Metaverse land prices have fallen almost 95% from their peak values, according to to a CoinGecko report.
In 2024, the cost of metaverse lands ranged between 0.08 ETH and 1.88 ETH, representing an average drop of 72% from all-time highs. Over the years, prices fell from their peaks by 34% from 2023 and 55% from 2022.
Of the various metaverse projects, Sandbox has experienced the most notable decline. The average floor price dropped from 2.86 ETH in 2021 to 0.13 ETH in 2024, which represents a 95% drop.
Conversely, NFT Worlds, which was rebranded as TOPIA Worlds under the larger Hytopia brand in 2023, showed relative resilience. Despite a 65% drop from the peak to the bottom, the drop in the bottom price was less severe compared to others.
Other NFT collections with significant pullbacks include 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 blockchain. The average floor price was observed at 0.98 ETH in 2023, compared to 0.57 ETH in 2022.
This increase coincided with the release of the Somnium VR1, a high-end VR headset, and major development announcements.
Days of high prices
During the latter part of the bull market in 2022, NFT Worlds had the highest prices, with an average bottom price of 3.29 ETH and an all-time high of 13.5 ETH in March 2022.
Otherdeed, from Yuga Labs’ metaverse Otherside, followed with an average price of 1.98 ETH and a peak of 5 ETH in May 2022. Sandbox and Decentraland also saw high valuations, with average floor prices of 1.91 ETH and 1.73 respectively ETH.
The 2022 price increase corresponded with record high interest in the metaverse. Google search trends for the term “Metaverse” peaked in January 2022, reflecting a 106% increase from 2021 and reflecting increased interest in digital real estate and Web3 technologies during the bull market.
CoinGecko’s methodology involved examining the prices of selected metaverse countries in ETH from January 1, 2021 to June 25. The metaverse countries analyzed include Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds and Topia Worlds.