Virtual land prices in some of the major metaverses have dropped considerably from their 2022 peak prices, with most already losing around 90% of their value.
A study published by CoinGecko shows that popular metaverse properties such as Otherdeeds, The Sandbox, Decentraland, Somnium, and Voxels have depreciated in value over the period studied, from January 1, 2022 to May 24, 2023.
As shown above, the most expensive property at the time, Otherdeeds by Otherside, which previously sold properties for 5 Ether (ETH), is currently selling for 1.09 ETH, down 78.2%. The Sandbox and Decentraland properties are also down 89.76% and 87.88%, respectively.
CoinGecko noted that the cheapest land in the metaverse could be found in Voxels, which were selling for 0.16 ETH as of May 24. Voxels virtual properties suffered a 93.8% loss, as did Somnium. Despite the massive price drop, Voxels remains bullish on a comeback. His official Twitter account declared:
“We are number 5! We are number 5! (It hurts me too, but winters than winters, all you have to do is keep building)”.
Tech giants and major economies continue to test the ultimate potential of the metaverse through various investments and initiatives.
iPhone maker Apple is set to launch a mixed reality headset soon, which could reignite global interest in the metaverse.
CT is completely oblivious to the fact that Apple is about to launch a mixed reality headset in 3 weeks
Metaverse shitcoins are going to pump so hard it’s not even funny
But you morons keep buying influencer coins
Okay
— Udi Wertheimer â™‚ï¸ (@udiWertheimer) May 15, 2023
Speaking to Cointelegraph, Josh Gilbert, a market analyst at eToro, claimed that the new earbuds could set markets on fire, considering Apple’s proven track record of delivering high-quality, market-changing products. Gilbert stated:
“When Apple does it, they usually do it well.”
According to a report from Apple product diviner Mark Gurhman, Apple’s new earphones will launch on June 5.
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