Metaverse land prices’ collapse sparks debate on viability of virtual worlds
According to an analysis conducted by Metaverse, the average price and trading volume of virtual land in the Metaverse collapsed amid the broader recession in the cryptocurrency market. information.
Average virtual land prices have fallen by more than 80%. At the same time, trading volumes are down more than 90% from their November 2021 highs.
This information was provided by WeMeta and compiled from data from the Sandbox, Decentraland, Voxels, NFTs Worlds, Somnium Space, and Superworld platforms.
metaverse bust
Not too long ago, the Metaverse virtual land was touted as the next big thing. The growing interest has sparked a rush to acquire prime locations, mirroring the real estate market.
For example, as recently as February, an investor $450,000 For a virtual plot next to Snoop Dogg from the Snoopverse running on a sandbox platform.
This push is largely due to Facebook’s rebranding as Meta in November 2021. Meta CEO Mark Zuckerberg We called the Metaverse the next frontier to connect people. Specifically, he envisioned virtual worlds as fundamentally changing the way society works. Including innovative concepts such as metaverse businesses that provide employment.
However, as the crypto winter deepened, average prices and interest rates plummeted, leaving top buyers with heavy losses.
Reflect macros virtually
The crash has reopened the debate on whether virtual land is a true investable asset.as mentioned by luck, the metaverse has built-in instant teleportation to any location. Then, unlike the real world, there is little merit to buy in a prime location.
Additionally, Metaverse lands can be infinite, with virtual land ideas paid off as scarce resources.
However, the Metaverse Land Cooperative air dot Why isn’t the real world affecting the virtual world? They added they were “patiently waiting” for things to pick up.
It’s all about planning.
Why aren’t macros affecting liquidity in the virtual land market the same way they are in other markets?
In our opinion, the opportunity is not far off and we are waiting patiently.
I grabbed this chart from @macroalph🙏#airdot #metaverse #NFTs pic.twitter.com/Ok7YU1dtAn
— Airdot (@airdottdao) August 8, 2022
Over the past two years, real estate prices have risen furiously due to buyer demand. But some real estate experts now say the boom is over as rising inflation weighs on household budgets and threats that the central bank will continue to raise interest rates.
Recent articles from Guardian noted that sales of new homes in China are plummeting. At the same time, average home prices in the US market plummeted in his June.
