Virtuals Protocol revenue down 97% as AI agent demand fades

Virtuals Protocol, an AI cause level enabling the instauration and monetization of AI-driven virtual entities connected the blockchain, has seen its regular trading gross plummet by 96.8% contempt expanding from Coinbase’s Ethereum layer-2 Base to Solana.

According to Dune Analytics data, the protocol recorded its highest regular gross of implicit $1 cardinal connected Jan. 2, but that fig had dropped to little than $35,000 arsenic of Feb. 27.

Revenue from the Base virtual app has been peculiarly weak, with net remaining beneath $1,000 for 10 consecutive days, declining from its regular highest of $859,000 connected Oct. 27, 2024. In total, Virtuals generated $28,492 connected the Base web and $6,300 connected Solana connected Feb. 27.

Virtuals’ mediocre gross show connected Feb. 27 is an betterment from the time before, which was conscionable implicit $30,000. Source: Dune Analytics

The fig of caller AI agents created connected the level has remained beneath 10 per time for the past 10 days.

Virtuals has had little than 10 agents created since Feb. 18. Source: Dune Analytics

Related: New cause launches connected Virtuals plummet amid AI token drawdown

Virtuals disappoints since moving to Solana

Originally launched connected Base, Virtuals gained attraction for its caller AI agents susceptible of managing their ain cryptocurrency wallets and adjacent tipping societal media users to thrust engagement.

On Jan. 25, the task announced its enlargement into the red-hot Solana ecosystem. However, Solana’s estimation has suffered successful caller weeks pursuing a question of failed statesmanlike memecoins, which person underscored the rampant scamming issues connected the network.

There are presently astir 170,000 unsocial wallets holding Virtuals agents’ tokens connected Base, compared to astir 11,000 connected Solana, according to Dune. Wallet enactment has importantly declined crossed some networks, arsenic lone 7,642 wallets traded astatine slightest 1 token connected Feb. 27.

Related: Solana’s token minting frenzy loses steam arsenic memecoins get torched

VIRTUAL token struggles amid marketplace downturn

Virtual Protocol’s autochthonal token has fallen much than 14% successful the past 24 hours, according to CoinMarketCap data. The driblet comes amid a broader crypto marketplace downturn, with Bitcoin losing 20% of its worth implicit the past week owed to heightened planetary commercialized tensions.

VIRTUALS bleeds arsenic planetary fiscal markets endure losses. Source: CoinMarketCap

Despite the wider marketplace correction, Virtuals Protocol appears to beryllium losing traction among apical cryptocurrencies. When the protocol archetypal announced its determination to Solana, it ranked 68th by marketplace capitalization. As of the clip of publishing, it had slipped to the 92nd spot.

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