Blockchain analytics platform DappRadar reports a significant increase in NFT sales related to the metaverse, suggesting a potential resurgence of user interest in virtual worlds.
Signs of Recovery After Hype Cycle
The metaverse gained mainstream attention in 2021 and 2022, but activity slowed significantly in 2023. Recent data indicates that the uptick may suggest the start of a gradual recovery. In August, trading volume totaled $6.5 million across 13,927 transactions, marking a noticeable increase from July.
Platforms Focus on Long-Term Infrastructure
DappRadar analyst Sara Gherghelas noted that leading projects are now focusing on building long-term infrastructure rather than chasing hype. Key initiatives include the largest land auction held by The Sandbox, the upcoming Moca Chain launch by Mocaverse, AI-powered world-building tools introduced by Otherside, and major upgrades announced by Decentraland.
New Projects in the Pipeline
New initiatives in the metaverse continue to emerge. In March, AI startup Infinite Reality acquired music streaming service Napster with plans to integrate it into a music-focused metaverse. Additionally, in February, DTTM Operations, owned by President Donald Trump, filed for trademarks related to a metaverse and NFT marketplace built around his brand.
While the metaverse is still far from its 2021 peaks, the latest data from DappRadar suggests that a foundation for gradual growth is being established. Key platforms are focusing on infrastructure, AI integration, and creator-driven economies, which could lead to a new wave of innovation.
