With receding[1] interest in the general concept of the metaverse, blockchain projects built solely around the phenomenon have struggled with low user count in the past few months.
For example, according to data from Dune Analytics[2], Decentraland[3] – “the first-ever virtual world” where users can buy plots of land and wearables as NFTs using its native token, MANA – has seen a drop in sales in the last five months.
Did MANA stop falling?
Weekly sales on Decentraland have declined significantly in the past five months. As of 22 August, total sales made in the virtual world in the past week stood at $7,613, a 936% decline from the $78,597 registered in sales in the week before.
Source: Dune Analytics
Unique sellers on the platform in the last month stood at a total of 53. The daily count for sellers on Decentraland has dropped consistently since the high of 26 July.
Source: Dune Analytics
In addition, unique buyers on Decentraland in the past month were 81. Since 26 July, the daily count for buyers that trade on Decentraland has fallen.
Source: Dune Analytics
On Decentraland, “inhabitants” can buy LAND, avatar wearables, and names in the Decentraland Marketplace[4] as NFTs. According to data from NFTGo[5], these NFT collections have declined considerably on all fronts in the last six months.
As for the Decentraland LAND[6] NFTs, the floor price as of this writing stood at 0.39 ETH. Since March, the collection’s floor price has declined by 91%, having fallen from a high of 4.6 ETH.
Within the same period, sales volume for the NFTs collection fell by 77%. As of 23 August, the market capitalization was pegged at $162.47 million, declining by
