Metaverse land prices have dropped by nearly 95% from their peak values, according to to a CoinGecko report.
In 2024, the price of metaverse land ranged from 0.08 ETH to 1.88 ETH, representing an average decrease of 72% from its all-time high. Over the years, the price decreases from their peaks have been 34% from 2023 and 55% from 2022.
Among the various metaverse projects, Sandbox has seen the most notable decline. Its average floor price has dropped from 2.86 ETH in 2021 to 0.13 ETH in 2024, a 95% drop.
Conversely, NFT Worlds, which rebranded to TOPIA Worlds in 2023 under the broader Hytopia brand, has shown relative resilience. Despite a 65% peak-to-trough drop, its floor price decline has been less severe than others.
Other NFT collections that saw significant declines were NFT Worlds (-45%), Otherdeed (-85%), and Decentraland (-89%).
The report highlights an “interesting trend” in Somnium Space, an open and social virtual reality (VR) world built on the Ethereum blockchain. Its maximum average floor price was observed in 2023 at 0.98 ETH, up from 0.57 ETH in 2022.
This increase coincided with the release of the Somnium VR1, a high-end VR headset, and major development announcements.
Days of high prices
During the final stretch of the bull market in 2022, NFT Worlds reached the highest prices, with an average floor price of 3.29 ETH and an all-time high of 13.5 ETH in March 2022.
Otherdeed, from Yuga Labs’ Otherside metaverse, 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, with average floor prices of 1.91 ETH and 1.73 ETH, respectively.
The price increase in 2022 corresponded with record interest in the metaverse. Google search trends for the term “metaverse” peaked in January 2022, reflecting a 106% increase over 2021 and reflecting the increased interest in digital real estate and Web3 technologies during the bull market.
CoinGecko’s methodology consisted of examining the prices of selected metaverse lands in ETH from January 1, 2021, to June 25. The metaverse lands analyzed included Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds.
