Prices of virtual lands on some of the top metaverses have declined significantly from their peak prices of 2022, with most depreciating around 90% in value.
A study published by CoinGecko shows that popular metaverse properties, such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels, have all depreciated in value during the period studied, from January 1, 2022, to May 24, 2023.
As shown above, the most expensive property at the time, Otherdeeds by Otherside, which once sold properties for 5 Ether, is currently selling at 1.09 ETH, down by 78.2%. The Sandbox and Decentraland properties are also down by 89.76% and 87.88%, respectively.
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CoinGecko noted that the cheapest land in the metaverse could be found in Voxels, which sells for 0.16 ETH as of May 24. Voxels’ virtual properties faced a 93.8% loss, as did Somnium. Despite the massive drop in prices, Voxels remains optimistic about a comeback. Its official Twitter account stated:
“We’re number 5! We’re number 5! (It hurts me too, but winters gonna winter, only thing to do is to keep building).”
Tech giants and major economies continue to test the ultimate potential of metaverse through various investments and initiatives.
IPhone manufacturer Apple will soon release a mixed-reality headset, which could reignite global interest in the metaverse.
Speaking to Cointelegraph, eToro market analyst Josh Gilbert said the new headset could set the markets ablaze, considering Apple’s proven record of delivering high-quality, market-shifting products. Gilbert stated:
“When Apple does it, they usually do it right.”
According to a report from Apple product soothsayer Mark Gurhman, the new Apple headset is set to launch on June 5.