Most projects in the Metaverse attract a lot of attention early on. In the past, it has been a challenge to keep up this momentum. This results in overproduction and the prices crashing low. NFT Worlds is a victim as its digital items sold over 94% cheaper than their all-time high.
Metaverse and NFT Worlds
Any project providing a virtual reality land in VR will be exciting. Digital plots are trending and in high demand. This is because they give property owners absolute freedom to use them. Many people use NFTs to collect rare items and display them in the Metaverse world. Other people will use it as a tool for a company office on the go, using it for native projects. It’s impossible to know when they will find their limits, but they might not be the same for everyone.
Alternatively, NFT World has always held itself as the most capable & flexible metaverse platform. Following a steady decline, the popularity of NFT Worlds has decreased, and so have the price, trading volume, and interest. Despite its virtual nature, the land in NFT Worlds has some value, but currently, there isn’t much demand for these items.
Per DAppRadar, NFT Worlds has seen 235 users in the past month. That’s a 28.57% decline compared to the previous months. On the same track, transactions have decreased by 31.2% over the past 30 days, and it now has 306 transactions per day. To succeed, Metaverse ventures need to attract and then retain users.
The current floor cost for NFT Worlds’ assets is between 0.71 ETH and 0.85 ETH. These virtual floors used to cost around 12ETH a while back. It is still a great value, given that it’s currently trading below the average market price for cryptocurrencies. However, this might be a problem for long-term holders. They now have 52,300 ETH in their total volume. That represents more than $69 million.
One may think that picking up land in NFT Worlds is cheap today. It may be, although the project’s community has a different perspective. Last month, we saw a 25.6% decline in social mentions despite the 10.7% increase in social contributors. Despite this setback, it looks like the project still has a chance in the future. Time will tell whether it does have long-term potential.
The decline in bullish sentiment will be rather painful for those who remain hopeful. Bearish sentiment in the crypto market has increased significantly in the past month, with investors becoming more gloomy daily. That may be due to bleak market conditions. However, one cannot deny that NFT Worlds has fallen from grace and struggles to find new support levels.