Land costs within the metaverse have fallen by about 95% from their peak. in keeping with To the CoinGecko report.
In 2024, Metaverse Land's value ranged from 0.08 ETH to 1.88 ETH, a median decline of 72% from its all-time excessive. Over the previous few years, the value decline in comparison with the height was 34% from 2023 and 55% from 2022.
Among the many varied metaverse tasks, Sandbox skilled probably the most notable decline: its common ground value fell from 2.86 ETH in 2021 to 0.13 ETH in 2024, a drop of 95%.
In distinction, NFT Worlds, which rebranded to TOPIA Worlds beneath the bigger Hytopia identify in 2023, has confirmed comparatively resilient: regardless of falling 65% from peak to trough, its minimal value drop was much less extreme than others.
Different NFT collections that noticed important declines have been NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).
The report highlighted “fascinating traits” for Somnium Areas, an open, social digital actuality (VR) world constructed on the Ethereum blockchain, whose common ground value peak elevated from 0.57 ETH in 2022 to 0.98 ETH in 2023.
The rise coincided with the discharge of Somnium VR1, a high-end VR headset, and a serious improvement announcement.
Days of rising costs
Throughout the closing stretch of the 2022 bull market, NFT World recorded file highs, with a median low 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, hitting a excessive of 5 ETH in Could 2022. Sandbox and Decentraland additionally carried out properly, with common minimal costs of 1.91 ETH and 1.73 ETH, respectively.
The worth surge in 2022 coincides with file curiosity within the metaverse: Google search traits for the time period “metaverse” peaked in January 2022, up 106% from 2021, reflecting rising curiosity in digital actual property and Web3 applied sciences throughout the bull market.
CoinGecko's methodology seemed on the costs of chosen metaverse lands in ETH from January 1st to June twenty fifth, 2021. The metaverse lands analyzed included Otherdeeds, Sandbox, Decentraland, Somnium Area, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds.
