Virtual Land Prices and Metaverse platforms have begun to struggle in the face of sharp value losses.
The tokens of Decentraland (MANA Coin), The Sandbox (SAND Coin) and Otherside (APE Coin) have lost an average of 30% in value in the last week. Metaverse land prices have also decreased.
In other virtual worlds, Pavia plots operating in the Cardano network decreased to $90.
Metaverse land prices have lost an average of 40% in ETH in the last seven days in many metaverse projects. In the same period, Ethereum’s depreciation reached 31%. Thus, the value loss in the metaverse land market exceeds 55% in dollar terms.
Virtual Land Prices in the Otherside
Launched by Yuga Labs, Otherside is among the most popular projects of 2022. Despite the successive cyber-attacks, investors and especially some US celebrities continue to show interest in the project.
While Yuga Labs is trying to separate the Otherside project from Ethereum, APE Coin DAO wants the project to remain on Ethereum. This disagreement had recently initiated a decline in the price of Apecoin relative to Bitcoin. However, the depreciation in metaverse plots took shape this week.
Currently, the cheapest Otherside metaverse land price is trading at 1.7 ETH, or $2,000. This amount is also below the price at the land launch.
A week ago, the cheapest land price was around 2.3 ETH. In this period, since the ETH price was at the level of $1,900, the lowest land price was about $ 4,450. For a period, the ETH price was $3,000, while Otherside plots were traded for over 3 ETH.
The Sandbox Lands Drops to $1,800
Among the examples of metaverse plots that have fallen in price is The Sandbox. The Sandbox, which was the project that US celebrities showed the most interest in before Otherside, slowed down. The land prices of the project, which was badly injured during the decline, decreased to $1,800.
Of the large number of metaverse projects in the blockchain world, only a few have gained popularity. The number of open virtual universes that promise to provide free metaverse plots will increase. Therefore, the usage areas of the platforms with limited land may be narrowed.
However, The Sandbox, one of the first projects produced with the blockchain infrastructure, is among the few blockchain virtual universes that are expected to survive. It may even grow. MasterCard has recently made deals with some NFT-focused companies. Among them is The Sandbox. According to the agreement, it will be possible to use MasterCard in the project’s NFT market.
Most Expensive Metaverse Land Price: Decentraland Again
The world’s leading companies such as Samsung, Adidas and HSBC have already spent hundreds of thousands of dollars on Decentraland. Decentraland, which is the first blockchain virtual universe to be opened, was considered as the project with the most expensive land for a long time. While Otherside lost that title after launch, its recent losses offer some clues as to Decentraland’s place in the market.
MANA Coin is among the altcoins that Ethereum whales hold the most. Moreover, since this virtual universe is already open, there is token traffic on it. MANA Coin is one of the rare tokens that has lost less value than Bitcoin in the past week.
WorldWide Webb Lands 0.45 ETH
WorldWide Webb Lands, one of the market’s most beloved blockchain virtual universes, dropped as low as 0.45 ETH. The price of small apartments in the project plots offered for sale via OpenSea has lost 30% in the last week.
The project consists of pixel graphics and a large number of users who actively participate. In it, small apartments decreased to 500 dollars and medium-sized apartments to 630 dollars.
Virtual Land Prices: Cardano Project Pavia Plots $90
Although there is a significant Ethereum dominance in this area, some projects are also taking shape on Solana (SOL Coin), Avalanche (AVAX Coin), BSC and Cardano (ADA Coin).
In the Pavia project, which is one of them, the metaverse land prices were recently offered for sale for $300, while it is currently available for $90 through the JPG Store, a Cardano NFT marketplace.
Along with the land prices, the prices of NFT-oriented by-products in all metaverse projects also decreased.