Metaverse land prices have dropped significantly, almost 95% from their peak values, according to a recent report by CoinGecko. The report reveals that in 2024, the cost of metaverse lands ranged from 0.08 ETH to 1.88 ETH, showing an average 72% decrease from their all-time high. The decline in prices compared to previous years was 34% from 2023 and 55% from 2022.
Among the various metaverse projects, Sandbox has experienced a significant decline, with its average floor price dropping from 2.86 ETH in 2021 to 0.13 ETH in 2024, marking a 95% decrease. On the other hand, NFT Worlds, now known as TOPIA Worlds under the Hytopia brand, showed more resilience with a 65% drop from peak to bottom, which was less severe than others.
Other notable NFT collections that saw substantial drawdowns include NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).
The report also highlights an interesting trend in Somnium Space, an open and social virtual reality (VR) world on the Ethereum blockchain. The peak average floor price was observed in 2023 at 0.98 ETH, up from 0.57 ETH in 2022, coinciding with the release of the Somnium VR1 headset and significant development announcements.
High Price Days
In the peak of the bull market in 2022, NFT Worlds commanded the highest prices, with an average floor price of 3.29 ETH and a peak 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 during this time.
The surge in prices in 2022 aligned with the increased interest in the metaverse, as seen in Google search trends for the term ‘Metaverse’ peaking in January 2022, reflecting a 106% increase from the previous year.
CoinGecko’s methodology for this report involved analyzing the prices of selected metaverse lands in ETH from Jan. 1, 2021, to June 25. The included metaverse lands were Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds.
