Metaverse lands, which once found buyers for millions of dollars, have lost 99% of their value since their peak in 2021, experiencing one of the biggest collapses in technology history.
During the metaverse craze of 2021-2022, virtual real estate sold for millions of dollars, but today it has plummeted to laughable figures, marking one of the sharpest asset crashes in technology history. The metaverse vision, which attracted investors and giant companies, was further plunged into a deeper crisis with Meta's uncertain statements regarding its Horizon Worlds platform.
A study conducted by CoinGecko revealed that as of mid-2024, virtual land prices have experienced massive declines compared to their peak points. According to the data, The Sandbox lost 95% of its value, Decentraland 89%, and Otherdeed for Otherside 85%. However, the latest data indicates that this picture has become even graver.
Million-Dollar Investments Plummet to Thousands
The severity of the market crash is more clearly seen with concrete examples. In The Sandbox platform, the "Snoopverse" land, which was once a neighbor to Snoop Dogg's virtual mansion and sold for $450,000, is trading at just $1,025 today. This represents a 99.8% evaporation of value. Similarly, a plot of land purchased for $2.43 million in Decentraland's Fashion District has fallen to approximately $8,929 today, while a $4.3 million property belonging to Republic Realm company saw its value drop to $65,583.
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