While Metaverse platforms brought in $49.2 million in monthly trading volume in January, that figure dropped to a mere $2 million in November, a decline of 96% from the start of the year, according to The Block Research’s 2023 Digital Asset Outlook report.
Metaverse land prices have also fallen 90% from the beginning of the year, according to The Block’s data dashboard.
While metaverse platform The Sandbox lost its dominance in land sales to NFT Worlds during the first few months of 2022, it finished off the year with 54% of market sales in November.
The Sandbox also saw the highest number of unique users among any other virtual world platforms with 17,019 users. The second most populated platform, Decentraland, had 6,529 unique users.
NFT Worlds led metaverse land values over the first few months of 2022, with the average sale price for a virtual plot hitting a high of of $44,000 in the week of Feb. 26. Decentraland now claims that lead, albeit at a much lower price, with an average of $1,780 per land parcel, according to The Block’s Data Dashboard.