August brought positive news for the metaverse sector, as NFT sales tied to virtual worlds increased by 27% compared to the previous month, according to DappRadar.
Rising Activity in the Metaverse
In August, $6.5 million was traded across metaverse platforms, slightly down from July's $6.7 million, but the number of sales rose to 13,927, indicating increased user engagement. Analyst Sara Gherghelas noted that this marks the second consecutive month of steady activity, suggesting users are slowly returning to virtual worlds like Sandbox, Mocaverse, and Otherside.
Infrastructure and Development Focused Platforms
Leading metaverse platforms are prioritizing infrastructure and community-building. For instance, Sandbox hosted its largest land auction in July, indicating sustained demand for digital assets. Mocaverse is preparing for the launch of its Moca Chain, and Otherside released AI-driven world-building tools. Gherghelas emphasized that, while sales volumes remain modest, key players are shifting towards long-term infrastructure and creator tools.
New Projects in the Metaverse
Amid ongoing recovery, new projects continue to emerge, reflecting sustained investment in virtual worlds. Infinite Reality acquired the music streaming service Napster and plans to develop a music-centric metaverse. Similarly, DTTM Operations, owned by Donald Trump, filed trademarks to build a metaverse and NFT marketplace centered on the President's brand. These developments indicate that companies are still actively exploring the next phase of metaverse growth.
Current trends indicate that despite past slowdowns, the metaverse sector continues to evolve, attracting new users and investors.
