NFT and Metaverse Outperform in Crypto Market Uncertainty

According to a report by Future Market Experiences, the consumer Metaverse market is expected to experience a strong development of 24.5 percent from 2022 to 2032. The market is currently worth $55.8 billion. It is also expected to reach a value of $500 billion by 2032. However, NFT and Metaverse are outperforming other instruments amid the uncertainty in the crypto market.

Most of the prices are experiencing a decline. Despite the state of cryptocurrencies, there continues to be great interest in the Metaverse. Sandbox and Decentraland have experienced an increase during this period. As of September 19th, Sandbox announced that it has only 3,408 plots left for sale. This also corresponds to 2 percent of its total properties on the market. On the other hand, Decentraland has 652 plots for sale. This is equivalent to 0.67 percent of their total properties. In another sign that the Metaverse is still going strong, The Bored Ape Yacht Club's Otherside platform launched land sales on May 1st. Despite the limited number of properties for sale on the platform, the average daily number of sales in August 2022 was 119.87. Moreover, the average daily sales volume during that month reached $746,503.19. Interest in NFTs also continues through different platforms. Reddit user avatars were sold on the platform for $5,000. This indicates an increase in demand for the digital asset. The Reddit collection includes avatars and has been the most successful among the various collectible avatars on Reddit. The two most successful avatars were The Hands 16 and The Hands 46. These have sold for around $5,000 each. The collection currently has a base price of 0.93 ETH.

In Crypto Market Uncertainty, Metaverse Outperforms!

Despite the hype surrounding Metaverse, many people still claim that it is just a curiosity. However, this is not the case for everyone. There are already numerous brands and influencers talking about the future of the world. In July 2022, a report by DBS, Southeast Asia's largest bank, stated that the Metaverse could potentially reach $11 trillion by 2030. It is estimated that it could account for between 10 percent and 40 percent of the digital economy by then. As the various Metaverse worlds continue to mature, skeptics may have missed the opportunity to capitalize on the potential of this asset class. In addition, the world economy is slowing down and the crypto winter pullbacks continue to impact the market. Source: nfxhaber.com Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!