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According to a report from CoinGecko, prices for metaverse land have decreased by nearly 95% from their peak values.
In 2024, the prices of metaverse lands varied between 0.08 ETH and 1.88 ETH, indicating an average decline of 72% from their all-time highs. Over the years, the reductions in price compared to their peaks were 34% from 2023 and 55% from 2022.
Among the different metaverse initiatives, Sandbox has seen the most significant drop. Its average floor price decreased from 2.86 ETH in 2021 to 0.13 ETH in 2024, representing a 95% reduction.
In contrast, NFT Worlds, which underwent a rebranding to TOPIA Worlds in 2023 as part of the broader Hytopia brand, demonstrated relative stability. Although it experienced a 65% decline from its peak, its floor price drop was less pronounced than that of other projects.
Other NFT collections that faced considerable declines include NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).
The report points out an “interesting trend” in Somnium Space, a social and open virtual reality (VR) environment built on the Ethereum blockchain. Its peak average floor price reached 0.98 ETH in 2023, an increase from 0.57 ETH in 2022.
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This rise coincided with the launch of the Somnium VR1, a premium VR headset, along with significant development announcements.
Days of high prices
During the final phase of the bull market in 2022, NFT Worlds achieved the highest prices, with an average floor price of 3.29 ETH and an all-time high of 13.5 ETH in March 2022.
Otherdeed, associated with Yuga Labs’ metaverse Otherside, followed closely with an average price of 1.98 ETH and a peak of 5 ETH in May 2022. Sandbox and Decentraland also experienced high valuations, with average floor prices of 1.91 ETH and 1.73 ETH, respectively.
The price increase in 2022 was linked to unprecedented interest in the metaverse. Google search trends for the term ‘Metaverse’ peaked in January 2022, showing a 106% rise from 2021 and reflecting the increased interest in digital real estate and Web3 technologies during the bull market.
CoinGecko’s methodology involved analyzing the prices of selected metaverse lands in ETH from January 1, 2021, to June 25. The metaverse lands examined included Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds.
The post Metaverse land prices down 72% on average from highs appeared first on CryptoSlate.
