For weeks, the price of metaverse land has been declining. Could this, however, be a buying opportunity?
Land prices in Otherside, the most popular metaverse project in recent years, have lately dropped by 15%.
Other metaverse plots with a high market value are also seeing their prices fall. Projects like The Sandbox (SAND), Decentraland (MANA), and Axie Infinity are among them (AXS).
Many cryptocurrencies are depreciating at the same time as Metaverse land values are decreasing. For example, after reaching an all-time high of $4,800 in November 2021, ETH is currently trading at roughly $2,300.
Why are metaverse land values dropping?
The present drop in Metaverse land values is mostly due to the market’s overall collapse. However, land prices for a few of projects had already begun to fall prior to this decrease.
After a massive cyber attack, many participants departed Axie Infinity, the metaverse project with the largest transaction volume at the start of the year. Axie creators failed to keep players on the platform despite promising that they will repair $650 million in damage.
When Does the NFT Bull Season Start?
Bitcoin is presently trading around the $30,000 mark. Because of the decline in BTC, NFT-focused projects have suffered more losses. SAND, MANA, and AXS, among other altcoins, have lost an average of 40% in the last month.
Otherside plots rose from 2 ETH to a high of 7 ETH before dropping to roughly 4 ETH.
Land prices in the Sandbox have dropped by 11% recently. SAND plots can be purchased for as little as 1.19 ETH on NFT markets like OpenSea and LooksRare.
Despite falling prices, big financial firms such as Ark Investment and Morgan Stanley say that gaming and blockchain will be among the fastest-growing industries in the next decade. According to a report conducted by Ark Invest, GameFi initiatives will be used as new social media platforms.
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