- Sandbox is the one that has declined the most. Its average floor price dropped 95% from 2.86 ETH in 2021 to 0.13 ETH in 2024.
CoinGecko reports that metaverse land prices have dropped by about 95% from their peak values.
Metaverse land prices fell by an average of 72% from their peak in 2024, ranging from 0.08 ETH to 1.88 ETH. Over time, the price declines from their peaks in 2022 and 2023 were 34% and 55%, respectively.
Of all the metaverse projects, Sandbox has declined the most noticeably. Its average floor price dropped 95% from 2.86 ETH in 2021 to 0.13 ETH in 2024.
On the other hand, NFT Worlds, which became TOPIA Worlds in 2023 and was part of the wider Hytopia brand, had a fair amount of tenacity. Its floor price reduction was not as bad as some others, even if it was 65% lower from peak to bottom.
The NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%), among other collections, are also seeing notable declines.
An “interesting trend” in Somnium Space, an open and social virtual reality (VR) environment constructed on the Ethereum blockchain, is highlighted in the paper. It reached its highest average floor price of 0.98 ETH in 2023, up from 0.57 ETH in 2022.
The introduction of the Somnium VR1, a high-end VR headset, and important development announcements happened at the same time as this surge.
Days when costs were high
With an average floor price of 3.29 ETH and an all-time high of 13.5 ETH in March 2022, NFT Worlds commanded the highest prices throughout the last stretch of the bull market in 2022.
Next in line was Otherdeed from Yuga Labs’ metaverse Otherside, which peaked in May 2022 at 5 ETH after an average price of 1.98 ETH. High valuations were also seen in Sandbox and Decentraland, with average floor prices of 1.91 and 1.73 ETH, respectively.
The record-high interest in the metaverse in 2022 coincided with a price rise. The phrase “Metaverse” reached its high in January 2022 in Google search trends, up 106% from the previous year and reflecting the bull market’s heightened interest in Web3 technology and digital real estate.
As part of its methodology, CoinGecko looked at the ETH values of a few chosen metaverse territories between January 1, 2021, and June 25, 2021. Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds were among the metaverse lands examined.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
