Sales of metaverse-related non-fungible tokens climbed 27% in August compared to July, hinting that users may be “slowly sneaking back into virtual worlds,” according to a DappRadar analyst.
Despite a slight dip in overall trading volume to $6.5 million, the month saw 13,927 sales, marking a notable increase in activity, the firm reported Thursday.
“This marks the second consecutive month of steady engagement, suggesting that platforms such as Sandbox, Mocaverse, Otherside, and Decentraland are seeing a gradual return of users,” the report noted on X.
The metaverse, which reached peak popularity in 2021 and 2022 amid heavy speculation and lofty expectations, has since cooled off, with activity slowing through 2023 and beyond.
People “sneaking back” into the metaverse
In July, DappRadar tracked $6.7 million in sales across 10,900 metaverse transactions—a sharp rise from June’s $3.7 million in sales and 12,800 transactions.
According to DappRadar analyst Sara Gherghelas, August’s results show that the “metaverse isn’t dead yet,” with signs that users are “sneaking back into virtual worlds.” Still, January remains the strongest month of 2024 so far with $7.7 million in sales, while April and May led trading activity with more than 19,000 transactions each.
Platforms prioritizing long-term infrastructure
For now, leading metaverse projects appear focused on building sustainable infrastructure.
The Sandbox, a subsidiary of Hong Kong-based Web3 firm Animoca Brands, held its largest Land auction in July. Mocaverse, another Animoca initiative, is preparing to launch its own blockchain, Moca Chain, with a testnet slated for this quarter.
Otherside, the Yuga Labs-backed metaverse, introduced AI-driven world-building tools in August. Decentraland announced a major engine upgrade, while HYTOPIA rebranded its $TOPIA token to $HYBUX and expanded its creator fund.
“Although volumes are still relatively modest, top platforms are clearly shifting their attention toward long-term infrastructure, digital identity, and creator-focused tools,” Gherghelas said.
New metaverse projects still emerging
Fresh initiatives are also on the horizon. AI startup Infinite Reality acquired music platform Napster in March, with plans to develop a music-centered metaverse.
Meanwhile, DTTM Operations—a company owned by Donald Trump—filed for trademarks in February tied to a metaverse and NFT marketplace built around the former U.S. president’s brand.
