Metaverse land costs have fallen practically 95% from their peak values, in accordance to a CoinGecko report.
In 2024, the price of metaverse lands ranged between 0.08 ETH and 1.88 ETH, representing a median 72% drop from their all-time excessive. Over time, the value drops in comparison with their peaks have been 34% from 2023 and 55% from 2022.
Among the many varied metaverse tasks, Sandbox has skilled probably the most notable decline. Its common ground value fell from 2.86 ETH in 2021 to 0.13 ETH in 2024, marking a 95% lower.
Conversely, NFT Worlds, which rebranded to TOPIA Worlds in 2023 below the bigger Hytopia model, confirmed relative resilience. Regardless of a 65% drop from peak to backside, its ground value decline was much less extreme in comparison with others.
Different NFT collections with important drawdowns are NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).
The report highlights an “attention-grabbing pattern” in Somnium Area, an open and social digital actuality (VR) world constructed on the Ethereum blockchain. Its peak common ground value was noticed in 2023 at 0.98 ETH, up from 0.57 ETH in 2022.
This enhance coincided with the discharge of the Somnium VR1, a high-end VR headset, and important growth bulletins.
Days of excessive costs
Over the past stretch of the bull market in 2022, NFT Worlds commanded the best costs, with a median ground value of three.29 ETH and an all-time excessive of 13.5 ETH in March 2022.
Otherdeed, from Yuga Labs’ metaverse Otherside, adopted with a median value of 1.98 ETH and a peak of 5 ETH in Might 2022. Sandbox and Decentraland additionally noticed excessive valuations, with common ground costs of 1.91 ETH and 1.73 ETH, respectively.
The surge in costs in 2022 corresponded with record-high curiosity within the metaverse. Google search traits for the time period ‘Metaverse’ peaked in January 2022, reflecting a 106% enhance from 2021 and mirroring the heightened curiosity in digital actual property and Web3 applied sciences through the bull market.
CoinGecko’s methodology concerned inspecting the costs of chosen metaverse lands in ETH from Jan. 1, 2021, to June 25. The metaverse lands analyzed included Otherdeeds, Sandbox, Decentraland, Somnium Area, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds.
