Metaverse virtual land prices have continued to drop for several weeks. But is it really the right time to buy?
On Otherside, the most popular metaverse project right now, virtual land prices have plummeted by 15%.
Likewise, land prices for some of the biggest metaverse projects are seeing a drop. These include projects such as The Sandbox (SAND), Decentraland (MANA) and Axie Infinity (AXS).
Indeed, the virtual lands of the metaverse have not been spared by the general decline of the crypto market. For example, Ethereum, the second largest cryptocurrency by market capitalization, trades at around $2,300. This, after reaching an all-time high of $4,800 in November 2021.
Metaverse Lands: An Unfinished Achievement
At the end of 2021, Facebook changed its name to Meta. By presenting his new metaverse project, Mark Zuckerberg hoped to slow the decline of his platform.
This rebranding initially gave a great boost to native tokens in some metaverses. Projects like The Sandbox, Decentraland, Enjin (ENJ), CEEK, Bloktopia (BLOK) and Pavia have benefited greatly from this new momentum. But a few weeks later, the announcement of a loss of nearly $ 3 billion by the Meta project made the headlines. Of course, that didn’t bode well for virtual land prices.
NFT-focused projects have also seen great success in the first quarter of 2022. Several Ethereum-based NFT collections have generated very good returns for their investors. However, the vast majority of NFTs hosted on Solana and other networks have lost value.
Where does this drop in virtual land prices come from?
The current drop in metaverse land prices is mainly due to the general fall in the crypto market. However, even before this crash, the prices of some virtual land were falling.
In March, Axie Infinity, the largest metaverse project in terms of transaction volume, was rocked by a cyberattack that caused it to lose thousands of users. Even after promising to reimburse the $650 million lost, the developers of Axie are struggling to regain the trust of players.
NFT of virtual lands: state of play
Earlier this week, Bitcoin briefly dipped below $30,000. This fall in the price of the market’s No. 1 cryptocurrency has accentuated the losses of NFT-focused projects. Last month, several altcoins like SAND, MANA and AXS lost around 40% of their value.
Virtual land in the Otherside metaverse fell from 2 ETH to an all-time high of 7 ETH, before dropping to around 4 ETH.
On The Sandbox, land prices recently fell 11%. Currently, they are sold on NFT platforms like OpenSea or LooksRare at prices that do not exceed 1.19 ETH.
For their part, Decentraland’s virtual lands are sold on the project’s official marketplace and on some of the most popular platforms. Currently, the cheapest land on Decentraland is worth around 3,800 MANA, or almost $5,000.
Finally, Pavia’s virtual courts, which are based on Cardano, are offered at around 300 ADA on the marketplace. jpg.store.
Despite falling prices, major financial firms like Ark Investment and Morgan Stanley say the gaming and blockchain industry will be among the fastest growing sectors over the next decade. Moreover, a study by Ark Invest predicts that GameFi projects will be used as new social networking tools.
Is it the right time to buy?
Large companies and institutions continue to buy virtual land. Why ? Because metaverse virtual real estate can be used by brands as a sales channel. Within these new virtual worlds, marketing and sales tools are endless. This market drop may only be a passing period and prices may soon resume their upward trajectory.
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Falling virtual land market: is it a good time to buy? – BeinCrypto France
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