Despite a decrease in trading volumes, there is still a significant amount of demand and interest in Metaverse, according to a report that was published by DappRadar on October 20, 2022. After all of the excitement that surrounded the release of Otherside back in May, this quarter has been relatively quiet in the metaverse world.

Because of the launch, trading volumes on Metaverse rose to more than 700 million dollars in just that one month. However, DappRadar also reported that the volume of trading has decreased by 91.6% compared to the $893 million in the preceding quarter.

The report suggests that the lack of highly anticipated project launches during the third quarter may be to blame for this significant decrease in activity. Additionally, compared to the previous quarter, there was a 37.5% decrease in the number of virtual land trades. It suggests that "the joy surrounding these projects has not diminished but is now at a consolidation period." [Citation needed]

Consistent Expansion Within the Online Worlds

Since the beginning of this year, Decentraland and The Sandbox have been the two platforms in the Metaverse industry that have seen the most activity overall. This conclusion can be reached by calculating the number of unique active wallets (UAW) and the amount of user data that interacts with the smart contracts of a dApp.

Since May 2022, The Sandbox has continued to maintain an average of 750 daily UAWs interactions across its gaming platform. The identical predicament can also be found in the marketplace for its non-fungible tokens (NFT). In addition, it has grown over the course of the past five months, with a rise of 348% in UAWs since May.

The Decentraland platform appears to be experiencing almost exactly the same pattern. Since May, the number of UAWs that are hired each day has remained relatively constant at close to 800. The following statement was made in the report: "Despite the economic uncertainty that the cryptocurrency industry is currently facing, the interest of the majority in metaverse platforms has not waned."

According to the findings of the report, the sales volume of the top ten Metaverse projects saw a decrease of 11.5% during the third quarter. It was revealed that "We see this as a bullish sign," which indicated that the excitement surrounding these projects has not diminished.

The Sandbox Alpha Season 3, a project that currently has 200,000 active participants per month, is one example of a project that has produced excellent results. Because of this, their sales volume during the previous quarter increased by a staggering 190%.

On the other hand, this bullishness has not had a positive effect on the price of Metaverse tokens. Instead, the value of many has decreased, just like that of other cryptocurrencies that are going through the crypto winter. DappRadar's investigation found that the decline was due, in some way, to the poor quality of the play-to-earn Metaverse games.