Metaverse Land Prices Plunge 72% from Peak, CoinGecko Reports
Iris Coleman Aug 02, 2024 10:53
CoinGecko reports that the average prices of metaverse lands have plummeted by 72% from their all-time highs, reflecting broader market trends.
In a recent report by CoinGecko, the average prices of metaverse lands have nosedived by 72% from their all-time highs. The study highlights significant declines across major metaverse projects, reflecting broader market trends in the cryptocurrency and NFT sectors.
Significant Declines Across Major Projects
According to CoinGecko, the cost of metaverse lands in 2024 ranges between 0.08 ETH and 1.88 ETH (approximately $250 to $5,960). This marks a sharp decline from their peak prices. The average floor prices have dropped by 34% from 2023 and 55% from 2022. The most notable decrease is seen in the Sandbox project, where prices fell from an average of 2.86 ETH in 2021 to 0.13 ETH in 2024, representing a staggering 95% decline.
Other projects have also experienced significant downturns. NFT Worlds, rebranded as TOPIA Worlds in 2023, saw a less severe dip, with a 65% drop from peak to trough. The average floor price of NFT Worlds was 3.29 ETH in 2022, now standing at 1.81 ETH in 2024, a 45% decrease. Meanwhile, Otherdeed for Otherside and Decentraland have plummeted by 85% and 89%, respectively, from their peaks.
Resilience in Some Projects
Despite the overall market downturn, some projects have shown resilience. TOPIA Worlds, supported by a robust staking mechanism and successful rebranding, managed to mitigate the decline better than its peers. Similarly, Somnium Space exhibited an interesting trend, with its peak average floor price reaching 0.98 ETH in 2023, up from 0.57 ETH in 2022. The rise coincided with the launch of the Somnium VR1 headset and other major announcements.
Market Trends and Interest
The peak in metaverse land prices in 2022 was driven by unprecedented interest in digital real estate and the broader Web3 ecosystem. Google Trends data showed a 106% increase in searches for 'Metaverse' in 2022, peaking in January of that year. This surge in interest was mirrored by the bullish cryptocurrency market, leading to record-high prices for metaverse lands.
Planet of the Apes Collapse
The report also highlights the case of Otherside, a virtual universe developed by Yuga Labs. Otherdeeds, launched in 2022, allowed owners to claim land plots in Otherside, initially trading at an average of 3.00 ETH. However, by 2024, Otherdeed prices dropped to 0.18 ETH, a 96% decrease from their peak. The launch of Otherdeed Expanded in 2023, meant to enhance gameplay experiences, also saw prices fall to 0.24 ETH from an all-time high of 1.09 ETH.
Future Outlook
The performance of digital lands in the metaverse has seen significant volatility, influenced by broader trends in the crypto and NFT markets. While 2022 was marked by record highs, subsequent years have experienced substantial corrections. Projects like TOPIA Worlds and Somnium Space have demonstrated relative resilience through strategic developments and strong community engagement.
Methodology
The CoinGecko study analyzed the prices of selected metaverse lands in ETH from January 1, 2021, to June 25, 2024. The projects examined included Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and TOPIA Worlds. Price data was sourced from CoinGecko, while trends were sourced from Google Trends.
For more detailed insights, visit the CoinGecko report.
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