January Metaverse Recap

The metaverse exudes a mysterious fascination that has mesmerized countless experts well-versed in all matters related to technological progress. Above all, this curious fascination rapidly morphed into a full-blown gold rush that took on manic dimensions toward the end of 2021 following Facebook’s strategic rebranding to Meta.

Over the course of the last year, the overheated metaverse market, which at the moment largely consists of various isolated virtual worlds, has cooled down considerably, tumbling massively and entering a down market. After a minor boom in December, the total trading volume of virtual land NFTs in the most popular metaverses took a hit again in January, plummeting by 16.7% MoM to $33.7mm.