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Metaverse land prices have fallen nearly 95% from their peak values, according to a CoinGecko report.
In 2024, the cost of metaverse lands ranged between 0.08 ETH and 1.88 ETH, representing an average 72% drop from their all-time high. Over the years, the price drops compared to their peaks were 34% from 2023 and 55% from 2022.
Among the various metaverse projects, Sandbox has experienced the most notable decline. Its average floor price fell from 2.86 ETH in 2021 to 0.13 ETH in 2024, marking a 95% decrease.
Conversely, NFT Worlds, which rebranded to TOPIA Worlds in 2023 under the larger Hytopia brand, showed relative resilience. Despite a 65% drop from peak to bottom, its floor price decline was less severe compared to others.
Other NFT collections with significant drawdowns are NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).
The report highlights an “interesting trend” in Somnium Space, an open and social virtual reality (VR) world built on the Ethereum blockchain. Its peak average floor price was observed in 2023 at 0.98 ETH, up from 0.57 ETH in 2022.
This increase coincided with the release of the Somnium VR1, a high-end VR headset, and significant development announcements.
Days of high prices
During the last stretch of the bull market in 2022, NFT Worlds commanded the highest prices, with an average floor price of 3.29 ETH and an all-time high of 13.5 ETH in March 2022.
Otherdeed, from Yuga Labs’ metaverse Otherside, followed with an average price of 1.98 ETH and a peak of 5 ETH in May 2022. Sandbox and Decentraland also saw high valuations, with average floor prices of 1.91 ETH and 1.73 ETH, respectively.
The surge in prices in 2022 corresponded with record-high interest in the metaverse. Google search trends for the term ‘Metaverse’ peaked in January 2022, reflecting a 106% increase from 2021 and mirroring the heightened interest in digital real estate and Web3 technologies during the bull market.
CoinGecko’s methodology involved examining the prices of selected metaverse lands in ETH from Jan. 1, 2021, to June 25. The metaverse lands analyzed included Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds.