Metaverse Virtual Land is now 90% cheaper than when it was at its peak
Virtual land prices in leading Metaverse ecosystems have fallen sharply this year. This has resulted in large losses for speculators who have recently sold.
On May 26th, CoinGecko co-founder Bobby Ong released an update on Metaverse property prices. He compared the peak values to what they’re currently bringing in — and the picture isn’t pretty for landowners.
Metaverse land was all the rage during the 2021 bull market and into the first half of 2022. Virtual parcels were bought up at high prices. In addition, major global brand names have even bought up large parts of the Metaverse land.
If we fast-forward to mid-2023, the virtual landscape looks pretty desolate for those who need to liquidate.
Currently, the most expensive Metaverse land is Otherside’s Otherdeeds at 1.09 ETH (around $1,970). The project was initiated by Bored Ape yacht club (BAYC) Studio Yuga Labs. However, prices have plummeted 78% since their peak when a plot cost 5 ETH.
In May 2022, the minimum price for Otherdeeds plots increased to 7.5 ETH Research.
Decentraland Virtual land is currently selling for 0.64 ETH, or around $1,156 at current prices. This is down 88% from its peak when packages were sent for 5.24 ETH.
land in The sandbox has fallen 90% in price since its peak of 4.2 ETH. Today, one plot will cost you about 0.43 ETH or $777.
Additionally, smaller Metaverse projects such as Somnium and Voxels saw virtual land prices drop by 94%.
Similarly with NFTs, popular projects have plummeted in price this year. Collections like Doodles, Moonbirds, and Goblintown have seen NFT The minimum prices are falling.
According to CryptoSlam, from April 2022 to April 2023, NFT sales volume has decreased by 84% overall.
Metaverse token corrupted
Metaverse land isn’t the only thing set to drop, as tokens related to virtual ecosystem projects are also in the doldrums.
The sandbox (SAND) has taken a hit and is still 94% down from its all-time high of $8.40 set in November 2021. The Metaverse token was trading at just $0.50 at the time of writing.
Decentraland (MANA) met a similar fate, falling 92% from its peak of $5.85. MANA is changing hands today for $0.46.
The once hyped Axe Infinity AXS Token is in even more pain. This Metaverse asset is down a whopping 96% from its all-time high of $165. Traders can currently purchase AXS tokens for as little as $6.82.
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