With approximately $2 trillion in recorded losses, the crypto market has been in free fall for several months. And this collapse is not without consequences on the metaverse where the price of virtual land has also fallen sharply. Similarly, there is a decline in the volume of sales in this sector. This could be a good time to get into virtual real estate by buying land cheaply.
Virtual land prices are collapsing
According a tweet by Christophe Barraud on August 7, “the real estate boom in the metaverse turns into a meltdown“. Indeed, sales of virtual land have fallen a lot recently, according to a dashboard. This table that analyzes metaverse sales comes from the open source data provider Dune Analytics. He reveals that the vast majority of metaverse projects have experienced a significant decline.
For example, Decentraland is at the lowest in terms of average virtual land cost. Indeed, its virtual lands rose to $4,006 in July 2022. Yet, they were at $17,736 in July 2020. The Sandbox too recently recorded its worst performance since the start of the year. The average price of land fell from $6,291 in January 2022 to $3,377 in July.
NFT Worlds, the third largest metaverse project after Decentraland and The Sandbox, is also in free fall. In this virtual world, the average price of land fell to $2,328 in the past month. Yet, this price was estimated at $18,095 in March 2022.
The three biggest metaverse projects Decentraland, The Sandbox and NFT Worlds fell in terms of sales volumes. Yet there was a boom last year, with more than $500 million in virtual land sales achieved. Now might be a good time to invest in the metaverse, waiting for an upcoming price hike.
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