Sandbox Land Prices Plunge 95% as Metaverse Market Faces Downturn

• Sandbox land prices have dropped by up to 95% from their peak
• TOPIA Worlds remains resilient with a 65% drop, driven by smart rebranding and active community support.

As per CoinGecko’s most recent report, the prices of Sandbox land have dropped drastically, falling by about 95% from their highest peaks. Metaverse land prices in 2024 fell an average of 72% from their peak to between 0.08 ETH and 1.88 ETH. A larger sequence of notable corrections from the bull market peaks in 2022 is shown in the current downturn.

Prominent Sinks Across Major Projects

The Sandbox project encountered the most severe loss, with an average floor price that dropped dramatically by 95% from 2.86 ETH in 2021 to just 0.13 ETH in 2024. Decentraland and Otherdeed have also experienced notable declines, with declines of 89% and 85%, respectively. As a result of a successful rebranding and community involvement, TOPIA Worlds, originally known as NFT Worlds, has demonstrated considerable durability, with a 65% decrease in floor pricing.

Interestingly, the debut of the Somnium VR1 headset and other significant events coincided with Somnium Space’s peak average floor price of 0.98 ETH in 2023. NFT Worlds achieved tremendous valuations due to massive metaverse interest during the 2022 bull market, rising to an all-time high of 13.5 ETH and an average price of 3.29 ETH. Otherdeeds and Sandbox also saw large price increases.

As the market faces ups and down, the sharp price decline demonstrates both the unpredictable dynamics of the digital real estate market and the disparate outcomes of various metaverse initiatives. The sandbox is experiencing the red candle march from the previous week and is currently trading at $0.2704 as the downturn continues.

(Source : CMC)

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