Decentraland ends 2022 on a sour note despite 440% volume growth

• Decentraland saw year-on-year growth in its NFT coins and purchases.
• However, the value of their three NFT projects fell

As described in the performance at the end of the year reportthe leading metaverse based platform Decentraland saw a growth in the NFTs minted and bought in 2022.

Read Decentralands [MANA] Price prediction 2022-2023

According to the blog post, Decentraland ended 2022 with 2.7 million unique NFTs minted on the metaverse-based gaming platform. This represented a 440% growth in the volume of NFT coins on a year-over-year basis.

Furthermore, the number of unique active users on Decentraland increased by over 12.9% over the 12-month period, ending 2022 with one million unique active users.

The Decentraland NFT ecosystem consists of Decentraland Wearables, Decentraland LAND and Decentraland Names. According to the report, 143,900 Decentraland Wearables NFTs were sold in 2022. This was a 510% year-over-year growth in sales volume.

Decentraland experienced a sharp drop in value

Despite the growth in NFT mintage and trading volume, an assessment of the three NFT collections that make up Decentraland showed a significant decline in value in 2022.

This decline in value reflected the general market sentiment towards the asset class as many abandoned speculative projects to escape the economic difficulties that persisted throughout the year. 2022 was challenging, as several NFT projects took a big hit to their value.

For context, blue chip NFTs saw a drop in value when the Blue Chip Index fell 45% in 2022. According to NFTGothe Blue Chip Index is calculated by weighting the market capitalization (ETH/USD) of blue chip pools to reflect their performance.

Source: NFTGo

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While Decentraland’s Wearables collection saw an increase in sales volume, the floor price fell significantly in 2022, data from NFTGo revealed. Throughout 2022, one NFT from the collection traded for less than 0.01 ETH. The highest price in 2022 was 0.0099 ETH on February 22.

Ending the year at a bottom price of 0.004 ETH, Decentraland Wearables experienced a 56% drop in value.

Source: NFTGo

Likewise, its LAND NFT collection suffered the same fate. With a floor price of 1.2 ETH at press time, the collection’s value fell by 73% in 2022.

Source: NFTGo

Furthermore, Decentraland Names had a floor price of 0.01 ETH as of December 31, data from NFTGo revealed. However, this collection sold for as high as 0.09 ETH in February.

Source: NFTGo

The original token that powered the metaverse-based project fared no better. Trading at $0.2939 at press time, MANA’s price fell 91% in 2022, data from CoinMarketCap revealed.