Top Metaverse Lands Lost Big Value in 2023 – Study Says

A recent study showed the remarkable fall in the prices of the virtual lands of some of the top metaverses, which decreased by 90% since its peak in 2022, according to Cointelegraph.

Coingecko conducted the study based on its data plus data from Dune Analytics from January 1, 2022, to May 24, 2023, which showed a big decrease in the value of the popular metaverse properties, including The Sandbox, Otherdeeds, Decentraland, Somnium, and Voxels during this period.

“Virtual land projects have seen floor prices drop drastically between 2022 and 2023. Somnium Space had the largest drop of -93.9% from its peak, followed by Voxels with -93.8%. The other three collections fell less than 90%. The Sandbox dropped -89.8%, Decentraland fell -87.8%, and Otherdeeds with a loss of -85.5%,” the report read.

During the peak of the NFT bull market, the floor price of Otherdeeds by Otherside went down from 7.50 ETH in May 2022 to 1.09 ETH currently. The second most expensive metaverse land was Somnium, whose floor price of each piece of virtual land was traded at 6.05 ETH at the start of 2022. But it became 0.37 ETH now.

The third most expensive metaverse land was Decentraland. Its floor price for a piece of virtual land was 5.24 ETH in 2022, but it plummeted to 0.64 ETH in 2023. This was followed by The Sandbox and Voxels, trading at 4.20 ETH and 2.59 ETH, respectively. Now they declined to 0.43 ETH and 0.16 ETH, respectively.

Voxels, which consists of 7,930 parcels of land with various traits, is currently considered the cheapest metaverse land in May 2023, according to Coingecko.

However, Voxels remains optimistic about a comeback. Its official Twitter account tweeted that they are okay with being number five but they noted that they would keep building to overcome the bear market.