Metaverse Land Prices See Notable Corrections, The Sandbox Drops 95% From Its Peak

As per CoinGecko’s most recent report, the prices of Sandbox land have dropped drastically, falling by about 95% from their highest peaks.

According to the latest report by CoinGecko, the prices of Sandbox land have witnessed a drastic decline, plummeting by about 95% from their record highs. Metaverse land prices in 2024 saw an average decrease of 72% from their peak, ranging between 0.08 ETH and 1.88 ETH. The current downturn showcases a larger sequence of noteworthy corrections from the bull market highs in 2022.

Prominent Drops Across Major Projects

The Sandbox project experienced the steepest decline, with an average floor price that dropped significantly by 95% from 2.86 ETH in 2021 to 0.13 ETH in 2024. Decentraland and Otherdeed also faced substantial decreases, with a drop of 89% and 85%, respectively. TOPIA Worlds (formerly known as NFT Worlds) demonstrated greater resilience with a 65% decrease in floor pricing, largely due to a successful rebranding and community engagement.

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

The sharp price decline showcases both the unpredictable dynamics of the digital real estate market and the varying outcomes of different metaverse projects as the market encounters ups and downs. The Sandbox, which faced the steepest decline, is currently trading at $0.2704 as the downturn continues.

(Source: CMC)