How Much Do Metaverse Lands Cost?
In 2024, metaverse lands cost between 0.08 ETH and 1.88 ETH (approximately $250 - $5,960), a -72% drop from their highs. The average floor prices of metaverse lands are a far cry from previous years, with average floor prices down -34% from 2023 and -55% from 2022.
The most significant drop is seen in the project Sandbox, which dipped from an average floor price of 2.86 ETH in 2021 to 0.13 ETH in 2024 (a -95% decline). Of these top Metaverse projects, NFT Worlds (which rebranded to TOPIA Worlds in 2023), has shown a significantly lesser dip in floor prices compared to most of the other Metaverse-focused projects, with a -65% drop from peak to trough. TOPIA Worlds (under the larger brand umbrella of Hytopia) were airdropped to previous NFT Worlds holders. The average floor price of NFT Worlds was 3.29 ETH in 2022 and is at an average floor price of 1.81 ETH in 2024, only a -45% drop compared to the -85% drop of Otherdeed for Otherside (average floor price of 1.98 in 2022 VS 0.28 ETH in 2024) and a drop of -89% for Decentraland (average floor price 1.73 ETH in 2022 VS 0.18 ETH in 2024). A healthy combination of a staking mechanism to yield TOPIA, community support, and a successful rebranding exercise helped TOPIA Worlds show some resilience in floor prices compared to its peers.
An interesting observation is also seen when it comes to Somnium Space, where the peak average floor price was observed in 2023 at 0.98 ETH instead of in 2022 when its average floor price sat at 0.57 ETH. Somnium Space is an open and social virtual reality (VR) world built on the Ethereum blockchain. The team behind Somnium Space also entered the VR market with the Somnium VR1, a high-end Virtual Reality headset. The floor price of Somnium Space NFTs peaked in June 2023, which coincided with several announcements from the team, such as significant progress in the development of the Somnium VR1.
How Much Did Metaverse Lands Cost In 2022, At The Peak?
With prices mostly peaking in the bull market of 2022, the most expensive land at the time was NFT Worlds, with an average floor price of 3.29 ETH, and an all-time high of 13.5 ETH in March 2022. This was followed by Otherdeeds, the metaverse brainchild of Yuga Labs, with an average price of 1.98 ETH and an all-time high of 5.00 ETH in May 2022. Other popular projects during the NFT bull market of 2022 include Sandbox and Decentraland, which had an average floor price of 1.91 ETH and 1.73 ETH, respectively.
This all-time high in prices coincided with record-high interest in the metaverse. A look at search trends on Google for the search term ‘Metaverse’ also shows record highs being reached in 2022 (a 106% increase from 2021), with an all-time high in January 2022. This corresponds to the growing interest in digital real estate along with the significant uplift in Web3-related interest during the bull market of 2022.
Planet of the Apes Collapse
The launch of Otherside, a virtual universe developed by Yuga Labs in partnership with Improbable and Animoca Brands, is an interesting case study. Otherdeeds, launched in 2022, allowed owners to claim a plot of land in the Otherside, a virtual universe powered by ApeCoin (APE). Bored Ape Yacht Club and Mutant Ape Yacht Club owners could claim 1 free Otherdeed for each BAYC and MAYC NFT they owned, making it an extremely profitable launch for owners of these Yuga Labs assets, as Otherdeeds were trading at an average of 3.00 ETH post-launch. These statistics exclude lands with Kodas, which comprise only 10% of the entire collection and trade at significantly higher prices than regular Otherdeed plots.
In 2023, Yuga Labs launched Otherdeed Expanded, which was a key next step in future gameplay experiences for Otherdeed holders, especially in anticipation of Otherside: Legends of the Mara. Holders of Otherdeeds could burn their NFTs to create Otherdeed Expanded. Currently, Otherdeed is currently trading at an average of 0.18 ETH (a drop of -96% from an all-time high of 5.00 ETH) while Otherdeed Expanded is trading at 0.24 ETH (a drop of -78% from all-time high of 1.09 ETH).
Moving Forward
The performance of digital lands in the Metaverse has experienced significant volatility over the years, reflecting broader trends in the cryptocurrency and NFT markets. While 2022 was marked by unprecedented highs driven by the bull market and heightened interest in Web3, subsequent years have seen substantial corrections. However, projects like TOPIA Worlds and Somnium Space have shown relative resilience through strategic developments and strong community engagement.
Methodology
The study examined the prices of the selected metaverse lands in ETH, from January 1, 2021 to June 25, 2024. Metaverse lands selected were Otherdeeds, Sandbox, Decentraland, Somnium Space, Voxels, Worldwide Webb, NFT Worlds, and Topia Worlds. Price data was sourced from CoinGecko.com, while trends were sourced from Google Trends.
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