The future of Metavers is threatened by the decline in virtual land sales

The future of Metavers is threatened by the decline in virtual land sales

Meteors can be a big expectation in terms of meteors. In the same way that many people considered the new investment situation, the department is showing apathy on the part of financial analysts and the number of sandbox and decentralized platforms shows something sad. They are the world’s two leading blockchain metavers with a market cap of $ 1.75 billion and $ 1.55 billion.

Sharp fall

According to Dune Analytics, Sandbox reported 1,090 virtual land trades in May, the lowest number in two years. The decline was sharpest compared to January, when 16,511 plots were sold.

Fame

And values ​​also declined significantly. While the virtual land was priced at $ 7,000 at the beginning of the year, it is now priced at $ 2,957. But the value is still higher than the average recorded in 2020, when sales were at US $ 300.

In the case of Decentland, the situation is not so serious, but it is still worrisome for investors. The number of virtual lands sold per month, which reached 1,551 in November last year, has now almost halved, with a total of 847 transactions.

The poor performance of the platform is also reflected in the price of the original cryptocurrency on the platform. Sandbox’s SAND token, which reached $ 8.40 in November 2021, is now trading at% 1.41, down 83%.

Both The Sandbox and Decentraland have partnered with big brands, celebrities, and have caught the attention of the crypto world since Facebook unveiled ambitious plans for this platform model.

NFT's Virtual Museum in Metavers.
Although the possibilities for metavers are vast, it is not certain whether it will succeed in attracting users. Image: Lightsspring / Shutterstock

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Despite the brand new concept, which is in its infancy, the future of Metavers is still unknown.

After all, everything is very recent and market upheavals happen quickly. To be successful, one condition is certain: joining Metavers will require a large number of people, with real benefits and not just speculation.

Despite the decline in virtual land sales, there has been an increase in the number of users of the two metavers, which is a positive sign.

At Decentraland, there are currently 4,875 people, a record for the platform. In the sandbox, 16,268, slightly lower than the 18,924 reported at the end of January, but rising in recent weeks.

Moreover, taking initiatives to attract new users can completely change the landscape of this platform.

For example, in the case of The Sandbox, which already has partnerships with brands like Adidas and celebrities like Snoop Dogg, users will soon be able to use the licensed incarnation of Elvis Presley.

These are just some of the goal setting shareware that you can use. However, the risks are very high, which means it is difficult to make a perfect estimate.

Via: Exam

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