Virtual land prices are constantly falling since their peak in 2022 . A study by CoinGecko shows the decline in value in all popular metaverse properties like Otherdeeds, The Sandbox, Somnium and Voxels. These metaverse properties experienced huge price drops from January 1, 2022 to May 24, 2023 . For instance Otherdeeds of Otherside which are previously the most expensive properties recorded a drop of 78.2% while Sandbox and Decentraland properties declined 89.76% and 87 .88% respectively .
Voxels and Somnium Witness Major Price Decreases, Remain Optimistic
The study reveals that Voxels offers the cheapest virtual land in the metaverse with properties selling for 0.16 ETH as of May 24 . Voxels’ virtual lands experienced a staggering loss of 93 .8% which is similar to the decline observed in Somnium . Despite these significant price drops Voxels maintains an optimistic outlook . In a tweet from its official account Voxels said that although they have fallen in rankings the bear market calls for perseverance and continued development .
Apple’s Mixed Reality Headset Expected to Reignite Metaverse Interest
As tech giants and major economies explore the potential of the metaverse Apple is preparing to release a mixed reality headset . This upcoming launch has the potential to recover the global interest in the metaverse . Market analyst Josh Gilbert from eToro believes that Apple’s reputation for delivering high-quality market shaking products could reignite the metaverse markets once again . According to a report from Apple product guru Mark Gurhman the new Apple headphones are set to launch on June 5 .
Despite the decline in virtual land prices the metaverse industry continues to evolve with notable investments and initiatives from major players . The anticipated release of Apple’s mixed reality headset adds to the ongoing exploration of the metaverse’s ultimate potential generating excitement for the future of this digital realm .
