Discover how prices for virtual land in leading Metaverse ecosystems have plummeted, resulting in significant losses for speculators who sold recently.
Prices for virtual land inside leading Metaverse network ecological systems have plunged in the year. This has resulted in major losses for speculators that have sold recently.
On May 26, CoinGecko co- founder Bobby Ong posted an update on Metaverse network land prices. He compared those at their peaks with what they as of now fetch—and the image isn’t pretty for landholders.
Metaverse network land was all the rage during the 2021 bull market and into the 1st half of 2022. Virtual parcels were getting snapped up at big prices. In addition, huge worldwide brand names even purchased up large swathes of Metaverse network land.
Virtual Land Languishing
Fast forward to mid-2023, and the virtual landscape looks rather desolate for those needing to liquidate.
The most expensive Metaverse network land as of now is Otherdeeds by Otherside, at 1.09 Ethereum (ETH) (around $1,970). The project was launched by Bored Ape Yacht Club (BAYC) studio Yuga Labs. Nonetheless, prices have slumped 78 percent since their peak when a plot of land cost 5 ETH.
In May 2022, the floor price of Otherdeeds land spiked to 7.5 Ethereum (ETH), reports by the research.
Decentraland virtual land as of now sells for 0.64 Ethereum (ETH) or around $1,156 at current prices. This has declined by 88 percent since its peak when parcels went for 5.24 ETH.