The land traders of the metaverse lose their fortunes

The land traders of the metaverse lose their fortunes

The real price of land in leading ecosystems has fallen this year. This has caused huge losses to speculators who have been selling recently.

On May 26, CoinGecko co-founder Bobby Ong gave an update on the land price change. He compared those who have reached their peak with what they are reaching now – and the picture is not good for landowners.

Metaverse land was popular during the bull market of 2021 and in the first half of 2022. True plots were sought at high prices. In addition, large international brands even bought large tracts of high-quality land.

The virtual world is corrupting

Flash forward to the middle of 2023, and the internet landscape seems empty for those who need to eradicate it.

The most expensive land right now is Otherdeeds by Otherside, at 1.09 ETH (around $1,970). The project was launched by Bored Ape Yacht Club (BAYC) studio Yuga Labs. However, the price has fallen by 78% since their peak, when the plot decreased by 5 ETH.

According to research, in May 2022, the underground price of Otherdeeds increased to 7.5 ETH.

Decentraland virtual land is currently trading for 0.64 ETH or around $1,156 at current prices. This price is down 88% from its peak of 5.24 ETH.

Land prices in bad shape, then and now – Twitter/@bobbyng

The price of Sandbox land has dropped by 90% from its peak of 4.2 ETH. Today, the compound costs around 0.43 ETH or $777 USD.

Additionally, smaller projects such as Somnium and Voxels saw land prices drop by 94%.

The same is true for NFTs, where popular models have fallen in price this year. Collections such as Doodles, Moonbirds and Goblintown have seen NFT prices plummet.

Overall, NFT sales volume dropped by 84% from April 2022 to April 2023, according to CryptoSlam.

Metaverse Earth is not the only thing that has fallen, as signs related to ecosystem projects are also down.

Sandbox (SAND) is crushed and remains down 94% from its ATH of $8.40 in November 2021. At the time of writing, the metaverse token was only $0.50.

Decentraland (MANA) suffered a similar fate, dropping 92% from its high of $5.85. today, MANA is sold for 0.46 $.

Axie Infinity’s once-premium token AXS is suffering even more. This precious commodity has lost up to 96% from its all-time high of $165. Traders can currently buy AXS tokens for only $6.82.

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