Losses are growing in Metaverse’s real estate investments

metaverseInterest in AI continues to wane as artificial intelligence grows in popularity. Virtual land prices in some of the world’s best have been falling significantly since their peak prices in 2022. Some have lost more than 90 percent of their value.

CoinGecko, recently published a study on the metaverse. The report shows that popular properties such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels lost significant value from January 1, 2022 to May 24, 2023.

Interest in metaverse plots is waning

As shown in the image above, the most expensive property called Otherdeeds by Otherside, which previously sold the property for 5 Ethereum (ETH), is currently selling for 1.09 ETH. This corresponds to a decrease of 78.2 percent. Sandbox and Decentraland properties decreased by 89.76 percent and 87.88 percent, respectively.

CoinGecko said that the cheapest land in the metaverse can be found in Voxels, which is trading at 0.16 ETH as of May 24. Voxels virtual properties suffered a loss of 93.8 percent, as did Somnium. Despite the big price drop, Voxels remains optimistic about the return.

However, many tech giants like Meta continue to test the ultimate potential of the metaverse through various investments and initiatives.

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Although there is a decrease in interest in the metaverse, there is no suggestion that this field will be the way in time. In contrast, many technology companies continue to invest in and develop the metaverse.

Apple is gearing up to launch a mixed reality headset that could soon rekindle the world’s interest in the metaverse.

Speaking to Cointelegraph, eToro market analyst Josh Gilbert said: appleHe said the new audio equipment could be a market shaker, considering the company’s success in providing high-quality and market-leading products.

When Apple starts something, it’s usually a big deal.

According to Apple’s chief product officer, Mark Gurhman, the new product is expected to be launched on June 5.