Metaverse land prices have fallen almost 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 an average 72% drop from their all-time excessive. Over the years, the worth drops in comparison with their peaks have been 34% from 2023 and 55% from 2022.
Among the assorted metaverse initiatives, Sandbox has skilled probably the most notable decline. Its average flooring worth 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 beneath the bigger Hytopia model, confirmed relative resilience. Despite a 65% drop from peak to backside, its flooring worth decline was much less extreme in comparison with others.
Other NFT collections with important drawdowns are NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).
The report highlights an “interesting trend” in Somnium Space, an open and social digital actuality (VR) world constructed on the Ethereum blockchain. Its peak average flooring worth 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 prices
During the final stretch of the bull market in 2022, NFT Worlds commanded the best prices, with an average flooring worth of three.29 ETH and an all-time excessive of 13.5 ETH in March 2022.
Otherdeed, from Yuga Labs’ metaverse Otherside, adopted with an average worth of 1.98 ETH and a peak of 5 ETH in May 2022. Sandbox and Decentraland additionally noticed excessive valuations, with average flooring prices of 1.91 ETH and 1.73 ETH, respectively.
The surge in prices in 2022 corresponded with record-high curiosity within the metaverse. Google search developments 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 in the course of the bull market.
CoinGecko’s methodology concerned inspecting the prices of chosen metaverse lands in ETH from Jan. 1, 2021, to June 25. The metaverse lands analyzed included Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds.
