The Q2 DappRadar report found while metaverse token prices dropped, the volume of traders buying land in the metaverse rose this quarter. That increasing volume in metaverse land trading is an indication that virtual metaverse worlds are still popular among gamers, DappRadar concluded.
Crypto gaming communities remain loyal and engaged even during the bear market most cryptocurrency tokens have been in since the total crypto market cap hit $3 trillion in November 2021.
Metaverse Crypto Assets Still Popular
As we reported on this week the DappRadar industry report identified blockchain gaming and its related native tokens as being more resilient during the crypto winter than DeFi projects.
Metaverse tokens did drop in value – the report notes Axie Infinity (AXS) and Mobox (MBOX) were the hardest hit, retracing by 90 – 95%. Decentraland (MANA) and The Sandbox (SAND) corrected by 83%.
However the overall trading volume of virtual real estate within metaverse games – metaverse land plots – increased, their sales volume ‘up 97% across the board this quarter’.
Ethereum trading volume increased more than Polygon trading volume – for example Otherdeed for Otherside NFTs (representing virtual real estate in the Otherside metaverse game) now have a total trading volume on OpenSea of 318,000 ETH.
That’s an increase of 84% since early May shortly after Otherdeed for Otherside had their public Genesis mint. The Otherdeeds floor price today on OpenSea marketplace (2.8 ETH) is lower than in early May however (4 ETH).
We recently wrote a guide on how to invest in the metaverse, including buying metaverse land and investing in metaverse games. We picked out one currently active presale for that native coin of upcoming NFT based game Battle Infinity, IBAT token.