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The Metaverse land market, once a hotbed of excitement and potential fortunes, has experienced a sharp decline in prices, leaving speculators with significant losses. CoinGecko co-founder Bobby Ong’s recent update has revealed the stark reality faced by those who invested in virtual land.
During the exhilarating bull market of 2021 and the first half of 2022, virtual land in leading Metaverse ecosystems was highly sought after, with prices soaring to astronomical heights. Major global brands also joined the frenzy, acquiring substantial portions of Metaverse land.
Virtual Land Languishing
However, fast forward to mid-2023, and the situation has taken a dramatic turn for the worse. Liquidating virtual land has become an arduous task, with prices plummeting across the board.
The decline in prices is evident in various Metaverse projects. Otherdeeds by Otherside, a project launched by Bored Ape Yacht Club (BAYC) studio Yuga Labs, has seen a staggering 78% slump in prices since its peak. Decentraland and The Sandbox have suffered declines of 88% and 90% respectively, while smaller projects like Somnium and Voxels have experienced an even more devastating drop of 94%.
Metaverse Tokens Plunge: The Sandbox (SAND), Decentraland (MANA), and Axie Infinity (AXS) Hit Hard
The once high-flying Metaverse tokens have taken a severe beating in the market. The Sandbox (SAND) has been battered, down a staggering 94% from its peak of $8.40 in November 2021. Currently trading at a meager $0.50, SAND struggles to regain its former glory.
Decentraland (MANA) shares a similar fate, plummeting 92% from its peak of $5.85. With the current price at a dismal $0.46, MANA investors face a harsh reality.
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But the most painful fall belongs to Axie Infinity (AXS). This once-hyped Metaverse asset has experienced a jaw-dropping 96% plunge from its all-time high of $165. Traders are left shocked as AXS tokens can now be acquired for a mere $6.82.
The market downturn has shaken the foundations of these tokens, leaving investors reeling and searching for answers amidst the wreckage of their investments.
Not only has the land market suffered, but the value of popular NFT collections has also been severely impacted. Projects like Doodles, Moonbirds, and Goblintown have witnessed substantial declines in their NFT floor prices.
It’s not just the land market that has been mauled; Metaverse-related tokens have also taken a beating. The once-promising SAND token of The Sandbox has fallen a staggering 94% from its all-time high, while Decentraland’s MANA token has experienced a similar fate, down 92%. Axie Infinity’s AXS token has been hit the hardest, losing an astonishing 96% of its value.
Speculators who were once optimistic about the potential riches of the Metaverse now find themselves grappling with significant losses and a harsh reality. The dream of profiting from virtual land and Metaverse projects has turned into a painful lesson in market volatility and uncertainty.