The price of virtual land within the major metaverse ecosystem has plummeted this year. This has left speculators who recently sold with big losses.
On May 26, CoinGecko co-founder Bobby Ong posted an update on land prices in the Metaverse. He compared those in their heyday with what they have now, but the situation is not favorable for landowners.
Metaverse land has been all the rage from the 2021 bull market to the first half of 2022. Virtual parcels were trading at high prices. In addition, huge global brand names have even bought up vast tracts of land in the Metaverse.
The Decline of Virtual Land
Fast forward to mid-2023 and the virtual environment looks pretty bleak to those in need of liquidation.
The most expensive Metaverse land at the moment is Otherdeeds on Otherside at 1.09 ETH (about $1,970). The project was launched by the Bored Ape Yacht Club (BAYC) studio Yuga Labs. However, the price has dropped by 78% from the peak when the land price was 5 ETH.
In May 2022, the minimum land price on Otherdeeds jumped to 7.5 ETH, according to. research.
Decentraland’s virtual land currently sells for 0.64 ETH, around $1,156 at current prices. This is an 88% drop from the peak when the parcel price was his 5.24 ETH.
Sandbox land prices have dropped 90% from their peak of 4.2 ETH. Today’s plot puts us back at around 0.43 ETH or $777.
Additionally, smaller metaverse projects such as Somnium and Voxels saw virtual land prices drop by 94%.
It’s a similar story for NFTs, with prices plummeting for popular projects this year. Collections like Doodles, Moonbirds, and Goblintown have seen NFT floor prices plummet.
Overall, NFT sales volume fell by 84% from April 2022 to April 2023, according to CryptoSlam.
Metaverse token destroyed
It’s not just Metaverse land that’s going down, as tokens related to virtual ecosystem projects are also in the doldrums.
Sandbox (SAND) has taken a hit, and remains down 94% from its November 2021 all-time high of $8.40. At the time of this writing, the Metaverse token was trading at just $0.50.
Decentraland (MANA) faced a similar fate, falling 92% from its all-time high of $5.85. Today, MANA is changing trades at his $0.46.
The once hyped Axie Infinity AXS token has suffered even more. The Metaverse asset has fallen a whopping 96% from its all-time high of $165. A trader can get his AXS tokens for just $6.82 at the moment.
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