According to CoinGecko, the price of metaverse virtual land has fallen nearly 95% from its peak. In 2024, metaverse land prices ranged from 0.08 ETH to 1.88 ETH, down an average of 72% from its all-time high. Over the years, prices have fallen from their peaks by 34% in 2023 and 55% in 2022.
Among the various metaverse projects, The Sandbox has experienced the most notable decline as its average floor price fell from 2.86 ETH in 2021 to 0.13 ETH in 2024, marking a 95% drop.
In contrast, NFT Worlds, which was rebranded as TOPIA Worlds in 2023 under the larger Hytopia brand, has shown relative resilience. Despite falling 65% from its peak, its floor price drop has been less severe than the others.
Other NFT collections that saw significant drops were NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).
The report highlights an “interesting trend” in Somnium Space, an open virtual reality (VR) world built on the Ethereum blockchain. Its highest average floor price was recorded in 2023 at 0.98 ETH, up from 0.57 ETH in 2022. The increase coincided with the release of the Somnium VR1, a premium VR device, along with important development announcements.
During the final phase of the 2022 bull market, NFT Worlds reached its highest price, with an average floor price of 3.29 ETH and an all-time high of 13.5 ETH in March 2022.
Otherdeed, from Yuga Labs' Otherside metaverse, followed with an average price of 1.98 ETH and a peak of 5 ETH in May 2022. Sandbox and Decentraland also saw high valuations, with average floor prices of 1.91 ETH and 1.73 ETH, respectively.
The price increase in 2022 corresponds to a record high of interest in the metaverse. Google search trends for the term ‘Metaverse’ peaked in January 2022, reflecting a 106% increase over 2021 and reflecting the increased interest in digital real estate and Web3 technology in the bull market.
Source: https://tapchibitcoin.io/metaverse-astronomy-price-decreased-72-so-voi-muc-binh.html
