Metaverse platforms and the prices for virtual land could hardly keep afloat in view of the sharp losses in value.
The tokens of Decentraland (MANA), The Sandbox (SAND) and Otherside (APE) have lost an average of 30% in value in the last week and the prices of the virtual properties in the associated metaverse have also fallen.
In Pavia, a virtual world on the Cardano blockchain, land prices have dropped to $ 90. Virtual plots of various Metaverse projects have lost an average of 40% in value in ETH over the past seven days, which fell by 31% over the same period. Thus, the decrease in the value of the plots of these metaverses in USD is more than 55%.
Otherside was launched by Yuga Labs and is one of the most popular projects of 2022. Despite the repeated cyber attacks on the project, investors, especially some US celebrities, continue to show interest.
While Yuga Labs is trying to solve Ethereum’s Otherside project, the ApeCoin DAO wants to stay on the blockchain. This disagreement had recently triggered a drop in the Apecoin price compared to Bitcoin. The Metaverse properties, on the other hand, suffered their sharp decline in value only this week.
Currently, the cheapest Otherside Metaverse property is 1.7 ETH or $2,000. The price is now cheaper than at the launch.
A week ago, 1 ETH was still at $1,900 and the cheapest Otherside land price was 2.3 ETH. So, the price of the plot corresponded to about $ 4,450. Previously, the ETH price corresponded to $ 3,000, and virtual plots in the Otherside Metaverse cost over 3 ETH at the same time.
A picture of BeInCrypto.com
Virtual plots in The Sandbox drop to $1,800
The Sandbox is also an example of the sharp depreciation of land prices in the Metaverse. This project attracted the greatest interest of US celebrities before the Otherside metaverse. However, the situation seems to have calmed down a bit. The Sandbox also suffered a sharp drop in value, and land prices fell to $ 1,800.
Of the countless metaverse projects in the blockchain world, only a few have gained popularity. The number of open virtual worlds that promise to provide free Metaverse plots will increase. Therefore, the demand for platforms with limited virtual plots may decrease in the future.
The Sandbox is one of the first metaverses with a blockchain infrastructure and is one of the few virtual worlds that are expected to survive. The project could even grow. Mastercard has recently signed contracts with a number of companies specializing in NFT, including The Sandbox. According to the agreement, it will be possible to use MasterCard on the NFT market of the project.
Decentraland: once again the highest land price in the Metaverse
World-leading companies such as Samsung, Adidas and HSBC have already spent hundreds of thousands of dollars on Decentraland, which was the first virtual blockchain universe to celebrate its opening and has long been considered the project with the most expensive land prices.
MANA is the altcoin most held by Ethereum whales. Since this virtual universe has already been opened, the token is already recording a high transaction volume and is also one of the handful of coins that have lost less value than Bitcoin in the last week.
A picture of the Vodafone store in Decentraland
Worldwide Webb Lands 0.45 ETH
Worldwide Webb Lands is among the most popular virtual blockchain worlds on the market, dropping down to 0.45 ETH. The small apartments on the plots of the project are put up for sale through OpenSea, where the price has fallen by 30% in the last week.
The project consists of pixel graphics and has a large number of active users. The small apartments in this world have dropped to $ 500, and medium-sized apartments to $ 630.
Virtual plots in Pavia-Metaverse drop to $90
Although most projects are clearly leaning towards Ethereum, some projects are also taking shape on Solana, Avalanche, BSC and Cardano. One of them is Pavia, whose Metaverse land prices recently stood at $ 300. Currently, it is available on Cardano’s NFT marketplace JPG Store for only $90.