Virtual real estate is seeing a crash of its own as prices of land in various metaverses, as well as sales volumes, have plunged to the lowest levels in months - amid a broader crypto downturn that has seen around USD 2trn wiped from the crypto market capitalization.
According to a dashboard tracking metaverse sales by Dune Analytics, an open-source data provider, almost all projects have seen a significant drop in the sales volumes and average prices of their virtual land.
Decentraland, The Sandbox, and NFT Worlds, three of the largest projects, marked their worst performance so far this year in July.
The average price of virtual land in Decentraland dropped to its lowest level in the past 24 months, plunging to around USD 4,006 in the past month. In comparison, the average price of land here was around USD 17,736 in July 2020.
Similarly, the average price of land in The Sandbox has dropped significantly compared to January 2022's high of USD 6,291, plunging to USD 3,377 in July....
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