Ever since the hype of virtual lands has cooled off, we’ve seen a significant fall in the demand for Virtual lands. Prices of such virtual lands have declined almost 90% from their peak in some of the top metaverses.
Virtual Lands Falling Apart?
CoinGecko published a study in which they revealed that between January 1, 2022, to May 24, 2023, famous metaverse properties such as Otherdeeds, The Sandbox, Decentraland, Somnium, and Voxels have fallen in value.
One of the most expensive properties a couple of years ago was Otherdeeds by Otherside. Otherside once used to sell properties for 5 ETH but currently sells for only 1.09 ETH which is almost 79% down from its usual price. Other two famous properties such as. The Sandbox and Decentraland are also down almost 90% and 88% respectively.
The same report published by CoinGecko showed that Voxels is the site where the cheapest land in the metaverse could be found. As of May 24, Voxels sells its properties for just 0.16 ETH which is a 94% depreciation. Along with Voxels, the value of Somnium has dropped too as well. Despite such a huge depreciation in value, Voxels is quite optimistic about a rebound.
The company’s official Twitter account stated that they’re number 5 and that hurts them too but winter is gonna be winter. The tweet further stated that major economies and tech giants are continuously testing the potential of the metaverse through various initiatives and investments.
CT is completely oblivious to the fact that Apple is about to launch a mixed reality headset in 3 weeks
Metaverse shitcoins are going to pump so hard it’s not even funny
But you morons keep buying influencer coins
Ok
— Udi Wertheimer 🧙♂️ (@udiWertheimer) May 15, 2023
The re-ignition of the metaverse globally largely depends on the release of the mixed-reality headset by Apple.
Josh Gilbert, an eToro market analyst while speaking to a leading media house said that the new headset that will be released by Apple can really heat up the markets since Apple has a proven track record of delivering high-quality, market-momentum-shifting products. Gilbert further stated that whenever Apple does it, they do it right.
Mark Gurhman, Apleproduct soothsayer revealed that the new Apple headset can launch on June 5.
What are Virtual Lands and How Do They Work?
The existence of virtual lands is in a digital environment known as Metaverse. A metaverse is a simulation of digital life or a video game where you represent yourself as a character and interact with other players.
Virtual land is simply the space, the area, and the geographical location where players can interact with each other in the metaverse.
Anything can be considered a virtual land starting from a simple 2D pixelated environment, a black 3D box space, or the richest physically and naturally designed environment or anything that you can possibly think of.
Virtual lands do not really require crypto and for many ages video games have offered virtual lands. Depending on the design, the virtual land can be opened or closed. While some metaverses such as “The Sims” have a close-ended experience, other games such as “World of Warcraft” offer a seamless, open-world experience.
But some people are of the opinion that to produce a truly interoperable and open metaverse, crypto and NFTs are the key.
Virtual properties or lands are sold as NFTs in Web3. The sole reason for selling as NFTs is so that the proof of ownership exists on blockchain like Ethereum which acts as a digital deed that gives the holder access and control over the purchased land.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/28/value-of-virtual-properties-depreciated-over-the-last-few-years/