue to keep their daily users. Since May, The Sandbox has averaged 750 UAW (Unique Active Wallets) per day. In fact, The Sandbox’s NFT marketplace has seen a 348% rise in the UAW, reaching a number of 395 in September. Decentraland has a similar average of 792 UAW per day. Recently you could read in the altcoin news how much MAU (Monthly Active Users) have these virtual worlds. However, the UAW covers the wallets that interact with smart contracts. These data both show that these projects are still being used despite the current state of the market.
Fundamentals are getting stronger
Despite the significant drop, which has not been spared the metaverse tokens, the fundamentals only stronger. In the third quarter, 1.12 million Ethereum Name Service (ENS) domains were registered. This was an increase of no less than 72% compared to the second quarter. An Ethereum Name Service domain name can be linked to addresses on the Ethereum network. This converts your blockchain address into a name that people can easily read.
1.2 billion raised
Despite the current bear market, funding for the metaverse also continues to thrive. Metaverse projects and blockchain games have already raised $7 billion this year. The third quarter was only capital that had been raised, but it was still $1.2 billion.
