In the past year, popular metaverse properties such as Otherdeeds, The Sandbox, Decentraland, Somnium, and Voxels have experienced a significant depreciation in value. A study has revealed that these metaverse properties experienced a decline in value from January 1, 2022, to May 24, 2023.
Among these properties, Otherdeeds by Otherside, which was once selling properties at 5 Ether, has seen a considerable decrease and is currently selling at 1.09 ETH, representing a decline of 78.2%. The Sandbox and Decentraland properties have also experienced substantial drops of 89.76% and 87.88% respectively.
Voxels, which offers the cheapest land in the metaverse, has seen its virtual properties face a loss of 93.8%, with prices currently at 0.16 ETH as of May 24. Somnium has also suffered a similar decline. Despite these significant drops, Voxels remains optimistic about a potential comeback, as stated on their official Twitter account.
In the midst of this depreciation, tech giants and major economies continue to explore the potential of the metaverse through investments and initiatives. Apple, for example, is preparing to release a mixed-reality headset, which has the potential to reignite global interest in the metaverse. Market analyst Josh Gilbert from eToro believes that Apple's track record of delivering high-quality, market-shifting products could set the markets ablaze with the new headset.
According to a report by Apple product analyst Mark Gurhman, the anticipated Apple headset is scheduled to launch on June 5. With Apple's reputation for innovation and success, the release of their headset could have a significant impact on the metaverse market and potentially reshape its trajectory.
