Both Decentraland and The Sandbox have pushed the Metaverse to the general public. Unfortunately, due to the current market conditions, their plans don’t seem to be working.
Decentraland, for its part, does not seem to want to back down. The latest effort to push Metaverse to mainstream audiences may well be evidence of the same.
Decentraland x Bulova
According to an announcement two days ago, Decentraland has now introduced a new “phygital” watch to the world. Launched by Bulova in partnership with D-Cave, the watch has been described as wearable in the Metaverse, with more details expected to be shared on March 10.
As a 147-year-old brand, Bulova has a strong presence in the market. And now that the company is entering the virtual world, Decentraland is said to attract more brand users to join Metaverse.
If the plan works, Decentraland would be able to get some investment out of people as on-chain data shows that Decentraland isn’t doing very well.
For example, sales of LAND have decreased rather than increased.
Plot sales in Decentraland skyrocketed in November, managing to sell to 1,551 lots for $13.6 million. However, volumes were much higher in January at $16 million, despite LAND sales falling to 1,328.
This is also because the number of unique owners has fallen sharply.
The number of landowners increased by 1,100 between November and December, while the same figure was only 549 between January and February.
Obviously, a lack of new users will lead to a lack of sales, and consequently the total sales volume will also decrease.
Regardless, both LAND’s sales and volume fell to 916 and $10 million last month, respectively.
The market’s rise-on-again-fall-again strategy is responsible for such declining growth.
This pattern has also consolidated MANA between $2.41 and $3.51 with the former serving as a strong support. Despite breakthroughs and breakthrough attempts, resistance and support levels have been solid and unchanged for three months now.