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 blockch
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