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Land plot cost in metaverses keeps dropping steadily

Land plot cost in metaverses keeps dropping steadily

Popular NFT land plots in metaverses have been losing in value for the past few weeks. 

According to BeInCrypto, the ongoing drop in land prices in metaverses is caused mainly by the overall market downturn. However, the prices of land in many projects started declining even before that. For instance, Axie Infinity, the metaverse project with the highest transaction volume, was strongly affected when many players decided to leave the project after a massive cyber-attack resulting in the theft of $650 million. Axie developers failed to retain users on the platform even after announcing the return of lost funds. 

Other Metaverses started dropping in plot values amid the news that Zuckerberg lost nearly $3 billion developing his own Horizon World Metaverse. 

Such a drop in value has affected many cryptocurrencies as well. For example, ETH is now trading at around $2300 after a record high of $4800 set in November 2021.

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