Well, it seems the rumors of the metaverse’s demise might have been a bit premature. According to the latest data from DappRadar, sales of metaverse-related NFTs actually saw a decent jump last month. It’s a small sign, but perhaps an interesting one.
August saw nearly 14,000 sales, which is a 27% increase from July. The total trading volume, interestingly, dipped slightly to $6.5 million from the previous month’s $6.7 million. It’s a bit of a mixed bag, but the increase in the number of transactions is what’s catching analysts’ eyes. It suggests more people are poking around, even if they’re not spending huge amounts just yet.
A Slow and Steady Return?
An analyst from DappRadar, Sara Gherghelas, described it as people “slowly sneaking back into virtual worlds.” I think that’s a fair way to put it. It’s not the explosive growth we saw back in the peak hype days of 2021, but it’s the second consecutive month of steady activity. That’s something. Platforms like The Sandbox, Decentraland, and Othersided are apparently seeing this gentle uptick.
But let’s keep it in perspective. January was still the strongest month for sales this year, pulling in over $7 million. And for pure trading volume, April and May were the leaders. So this isn’t a massive boom. It’s more like a faint pulse that’s getting a little stronger.
Building for Tomorrow, Not Just Today
What’s maybe more telling is what these platforms are doing with their time. Gherghelas notes that the focus for many top projects has shifted. They’re not just chasing quick sales; they’re building out the underlying infrastructure. The kind of stuff that makes these worlds actually functional and interesting in the long run.
We’re seeing a lot of movement on that front. The Sandbox had its biggest land auction in July. Otherside released some new AI-powered tools for building within its world. Decentraland is working on a major engine upgrade. It feels less like a gold rush and more like a group of settlers patiently building a town.
The Work Continues Behind the Scenes
And it’s not just the established names. New projects are still entering the space, believe it or not. The company behind Napster, for instance, was acquired with plans to build a music-focused metaverse. Even former President Donald Trump’s company filed trademarks earlier this year for a potential metaverse and NFT marketplace.
So, is the metaverse back? I wouldn’t go that far. The excitement is certainly nowhere near what it was. But the slow uptick in sales, combined with this quieter focus on development, hints that reports of its death were greatly exaggerated. It’s not booming, but it’s also not gone. It’s just… building.
