Metaverse land never recovered. The numbers now show how far it fell
The biggest metaverse land deals of the 2021 and 2022 boom now map to four- and five-digit values when priced against current collection floors, rather than the six- and seven-figure valuations buyers once paid.
The decline runs through the entire metaverse land trade. A CoinGecko study found that average metaverse land prices were already down 72% from their highs by June 2024, with Sandbox off 95%, Decentraland off 89%, and Otherdeed for Otherside off 85% from peak-cycle average floor levels.
The famous parcels that once stood in for scarcity and status now read like artifacts from a pricing regime that assumed virtual neighborhoods would become high-traffic digital cities.
The broader NFT market also failed to recover its old price structure. DappRadar said NFT trading reached $25.8 billion in 2021, and its January 2022 report said that month alone hit a record $16 billion in sales before wash-trading distortions w
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