Metaverse Failing and NFT Market Sales Dropping

Recent data suggests the hype around the metaverse could already be falling as NFT sales continue to fall.

By    Daniel

ARE NFTS WORTH IT?

Last year, the metaverse, in part thanks to Facebook changing their name to Meta, and Non-fungible Tokens (NFTs) were on the lips of everyone.

NFTs were a hotly debated topic, with Valve, Epic Games, Ubisoft, and many more weighing in with their thoughts and opinions on the future of NFTs in gaming.

The backlash from gamers hasn’t stopped companies like Ubisoft from putting Non-fungible Tokens into games and even starting their own NFT marketplace called Quartz.

It seemed NFTs would be everywhere soon enough after a tweet from Twitter co-founder Jack Dorsey sold for $2.9 million in March 2021.

However, that same tweet recently went on sale again earlier this year and didn’t receive a bid of more than $14.000.

Another NFT based on Snoop Dogg recently went on auction for $25.5 million but failed to get a bid over $300.

A search on Google Trends shows searches for the term “NFT” have fallen by 80% since January.

WHAT IS THE METAVERSE?

Microsoft, Facebook, and other companies believe the metaverse to be the future of gaming and social connection.

Facebook believes in it so much that it recently changed its name to Meta as they look to combine Facebook, Instagram, Oculus, and their other divisions into one virtual network.

Metaverse is a network of 3D worlds where AR, VR, and all virtual worlds come together into one digital universe.

Corporations like Microsoft see huge potential in having social media, games, and apps in one connected world as it could see digital currency boom in popularity, use, and price.

Although the metaverse saw some hype last year, like NFTs, Google Trends shows that its searches have dropped drastically in 2022.

So, even though the hype is still there, gamers, in general, are struggling to take it on board completely.

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