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.

The Trust Project is a worldwide group of news organizations working to establish transparency standards.

metaverse land sales

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.

metaverse land sales
The number of sales in The Sandbox and Decentraland. Source: WeMeta
metaverse land sales
Sales volume in The Sandbox and Decentraland. Source: WeMeta

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).

metaverse land sales
Sales volume of the seven metaverses. Source: WeMeta

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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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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