The hype of 2021 in the crypto market has been metaverse coin projects. So much so that the price of metaverse lands has risen to astronomical heights. However, the cost of these places is now greatly reduced. So how’s the situation in the metaverse?
Metaverse coin prices have dropped significantly
Only one of the top 10 cryptoassets in the niche has recorded a positive performance in the past 30 days. Therefore, investors are about to lose interest in metaverse coin projects. Bored Apes, 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.
In this period, Decentraland’s MANA is 14.2%, The Sandbox’s SAND is 11%, Theta is 3.8%, Axie Infinity’s AXS is 14.76%, Enjin Coin’s ENJ is 10% .84 fell. Others, such as WAX, lost 9%, Radio Caca’s CACA lost 25.2% and Ultra UOS 25.31%. The only exception in the top 10 in the last 30 days was the GenshoKishi Metaverse MV, which won 11%. In the middle, 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?
Koindeks.com As you follow from , the value of metaverse locations has risen to astronomical heights with 2021 hype. But, later on, the price 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 from 2,341 in February to 477. Active traders also declined. Otherdeeds had the highest number of 51,641 in April, down to 826.
Some projects such as Decentraland, Voxels, Somnium Space, NFT Worlds and Tree Verse have fewer than 100 active traders as of October 17th. Unique buyers also fell. In none of Decentraland, The Sandbox, and Otherdeeds the same day made it to 100.
Disappointment in Facebook’s metaverse
Facebook’s attempt to rebrand its business to focus on the Metaverse has also been wholly successful. A recent report by the Washington Examiner noted that Meta’s main Metaverse Horizon world had 200,000 monthly active users (MAUs) in October alone.
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.