Metaverse land prices down 72% on average from highs

Metaverse onshore prices person fallen astir 95% from their highest values, according to a CoinGecko report.

In 2024, the outgo of metaverse lands ranged betwixt 0.08 ETH and 1.88 ETH, representing an mean 72% driblet from their all-time high. Over the years, the terms drops compared to their peaks were 34% from 2023 and 55% from 2022.

Among the assorted metaverse projects, Sandbox has experienced the astir notable decline. Its mean level terms fell from 2.86 ETH successful 2021 to 0.13 ETH successful 2024, marking a 95% decrease. 

Conversely, NFT Worlds, which rebranded to TOPIA Worlds successful 2023 nether the larger Hytopia brand, showed comparative resilience. Despite a 65% driblet from highest to bottom, its level terms diminution was little terrible compared to others. 

Other NFT collections with important drawdowns are NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).

The study highlights an “interesting trend” successful Somnium Space, an unfastened and societal virtual world (VR) satellite built connected the Ethereum blockchain. Its highest mean level terms was observed successful 2023 astatine 0.98 ETH, up from 0.57 ETH successful 2022. 

This summation coincided with the merchandise of the Somnium VR1, a high-end VR headset, and important improvement announcements. 

Days of precocious prices

During the past agelong of the bull marketplace successful 2022, NFT Worlds commanded the highest prices, with an mean level terms of 3.29 ETH and an all-time precocious of 13.5 ETH successful March 2022. 

Otherdeed, from Yuga Labs’ metaverse Otherside, followed with an mean terms of 1.98 ETH and a highest of 5 ETH successful May 2022. Sandbox and Decentraland besides saw precocious valuations, with mean level prices of 1.91 ETH and 1.73 ETH, respectively.

The surge successful prices successful 2022 corresponded with record-high involvement successful the metaverse. Google hunt trends for the word ‘Metaverse’ peaked successful January 2022, reflecting a 106% summation from 2021 and mirroring the heightened involvement successful integer existent property and Web3 technologies during the bull market.

CoinGecko’s methodology progressive examining the prices of selected metaverse lands successful ETH from Jan. 1, 2021, to June 25. The metaverse lands analyzed included Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds. 

The station Metaverse onshore prices down 72% connected mean from highs appeared archetypal connected CryptoSlate.