Metaverse Land Prices Plunge 72% from Peak, CoinGecko Reports

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.

Image
source:
Shutterstock