Despite predictions of their demise after the 2022 crash, NFTs are making a comeback. Boosted by new practical applications, institutional interest, and the rise of the metaverse, sales are on the rise again. This resurgence signals a potential new wave of widespread adoption for non-fungible tokens.
According to a DappRadar report, NFT trading volume related to the metaverse reached $6.5 million in August. This represents a slight decrease compared to July, but with a 27% increase in the number of sales. This suggests that “users are slowly returning to virtual worlds such as The Sandbox, Mocaverse, Otherside, and Decentraland,” as stated by analyst Sara Gherghelas.
Although the metaverse hype peaked in 2021-2022, these figures show that the sector is not dead and investor interest persists. January 2023 remains the best month with $7.7 million in sales, while April and May saw the highest trading volumes, exceeding 19,000 transactions.
Key Players Betting on the Long Term
Faced with these mixed trends, the main metaverse platforms are now focusing on developing sustainable infrastructure. The Sandbox recently organized its largest land parcel sale, while Otherside unveiled virtual world creation tools powered by AI.
New projects are also emerging, such as Infinite Reality’s acquisition of Napster, which aims to add a music-focused metaverse. Even Donald Trump’s company is interested in the sector, having filed trademarks related to a metaverse and an NFT marketplace.
More Mature and Better-Built NFT Projects
Although volumes remain modest, the metaverse shows signs of resilience and evolution. Key players are investing in long-term infrastructure, while new projects are emerging, proving that this sector hasn’t said its last word. Savvy crypto investors will closely monitor these trends to seize the best opportunities in this rapidly transforming ecosystem.
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