Metaverse Land Prices Are Falling. Are There Any Purchase Opportunities?

Written by C, Fiona

Last updated: 2022-05-11

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Metaverse’s land prices have fallen for weeks. But could this be a buying opportunity?

Recently, the land price of the most popular Metaverse project otherside has recently fallen by 15%. Similarly, the prices of other veteran plots with high market value are also falling. These projects include the sandbox (sand), decentraland (mana) and axie infinity (AXS).

While Metaverse land prices are falling, many cryptocurrencies are also depreciating. For example, the trading price of eth is about $2300, which reached an all-time high of $4800 in November 2021.

Hope of Metaverse’s Land Price

At the end of 2021, Facebook changed its name to meta. By introducing a new virtual universe project, Mark Zuckerberg aims to slow Facebook’s decline. Zuckerberg’s move initially led to a jump in the price of blockchain yuan. The sandbox, decentraland, Enjin (enj), ceek, bloktopia (Blok), Pavia and other projects appreciated successfully during this period. But then came the news that Zuckerberg announced that the meta project had lost nearly $3 billion. This does not bode well for virtual land prices.

NFT focused projects were also successful in the first quarter of 2022. A large number of NFT collections generated in Ethereum ecosystem successfully made profits for its investors during this period. However, the vast majority of NFTs generated on Solana and other networks have lost value.

Why Are They Falling?

At present, the decline of Metaverse land price is mainly due to the general decline of the market. However, before this decline began, the land prices of several projects had begun to go south.

Axie infinity was the most traded Metaverse project at the beginning of the year. After a huge cyber attack, many players left the project, which shocked the project. Even after announcing that they would repair the $650 million loss, axie developers failed to keep players on the platform.

When Will NFT Bull Season Come?

Bitcoin has now been dragged to the $30000 range. This depreciation of BTC has led to more severe losses of projects focusing on NFT. Alternative currencies such as sand, mana and AXS have also lost an average of 40% in the past month.

The otherside plot rose from 2eth to the historical high of 7eth, and then fell to about 4eth. Sandbox land prices have recently fallen by 11%. The land parcel of sand is sold in NFT markets such as opensea and looksrare at a price as low as 1.19 eth.

Decentraland plots are sold in the official sales area of the platform and popular NFT sales points. The cheapest decentraland plot is about 3800 mana or about $5000. The Pavia plot operated in the Cardano (ADA) network is located in jpg The store is sold at the price of 300 ADA in the market.

Even as prices fall, major financial companies such as ark investment and Morgan Stanley claim that the game and blockchain industry will become one of the fastest growing industries in the next decade. A study by ark investment predicts that the gamefi project will be used as a new social media tool.

Is It Time to Buy?

Large enterprises and institutions are still buying virtual land. Why? Because digital real estate will provide a space for brands to sell their goods to customers in meta space. Although it is still attractive to establish brands and sales in this new space, the decline in land prices may only be a trough, and prices may soon return to the upward trajectory.