METAVERSE LAND PRICES PLUNGE AS INTEREST DECLINES

Wed 12 June 2024:

Land prices in the metaverse have sharply declined due to waning interest, with average plot prices on the Sandbox game plummeting from $15,000 to $1,500, a 90% drop.

The metaverse, consisting of virtual worlds accessible through augmented reality (AR) and virtual reality (VR) technologies, has also seen a fall in ad revenues, prompting brands to reduce their investments.

The surge in virtual worlds began with Meta’s (formerly Facebook) acquisition of Oculus VR in 2014 and the launch of the AR game Pokemon GO in 2016. Facebook’s rebranding to Meta in 2021 and Microsoft’s focus on business and social interactions on their Mesh platform further fueled interest.

The metaverse initially attracted significant investments, with virtual land sales on platforms like Sandbox and Decentraland reaching millions of dollars. However, interest has waned due to inadequate technological infrastructure, requiring higher bandwidth, powerful computers, and advanced AR and VR devices, which negatively impacted user experience. Limited social interaction possibilities and global economic uncertainties further dampened interest and investment.

Despite the decline, the metaverse still holds potential, as major tech companies like Google and Apple continue their investments.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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