RIP metaverse: Land values capitulate as $24M metaverse plot collapses to just $9,000

Metaverse land values have plummeted significantly since the 2021-2022 boom, with major deals now valued at four- and five-digit figures compared to their original six- and seven-figure prices. A CoinGecko study showed average metaverse land prices were down 72% by June 2024, with Sandbox down 95% and Decentraland down 89% from peak floors. Specific examples include a $2.4 million Decentraland estate now valued around $8,929 (a 99.6% drop) and a $450,000 Snoopverse estate now worth about $1,025 (a 99.8% drop). This repricing reflects the market viewing digital land as illiquid optionality rather than a durable asset class. The broader NFT market also reset, showing lower dollar volume but higher unit sales of cheaper assets, while NFT lending volume collapsed, removing key support for premium valuations. While some collections show short-term gains, recovery requires sustained user engagement and durable economic value, not just narrative premium.

(Source：CryptoSlate)