Has the metaverse bubble burst?

Looks like it ain’t all gravy in the metaverse right now as the likes of Decentraland and The Sandbox have both seen massive price declines in their virtual real estate.

In February this year, Decentraland real estate prices peaked with an average of over US$37,000. But since the start of this month, the average price of land has dropped to just over US$5,000.

Overall, the average price of virtual lands across the six major Ethereum metaverse projects has dropped a massive 85% since the start of the year. However, global consulting juggernaut, McKinsey, is still confident Land in the metaverse can become a US$5 trillion industry by 2030.

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