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While the first luxury villas and buildings in the metaverse are seeing the light of day, the state and instability of crypto-currencies is causing curious investors to think twice about their future purchase.
Called Meta Mansions, luxury villas have been appearing and growing in the metaverse for a few weeks. Some 8,888 models have been built virtually, combining design and futuristic looks. Meta Mansions are fully interactive in 3D in this virtual world and can be purchased like real estate in the multiverse with NFT currency. These homes were designed by KEYS Token, a startup that enables luxury real estate transactions in the multiverse, in association with Genius Ventures Inc.
To invest in the metaverse, some companies have specialized, like Decentraland or Espace Somnium. The latter is a virtual reality Metaverse, built on the Solana and Ethereum blockchains. The project wants to propose a social virtual reality world with an entire economy and its own currency.
To invest, or not?
But is investing in the metaverse a risky bet or the promise of a great return? More and more companies and a few wealthy individuals are making the choice of virtual real estate. So much so that these virtual worlds are beginning to look like speculative bubbles. A Cornell University study points out that between December 2019 and January 2022, the price of plots in The Sandbox increased 300-fold, with cumulative sales in 2021 reaching a record 455 million euros, across the four main metavers (Sandbox, Decentraland, Somnium and Cryptovoxels), says the company MetaMetrics.
The problem is that virtual land sales have dropped significantly recently, according to Dune Analytics, and their study reveals that the vast majority of metaverse projects have experienced a significant decline. As an example, Decentraland is at the bottom in terms of average virtual land costs. In fact, its virtual lands have dropped from $17,736 in July 2020, to $4,006 in July 2022. Most recently, The Sandbox also recorded its worst performance since the beginning of the year. The average land price fell from $6,291 in January 2022 to $3,377 in July.
Overall, the three largest metaverse projects: Decentraland, The Sandbox and NFT Worlds have fallen in terms of sales volumes. Yet, there had been a boom last year, with more than $500 million in virtual land sales completed.
“The idea of a collapse of real estate values in the metaverse must be qualified (…) The geopolitical and macroeconomic context is now causing fluctuations in the crypto-currency market. Phases of crisis follow phases of euphoria. We can see that land prices are decreasing in the last few days, but if we compare with the month of October, their value is stagnating or even increasing in some cases. As for the valuation of local currencies, the Mana and the Sand, it tends to be on the rise,” Stanislas Barthelemi, an analyst at Blockchain Partner, KPMG‘s Web3 consulting unit, explain to l’ADN.
Read also > Metaverse : Miley Cyrus lands in Gucci Town on Roblox
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While the first luxury villas and buildings in the metaverse are seeing the light of day, the state and instability of crypto-currencies is causing curious investors to think twice about their future purchase.
Called Meta Mansions, luxury villas have been appearing and growing in the metaverse for a few weeks. Some 8,888 models have been built virtually, combining design and futuristic looks. Meta Mansions are fully interactive in 3D in this virtual world and can be purchased like real estate in the multiverse with NFT currency. These homes were designed by KEYS Token, a startup that enables luxury real estate transactions in the multiverse, in association with Genius Ventures Inc.
To invest in the metaverse, some companies have specialized, like Decentraland or Espace Somnium. The latter is a virtual reality Metaverse, built on the Solana and Ethereum blockchains. The project wants to propose a social virtual reality world with an entire economy and its own currency.
To invest, or not?
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While the first luxury villas and buildings in the metaverse are seeing the light of day, the state and instability of crypto-currencies is causing curious investors to think twice about their future purchase.
Called Meta Mansions, luxury villas have been appearing and growing in the metaverse for a few weeks. Some 8,888 models have been built virtually, combining design and futuristic looks. Meta Mansions are fully interactive in 3D in this virtual world and can be purchased like real estate in the multiverse with NFT currency. These homes were designed by KEYS Token, a startup that enables luxury real estate transactions in the multiverse, in association with Genius Ventures Inc.
To invest in the metaverse, some companies have specialized, like Decentraland or Espace Somnium. The latter is a virtual reality Metaverse, built on the Solana and Ethereum blockchains. The project wants to propose a social virtual reality world with an entire economy and its own currency.
To invest, or not?
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