Indeed, virtual trading volume tracking sales for 18 metaverse virtual land projects plunged by about 98% from 2021’s high as of September 12, 2022. The volume peaked in November 2021 at slightly above $8 million, according to Delphi Digital data published on September 21.
Notably, the slump in trading volume follows the metaverse’s boom that was triggered by firms like Facebook’s parent company Meta (NASDAQ: FB). However, the suppressed volume should not come as a surprise, considering an ongoing meltdown in the broader crypto market alongside the general economy.
It is worth pointing out that the metaverse virtual land was touted as the next big thing. In return, the concept resulted in a spike in interest triggering a rush to acquire prime lands that mirrored real-life real estate.
Most people were also involved in the metaverse, hoping to make profits with the virtual world offering an opportunity to play games, trade digital assets, and buy and sell real-world items using cryptocurrencies.
Elsewhere, the drop in trading volume has resulted in a section of the market questioning the general utility of virtual land. Some critics have argued that land is oversupplied; hence it is no longer a scarce resource to drive more interest.
However, interest in the metaverse might spike again if the crypto market recovers alongside the entry of different firms into the space. For instance, in June this year, Meta, Microsoft (NASDAQ: MSFT), and other tech companies signed a pledge to work towards creating an open and interoperable metaverse.
Despite the slowed trading volume, interest in the metaverse seems unfazed, with different global brands and individuals filing trademark applications. In this line, Finbold reported that as of September 6, over 4,000 trademarks related to the metaverse had been filed in the United States. Overall, the brands are planning metaverse experiences that mirror normal life activities.