Metaverse-related non-fungible token sales rose 27% in August from the month prior, suggesting people could be “slowly sneaking back into virtual worlds,” according to an analyst from DappRadar.
There was $6.5 million in metaverse trading volume across August, down slightly from July but coming from 13,927 sales, representing a 27% increase from last month, according to the report published on Thursday.
“It’s the 2nd month of steady activity, hinting that users may be slowly returning to virtual worlds like Sandbox, Mocaverse, Otherside and Decentraland,” DappRadar wrote on X.
The metaverse saw peak hype in 2021 and 2022, driven by speculation and excitement about what the technology could achieve, slowing down in 2023 and beyond after its initial burst of popularity.
People “sneaking back” into the metaverse
In July, DappRadar recorded sales of $6.7 million and trading volume of 10,900 in metaverses, a significant jump from just $3.7 million in sales and 12,800 in volume in June.
DappRadar analyst Sara Gherghelas said August figures show the “metaverse isn’t dead yet,” and people appear to be “sneaking back into virtual worlds.”
However, January has still been the best month for sales this year, with $7.7 million, while April and May have been the best for trading after clocking more than 19,000 in volume each.
Platforms focusing on long-term infrastructure
At the moment, Gherghelas said the top platforms are focused on building for the long term, with a focus on infrastructure.
The Sandbox, a metaverse-focused subsidiary of Hong Kong-based Web3 firm Animoca Brands, had its largest land auction in July. The Mocaverse, a Web3 ecosystem and NFT project, is preparing to launch Moca Chain, with a testnet expected this quarter.
At the same time, Otherside, a metaverse platform developed by Yuga Labs, released AI-powered world-building tools in August.
Decentraland, a browser-based 3D virtual world, announced a major engine upgrade, and HYTOPIA, a Web3 gaming platform and metaverse, replaced its TOPIA token with the new HYBUX token. The team also expanded its creator fund.
Related: Animoca’s Sandbox overhauls as co-founders confirm new strategic roles
“While volumes continue to remain modest, leading platforms are shifting their focus toward long-term infrastructure, identity, and creator tools,” Gherghelas added.
Metaverse projects still in the works
Companies are still working on launching metaverses as well, with the artificial intelligence startup Infinite Reality acquiring the music-pirating app turned music streaming service Napster in March with plans to add a music-focused metaverse.
Meanwhile, the Donald Trump-owned company DTTM Operations filed for trademarks back in February, connected with a metaverse and NFT marketplace built around the US President’s brand.
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