Costs of land plots within the metaverse fell by 18% final month from an all-time excessive seen the month earlier than, in accordance with an index overlaying 30 of the highest digital worlds. Nonetheless, digital land nonetheless outperformed the worth of Ethereum’s native token ETH when seen over the previous yr as an entire.
Based on data from the metaverse analytics supplier Meta Metriks, the typical value of a digital land plot fell to USD 8,594 in March, down 18% from an all-time excessive of USD 10,473 recorded in February.
The latest fall in value is in step with a broad decline within the costs of metaverse-related tokens over the previous 6 months.
As of Wednesday, main metaverse tokens resembling these issued by Decentraland (MANA), The Sandbox (SAND), and Axie Infinity (AXS) had been all down by between 55% and 65% since reaching their all-time highs in November final yr.
Nonetheless, the typical value for March stays about 4 occasions greater than the worth seen a yr earlier, Meta Metriks’ knowledge mentioned.
Among the many worst-performing digital worlds by way of land costs in March had been Decentraland, The Sandbox, and the non-fungible token (NFT) sport Fluf World (FLUF), which noticed land costs drop by 49%, 23%, and 44%, respectively.
The losses seen within the three digital worlds had been solely partially offset by positive factors seen in Metroverse (MET) and NFT Worlds (WRLD), the place land costs rose by 27% and 6%, respectively, for the month.
Regardless of the stoop in land costs in US greenback phrases over the previous month, proudly owning land within the metaverse nonetheless turned out to be a greater funding than holding ETH for the yr as an entire.
As of the tip of March, metaverse land has carried out 2.6 occasions higher than ETH for the previous yr, regardless of the dip in land costs and progress in ETH costs seen final month, Meta Metriks mentioned.
On Wednesday at 10:17 UTC, ETH stood at USD 3,336, down 5.2% over the previous 24 hours and a couple of% in per week, and up practically 31% for the previous 30 days.
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Source: Crypto News