Virtual lands and metaverse projects have not escaped the meteoric collapse of the digital asset market.
Last week, token prices from Decentraland (MANA), The Sandbox (SAND) and Otherside (ApeCoin) fell nearly 30%. Virtual land prices have also fallen.
For their part, the Pavia -based Cardano lands project saw their prices fall to $ 90.
Over the past seven days, the price of ETH for virtual land in the metaverse has fallen by almost 40%. At the same time, Ethereum fell 31%. This means that the dollar value of the virtual real estate market fell by 55%.
Virtual land price on the Otherside
Launched by Yuga Labs, Otherside will be one of the most public metaverses of 2022. Despite the series of cyber-attacks targeting it, the project still attracted investors and some American celebrities.
While Yuga Labs is trying to separate the Otherside project from Ethereum, DAO ApeCoin wants to stay in this blockchain. This misunderstanding has recently led to a drop in the price of ApeCoin against Bitcoin. However, the decline in the project’s virtual lands only felt itself this week.
Currently, the cheapest virtual land price on the Otherside is at 1.7 ETH, or $ 2,000. This amount is also lower than the launch price.
A week ago, the cheapest virtual land price was around 2.3 ETH. Since the price of ETH hovers at $ 1,900, this equates to almost $ 4,450. Prior to the market crash, the price of ETH was $ 3,000, while land on the Otherside was worth more than 3 ETH.
Sandbox Virtual Land Prices Dropped to $ 1,800
Among the metaverse projects that have dropped in price is The Sandbox. This project, which also attracted American stars and investors, was hit hard by the market crisis. Today, the average price of his virtual land does not exceed $ 1,800.
Of all the metaverse projects launched in the past few years, only a few have been able to arouse public interest. The number of open virtual universes offering free schemes will increase. Therefore, cases of use of platforms with limited terrains can be reduced.
However, Sandbox, which was one of the first projects to be done on a blockchain infrastructure, is one of the few metaverse to survive and grow further. In fact, MasterCard recently negotiated with several companies that specialize in NFTs, including The Sandbox. Thanks to this agreement, it will soon be possible to use MasterCard in the NFT market of the project.
Decentraland remains at the top of the list
The world’s major companies such as Samsung, Adidas and HSBC have already spent hundreds of thousands of dollars on Decentraland. As the first open blockchain virtual universe, Decentraland has long been considered the most expensive project. While the Otherside metaverse lost this title after launch, its recent losses give us some clues about Decentraland’s place in the market.
MANA is one of the largest whale-held altcoins on Ethereum. Also, because this virtual universe is already open, it will experience a lot of token traffic. MANA is actually one of the few tokens that fell less strongly than Bitcoin last week.
WorldWide Webb lands: 0.45 ETH
Prices of virtual land from WorldWide Webb, one of the most popular metaverse in the market, fell by 0.45 ETH. The small apartments in the project, available on OpenSea, lost 30% of their prices last week.
The project has pixel graphics and has a large active user base. Prices for the small apartments fell to $ 500, while its mid-size units sold for $ 630.
Although most of the metaverse is based on Ethereum, some projects choose other blockchains such as Solana (SOL), Avalanche (AVAX), BSC and Cardano (ADA).
The Cardano-based Pavia metaverse has been hit hard by the market crash. Recently, the prices of its virtual lands reached $ 300. Today, these designs are on sale for $ 90 at the JPG Store, a Cardano -based NFT platform.
In addition to virtual land, other metaverse-related products and non-fungible tokens are carrying the weight of the current market crisis.
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