Investments in metaverse projects have surged, with VC firms pouring $707M into the sector in the first half of 2023, accounting for 44% of all Web3 investments. The metaverse sector continues to attract significant investments, indicating a promising future for the industry, according to a report from DappRadar. The AR/VR sector's growth is expected to positively impact the metaverse, as demonstrated by the 5% increase in metaverse tokens SAND and MANA when Apple launched its Vision Pro headset. - The tokens experienced a decline following their classification as securities by the U.S. Securities and Exchange Commission.
- The digital land market started strong in 2023, with trade volume nearly quadrupling to $311M in Q1, reaching its highest level since May 2022.
- Trade volume in the digital land market plummeted by 81% in Q2, however, with the number of trades shrinking by three quarters.
- The decline in virtual land sales can be attributed to the resurgence of meme-coin speculation and renewed interest in decentralized finance (DeFi) protocols.
- Yuga Labs' Otherdeed for Otherside experienced a decline in quarterly volume from $294M to $44M, contributing to the overall market pullback.
- Floor prices for leading digital land projects have also experienced substantial drawdowns from their 2022 all-time highs.
- Land prices for projects like the Sandbox, Otherside, Decentraland, and Topia dropped significantly.
Animoca unveiled a strategic collaboration with Mitsui last week, a long-established Japanese trading company with $115B in total assets, to advance the metaverse and Web3 initiatives in Japan. |
