Virtual land prices on some of the top metaverses have fallen sharply from their 2022 peak prices, most by around 90%.
A study published by CoinGecko shows that from January 1, 2022 to May 24, 2023, popular metaverse properties such as Otherdeeds, The Sandbox, Decentraland, Somnium, and Voxels will lose value. As shown above, the most expensive property at the time , Otherdeeds by Otherside, once sold the property for 5 Ether , currently selling for 1.09 ETH, down 78.2%. Sandbox and Decentraland assets also lost 89.76% and 87.88% respectively.
CoinGecko notes that the cheapest land in the metaverse can be found in Voxels, which sold for 0.16 ETH as of May 24. Voxels faces a 93.8% loss on its virtual properties, as does Somnium. Despite the sharp price drop, Voxels remains optim istic about a comeback. Its official Twitter account states: "We're number 5! We're number 5! (This hurts me too, but winter will be winter and the only thing to do is keep building).
Tech giants and major economies continue to test the ultimate potential of the Metaverse through various investments and initiatives. iPhone maker Apple will soon release a mixed reality headset that could reignite global interest in the Metaverse. eToro market analyst Josh Gilbert told in an interview that the new headset could ignite the market, given Apple's track record of delivering high-quality, market-changing products. Gilbert said: "When Apple does it, they usually do it right."
