Over the past six months, the sales volume of land in metaverses has fallen by more than $200 million.
The fall in the average price of virtual land over the past six months has exceeded 80%. Meanwhile, the total trading volume of digital real estate in the six largest metaverse projects has dropped by more than 90%. It is shown in the data published by The Information.
The researchers point out that the fall in the virtual real estate market resulted from similar processes in the NFT sector and the cryptocurrency market. Most of the buyers invested in virtual real estate in order to resell or lease it later, but it was not relevant in the current environment.
The demand for profile specialists also speaks about falling activity in the metaverse sector. Thus, from April to June 2022, the number of vacancies in the industry declined by 81%, as reported by Bloomberg, citing Revelio Labs.
The “short-lived hype” in the market was triggered by Mark Zuckerberg changing Facebook’s name to Meta, betting on virtual reality and immersive technology. “Amid growing concerns of a recession, that hype has come face to face with a sobering reality,” Revelio Labs economist Jin Yan said. According to analysts, despite the current trend, the total revenue of metaverse projects by 2030 could reach $5 trillion, and the total market volume of metaverses will exceed $50 billion by 2026.
