As per the reports, the virtual lands on several of the biggest metaverses now cost far less than they did in 2022, with the majority losing value by almost 90%.
Popular Metaverses Fall Significantly in Value
According to a CoinGecko analysis, which covered the duration of the study from January 1, 2022, to May 24, 2023, popular metaverse properties including Otherdeeds, The Sandbox, Decentraland, Somnium, and Voxels all declined in value throughout that period of time.
Otherdeeds, Sandbox, and Decentraland Crashed in 2022
Otherdeeds by Otherside, which is the most valuable property at the moment, which originally sold homes for 5 Ether, is now going for 1.09 ETH, reduced by 78.2%. Additionally, the characteristics of Sandbox and Decentraland have decreased by 89.76% and 87.88%, respectively.
Confidence in Growth
As of May 24, Voxels offered the least expensive land in the metaverse, selling for 0.16 ETH, according to CoinGecko. The virtual assets of Somnium and Voxels both suffered losses of 93.8%.
Voxels is still confident that it will make a return in spite of the sharp decline in price. According to their official Twitter account:
“We’re number 5! We’re number 5! (It hurts me too, but winters gonna winter, only thing to do is to keep building).”
Apple to Invest in Metaverses
In contrast to the recently discovered loss, Apple, the maker of iPhones, will soon introduce a mixed-reality headgear that may rekindle enthusiasm for the metaverse around the world. A tip from Apple product prognosticator Mark Gurhman claims that the new headset will go on sale on June 5. In addition, Josh Gilbert, an analyst for the eToro market, added:
“When Apple does it, they usually do it right.”
Back in October of last year, Meta Platforms Inc, the American social media unicorn, was reported to have submitted its third-quarter income statement, which concluded on the last day of September. On October 26, the platform said that Reality Labs, a metaverse, had lost more than $3.7 billion while earning only $285 million overall.