Where Will Virtual Land Go in the Winter of Crypto?
The price of virtual land and the metaverse platform have begun to struggle with the sharp decline in value.
The average value of the tokens of Decentraland (MANA Coin), The Sandbox (SAND Coin) and Otherside (APE Coin) fell by 30% last week. Land prices in metaverse have also declined. In other virtual worlds, the Pavia plot operated in the Cardano network dropped to $90.
In the past seven days, the ETH land price of many metaverse projects has lost an average of 40%. During the same period, Ethereum depreciated by 31%. Therefore, in dollar terms, the value loss of metaverse land market is more than 55%.
Virtual Land Price of Otherside
Otherside launched by Yuga Labs is one of the most popular projects in 2022. Despite the continuous cyber attacks, investors, especially some American celebrities, continue to show interest in the project.
When Yuga Labs tried to separate the otherside project from Ethereum, apecoin Dao hoped that the project would remain in Ethereum. This divergence has recently triggered a fall in the price of apecoin relative to bitcoin. However, this week, the depreciation of the metaverse plot formed.
At present, the price of the cheapest otherside yuan space plot is 1.7eth, or US $2000. This amount is also lower than the price when the land was launched. A week ago, the cheapest land price was about 2.3eth. During this period, as the ETH price was at the level of USD 1900, the lowest land price was about USD 4450. For some time, the ETH price was US $3000, while the transaction price of the otherside plot exceeded 3eth.
Sandbox Lands Drops Dramatically
The sandbox is an example of the decline in the price of the metaverse plot. Before the otherside, the sandbox was the project that American celebrities showed the greatest interest in, but its development slowed down. The project was hit hard in the process of decline, and its land price dropped to 1800 US dollars.
Among a large number of meta universe projects in the blockchain world, only a few projects have gained popularity. The number of open virtual universes that promise to provide free Yuanbao plots will increase. Therefore, the use area of platforms with limited land may be reduced.
However, the sandbox is one of the first projects made with blockchain infrastructure and one of the few blockchain virtual universes that are expected to survive. It may even grow. MasterCard has recently entered into transactions with some NFT focused companies. One of them is the sandbox. According to the agreement, MasterCard will be available in the NFT market of the project.
Decentraland : The Most Expensive Metaverse Land Price
World famous enterprises such as Samsung, Adidas and HSBC have spent hundreds of thousands of dollars on decentraland. Decentraland is the first open blockchain virtual universe, which has been considered as the project with the most expensive land for a long time. Although otherside lost its title after its launch, its recent losses provide some clues to decentraland’s position in the market.
Mana coins are one of the most altcoins held by Ethereum whales. In addition, since the virtual universe has been opened, there is token traffic on it. Mana coin is one of the few tokens that lost less value than bitcoin in the past week.
Cardano Project Pavia Seeks $90
Although Ethereum has great advantages in this field, some projects are also taking shape in Solana (SOL), Avalanche (avax), BSC and Cardano (ADA). In the Pavia project, this is one of them. Recently, the veteran land was sold at a price of $300. Currently, it is sold at a price of $90 through the JPG store in the Cardano NFT market. With the decline of land prices, the prices of NFT oriented by-products in all metaverse projects are also declining.