Metaverse land sales plunge; The Sandbox has more users compared to Decentraland
In Brief
Virtual land sales volume is dropping, and the number of people interested in the metaverse is also falling.
Otherside metaverse land sales set records for 2022.
Decentraland reported having around 8,000 daily active users, while The Sandbox around 39,000.
The metaverse industry is expected to rapidly grow in the next few years.
Many agree that the metaverse has a promising future, but currently, the virtual world business doesn’t seem to be doing well. Data from a few months ago showed that in 2022, virtual land sales plunged by 85%. The daily number of active users in two popular metaverses – Decentraland and The Sandbox – had reached around 8,000 and 39,000, respectively.
Metaverse real estate sales are going down, except for the Otherside
Last year, people spent $501 million buying digital land in the metaverse. Experts predicted that sales would double in 2022. However, the graphs show the opposite trend.
WeMeta statistics indicate that Ethereum-based metaverse project sales dropped to about $2,500 from almost $21,000 in January. The largest metaverse land seller, The Sandbox, saw an average land sale volume drop to just $2,800 from $35,500. Across the six metaverses, the weekly volume of digital land purchases fell from $64.1 million in one week, reported in November 2021, to $710,177 in October 2022.
Yuga Labs’ Otherside metaverse pushed the numbers up in 2022, as the Otherdeed digital land sale reported record sales this year. Otherdeed NFTs launched on April 30 and have an all-time sales volume of 349K ETH (currently over $513 million).
Number of users in decentralized metaverses
Decentraland has recently shared that there are approximately 8,000 daily and 56,697 monthly active users on the platform. The Sandbox reported 39K daily users in its Alpha Season 3 (201K monthly).
Decentraland is a $1.3 billion platform, while The Sandbox is valued at over $4 billion. Even though the general audience isn’t as active in the metaverse as before, various brands and celebrities are still rapidly entering the two metaverses and expanding their businesses.
A report shared by EarthWeb predicted that one in every four people will be active in the metaverse by 2026. Moreover, the metaverse compounding annual rate is set to grow by 47.6% from 2021 to 2029. The report also noted that currently, there are 50,000 users in the Web3 virtual worlds and 412,578 users in the NFT space.
Despite declining sales in decentralized worlds, Meta reported a $2.8 billion loss in its metaverse division, Reality Labs, earlier this year.
Even with the declining interest in the metaverse, partly due to the current bear market, the virtual world is expanding. According to last month’s report by Cryptomeria Labs, the metaverse industry has already raised $120 billion in 2022. As the industry is still in its early stages and is continually growing, experts suggest that metaverse platforms should become mainstream by 2025.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
