Top Metaverse Real Estate Investments Suffer Massive Losses: Report
Virtual land prices on some of the top metaverses have fallen significantly since their peak prices in 2022, with most down about 90% in value.
A learn The study, published by CoinGecko, shows that popular metaverse properties such as Otherdeeds, The Sandbox, Decentraland, Somnium, and Voxels all declined in value over the analyzed period from January 1, 2022 to May 24, 2023.
As shown above, the most expensive property at the time was Otherdeeds by Otherside, which once sold properties for 5 ether (ETH), is currently selling at 1.09 ETH, down 78.2%. Sandbox and Decentraland properties are also down 89.76% and 87.88%, respectively.
CoinGecko noted that the cheapest land in the metaverse was found in Voxels, which sold for 0.16 ETH on May 24. Voxels virtual real estate was down 93.8%, as was Somnium. Despite the massive price drop, Voxels remains optimistic about a comeback. His official Twitter account specified:
“We’re number 5! We are number 5! (It hurts me too, but the winters are coming, so we have no choice but to keep building).”
Technology giants and large economies keep testing the ultimate potential of Metaverse through various investments and initiatives.
Related: Chinese City Releases Draft Policy for Metaverse Industry Development
iPhone maker Apple will soon release a mixed reality headset that could reignite global interest in the metaverse.
Speaking to Cointelegraph, eToro market analyst Josh Gilbert said the new headset could roil markets given Apple’s track record of delivering high-quality, market-changing products. Gilbert explained:
“When Apple does it, they usually do it right.”
Apple’s new headset is set to launch on June 5, according to a report by Apple product fortune teller Mark Gurhman.
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