The hype of 2021 in the crypto market has been metaverse coin projects. So much so that the value of metaverse lands rose to astronomical heights. However, the value of these lands has now been greatly reduced. So how is the latest situation in the metaverse?
Metaverse coin prices have dropped drastically
Only one of the top 10 cryptoassets in the niche has recorded a positive performance in the past 30 days. Hence, investors seem to be losing interest in metaverse coin projects. Bored Apes, which is affiliated with ApeCoin (APE), has lost 26.42% in the last 30 days. In the seven-day period, it lost 7.84%. It is currently trading at $4.34.
During this period, Decentraland’s MANA 14.2%, The Sandbox’s SAND 11%, Theta 3.8%, Axie Infinity’s AXS 14.76%, Enjin Coin’s ENJ 10% .84 fell. Others like WAX lost 9%, Radio Caca’s CACA lost 25.2% and Ultra UOS lost 25.31%. The only exception to the top 10 in the last 30 days was the GenshoKishi Metaverse MV, which earned 11%. Meanwhile, all metaverse crypto tokens are down 5.65% in the last seven days and 2.97% in the last 24 hours.
Has the Metaverse real estate bubble collapsed?
cryptocoin.comAs you follow, the value of metaverse lands has skyrocketed to astronomical heights with the hype of 2021. However, later on, the value of these lands dropped drastically. As of August, land prices in metaverse coin projects have dropped 85% since the peak. According to available data, land sales in Decentraland reached $37,238 in November 2021. However, the average price is currently around $6,600. The average land sale price, which was again over $20,000 in The Sandbox, has dropped to roughly $3,000.
Even Otherdeeds for Otherside about Yuga Labs, which started a big fanfare earlier this year with an average land price of $25,247, has seen its value drop below $5,000. The user base on these metaverse platforms has also been flattened. The average number of concurrent players in Decentraland fell to 477 from 2,341 in February. Active traders also decreased. Otherdeeds had the highest number of 51,641 in April, down to 826.
Some projects like Decentraland, Voxels, Somnium Space, NFT Worlds and Tree Verse have less than 100 active traders as of October 17th. Unique buyers also fell. Neither of Decentraland, The Sandbox, and Otherdeeds hit 100 on the same day.
Disappointment in Facebook’s metaverse
Facebook’s attempt to rebrand its business to focus on the Metaverse has also been completely successful. A recent report by the Washington Examiner noted that Meta’s main Metaverse Horizon world had only 200,000 monthly active users (MAUs) in October.
This is far from the 280,000 user projection that it had to revise after achieving its 500,000 MAU goal. Metaverse interface tool Meta Quest is one of the best selling VR headsets in the market. However, according to the Wall Street Journal, company data shows that more than 50% is unused six months after the purchase.
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