Report: The price of Metaverse land has decreased by more than 80% since the beginning of 2022

The downward trend of digital currencies and the decrease in interest of users in this field has caused the price of Metaverse lands to fall in 2022, so that this emerging industry will witness its most critical situation since the beginning. Billionaire entrepreneur Mark Cuban recently said that buying property in the Metaverse is the worst mistake anyone can make.

to report Crypto SlateAccording to a recent analysis by The Information, the average price and trading volume of Metaverse virtual lands have fallen sharply since early 2022, amid a broader downturn in the digital currency market.

The volume of Metaverse land transactions has decreased by more than 90% compared to its peak in November 2021 (Aban 1400). Meanwhile, the average price of these lands has fallen by more than 80% since the beginning of 2022.

D.Information has collected and prepared its report based on WeMeta analytical platform and data from Sandbox, Dicentraland, Voxels, NFTs Worlds, Somnium Space and Superworld platforms. .

Read more: What is Metaverse? All about living in the digital world

Is Metaverse bankrupt?

In a not so distant time, the Metaverse virtual world was introduced as a successful and great technology in the future. These advertisements created a wave of interest and high demand to acquire the prime areas and plots available, mirroring the actual real estate market.

For example, in February (D1400), the investment paid $450,000 to buy land adjacent to Snoopverse, Snoop Dogg’s metaverse real estate complex on the sandbox platform.

A large part of this buying pressure was created after Facebook changed its name to Meta in November 2021 (Aban 1400). Mark Zuckerberg, CEO of Meta, called Metaverse a new frontier in the way people connect with each other. In particular, he envisioned that these virtual worlds would fundamentally change the way society functions; including the formation of revolutionary concepts, such as creating employment through businesses in the metaverse.

With all this, now that we are in the depths of digital currency winter, buyers who entered the market at the highest prices have suffered heavy losses due to the decrease in land prices and user interest.

The metaverse is a reflection of macroeconomics

With the collapse of the Metaverse, there has been a renewed debate about whether or not virtual Earth is a viable investable asset. Fortune (Fortune) recently in a report It has been pointed out that people can instantly move to any place in the metaverse. Therefore, unlike in the real world, buying property in the best locations in the metaverse is a small advantage.

Additionally, the metaverse could have an infinite number of Earths, so the idea of ​​viewing virtual Earths as a A rare resource is also discarded.

Airdott’s Metaverse Land Cooperative (Airdott) recently attributed the downturn to the broader macro-economic outlook in a tweet, asking “why [تصور می‌کنید] Doesn’t the real world affect the virtual world? Erdat further said that they are patiently waiting for everything to return to the previous conditions.

Over the past 2 years, property prices have increased due to buyer demand. However, some real estate experts say that the boom in this market has ended due to the pressure caused by the increase in inflation and the fear of interest rate increases by central banks.

Article Recently, the Guardian also points out that China is experiencing a decline in sales of newly built properties. At the same time, the US market has seen a sharp decline in housing prices in June.