Oct 24, 2022•2 min read
After the hype of 2021 caused the value of metaverse lands ballon to astronomical heights, these land’s value has drastically fallen.
Only one of the top 10 crypto assets in this sector has experienced a positive performance over the past 30 days, suggesting that investors are losing interest in Metaverse - related tokens.
Data from CryptoSlate show that the ApeCoin (APE) associated with Bored Apes has lost 26.42% of its value over the past 30 days. It has dropped 7.84% and is currently trading for $4.34.
During this period, Decentraland’s MANA declined 14.2%, The Sandbox’s SAND lost 11%, Theta shed 3.8%, Axie Infinity’s AXS is down 14.76%, Enjin Coin’s ENJ plunged 10.84%. Others like WAX fell 9%, Radio Caca’s CACA fell 25.2%, and Ultra UOS lost 25.31%.
Only GenshoKishi Metaverse MV, which gained 11% over the past 30 days, stands out among the top 10 metaverse tokens. Meanwhile, all metaverse crypto tokens have dropped by 5.65% in the last seven days and 2.97% in the last 24 hours.
The value of these land ballon has significantly decreased since the hype of 2021 when it skyrocketed to astronomical heights.
Since they're high in August, land prices in metaverse developments have decreased by 85%. Data available indicates that land sales on Decentraland peaked at $37,238 in November 2021, although the current average price is at $6,600. The Sandbox's average land sale price, which was also over $20,000, has fallen to about $3000
Even Otherdeeds for Otherside, a Yuga Labs-related project, which launched earlier this year to much fanfare with an average land price of $25,247, has seen its value crash below $5,000.
These metaverse platforms' user bases have similarly flatlined. Decentraland's average number of active players has decreased from 2,341 in February to 477 currently. Trading activity has also decreased. The largest number was for otherdeeds, which peaked at 51,641 in April before falling to 826.
As of October 17, some projects have less than 100 active traders, including Decentraland, Voxels, Somnium Space, NFT Worlds, and Tree Verse. Unique purchasers have decreased as well; none of Decentraland, The Sandbox, or Otherdeeds had more than 100 on the same day.
Additionally, Facebook’s attempt to rebrand its business to focus on Metaverse has also been entirely successful. The primary Metaverse Horizon world had only 200,000 monthly active users (MAU) in October, according to a recent Washington Examiner study.
This is well behind its revised prediction of 280,000 users, which it had to make after discovering that its original aim of 500,000 MAU might be pushing things too far. Despite being one of the most popular VR headsets on the market, Meta Quest, the company's metaverse interface tool, was not used more than 50% of the time six months after purchase, according to the Wall Street Journal.
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