Analysis Markets
December 22, 2022

The metaverse market has been collapsing this year; will the trend go up in 2023?

A report by The Block indicates that the metaverse market this year has been collapsing. In January 2022, metaverse platforms raised $49.2 million in monthly trading volume. By November, the number dropped to $2 million, showing a 96% decrease. The data includes the following metaverses: The Sandbox, Decentraland, NFT Worlds, Voxels, and Somnium Space.

The Block’s data dashboard also shows that metaverse land sales have dropped by 90% since the beginning of the year.

monthly trading volume metaverses
Source: The Block

The Sandbox maintained the highest number of unique users (17,019) compared to other metaverses. The second most popular virtual world, Decentraland, had 6,529 unique users, followed by NFT Worlds (4,403), Voxels with 2,431, and Somnium Space with 899 users.

The average land price has also plummeted. NFT Worlds’ digital land has the highest value in 2022, reaching a peak of $44.07K on February 26. Currently, a land parcel in the metaverse costs around $782. At the beginning of the year, Somnium Space recorded an average land sale of $25.86K. Now, the price stands at $1,000.

Centralized metaverses, such as the one Meta is building, have also shown some downward trends. Meta’s metaverse division, Reality Labs, experienced financial losses in Q3 2022, reporting a $3.67 billion loss. The second quarter of 2022 wasn’t successful for the company either. However, the company is still positive about the metaverse and has set plans to keep building it in 2023. Similarly, a recent report by Huawei indicates that the metaverse will keep growing over the years and will be the first to be massively adopted in the gaming industry.

The 2023 Digital Assets Outlook by The Block also indicated that the metaverse “struggled to find the right product-market fit in 2022” but will continue to expand in 2023. The Sandbox’s full launch next year might shift the market toward a more upward trend.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

Hot Stories
Join Our Newsletter.
Latest News

Supply and Demand Zones

Cryptocurrency, like any other currency, is a financial instrument based on the fundamental economic principles of supply ...

Know More

Top 10 Crypto Wallets in 2024

With the current fast-growing crypto market, the significance of reliable and secure wallet solutions cannot be emphasized ...

Know More
Join Our Innovative Tech Community
Read More
Read more
SWIFT to Debut Platform Linking CBDCs with Global Financial Infrastructure in Coming Years
Markets News Report
SWIFT to Debut Platform Linking CBDCs with Global Financial Infrastructure in Coming Years
March 26, 2024
Starknet-based SithSwap Introduces SITH Token, Schedules Public Sale On March 27
Markets News Report
Starknet-based SithSwap Introduces SITH Token, Schedules Public Sale On March 27
March 25, 2024
OKX Lists Venom Network’s Token, Launches VENOM-USDC Spot Trading
Markets News Report
OKX Lists Venom Network’s Token, Launches VENOM-USDC Spot Trading
March 25, 2024
Bakery Swap Raised $280M in Crypto via Big Pump Memecoin Presale
Markets News Report
Bakery Swap Raised $280M in Crypto via Big Pump Memecoin Presale
March 22, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.