NFTs and the Metaverse Performing Well Despite the Crypto Market Mayhem
According to a report by Future Market Experiences, the consumer metaverse market is expected to develop at a robust CAGR of 24.5% from 2022 to 2032. The market is currently valued at US$55.8 billion and is expected to reach a valuation of US$500 billion by 2032.
Investors are Still Showing Interest Across the Metaverse
There is a lot of interest in the metaverse despite prices mostly being brought down by collapsing cryptos. The Sandbox and Decentraland both have a short inventory of available properties for sale, which may account for a large portion of the trade delay they are experiencing.
As of September 19, The Sandbox had just 3,408 parcels for sale or 2% of its total properties on its marketplace. On the other hand, Decentraland had 652 estates and parcels for sale or 0.67% of its total properties on its marketplace.
Another sign that the metaverse is still strong is the land sales that The Bored Ape Yacht Club’s Otherside platform launched on May 1. Since the crypto chill has already started to set in, the platform has been growing and making sales.
Despite the limited number of properties for sale on the platform, the average number of daily sales in August 2022 was 119.87. Furthermore, the average daily sales volume during that month was $746,503.19.
Reddit Avatar NFTs Raise Eyebrows as They Rocket to $5K
Meanwhile, the Reddit users’ avatars, which are non-fungible tokens (NFTs), have sold for $5,000 on the platform. That suggests that the demand for the digital asset is rising.
The Senses collection includes the avatars above and has been the most successful among the various collectible avatars on Reddit. Two of these, The Hands #16 and The Hands #46, sold for around $5,000 each. Rojom, who created the Senses collection, is a part of the Creator Program of the collectible avatars on Reddit. His series currently has a floor price of 0.93 ETH.
One Reddit user was elated by the news of the sale. Imalittlestitious86 noted that the hands had sold for 4 ETH, and she was surprised by how much money they fetched. The user also pointed out that the returns on the investment were significant, and she wondered if these could go even higher.
Another collection, the Foustlings, also sold for high prices. According to Imalittlestitious86, the floor has risen with the sale of the classic Foustlings selling for 400 bucks.
Imalittlestitious86 said:
“Absolutely insane to think that before these, this sub[-Reddit] hated digital assets with a passion. Reddit out here changing hearts and minds with those digital doodles.”
Crypto Land May Be in Mayhem, but the Metaverse Is Still Cool
Despite the hype surrounding the metaverse, many people still believe it’s a fantasy world filled with people who are only trying to get ahead of the curve. However, this isn’t the case for everyone. There are plenty of brands and influential individuals who are already talking about the future of the world.
In July 2022, a report by the largest bank in Southeast Asia, DBS, stated that the metaverse could potentially be worth up to $11 trillion by 2030. It noted that it could make up 10% to 40% of the digital economy by then.
As the various metaverse worlds continue to mature, skeptics may have missed an opportunity to capitalize on the potential of this asset class. The world economy is slowing down, and the crypto winter retreats have also affected the market.
