According to CoinGecko’s report, the largest metaverse projects and coins have been cheaper by more than half since last year.
These metaverse coins lost the most value
Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels are among the projects that were once popular but are now the most undervalued. According to CoinGecko’s report, the metaverse properties of these projects decreased continuously during the surveyed period from January 1, 2022 to May 24, 2023.
As the chart below shows, Otherdeeds by Otherside was the most expensive metaverse product at the time. Its price reached as high as 5 ETH at one point. Over the next 12 months, it dropped from this level to 1.09 ETH. Otherside metaverse products fell 78.2% from their peak overall. In the same time frame, Sandbox and Decentraland melted 89.76% and 87.88%, respectively.
CoinGecko noted that the cheapest land in the metaverse is in Voxels, which sold for 0.16 ETH as of May 24. Voxels’ virtual properties suffered a 93.8% loss, as did Somnium. However, despite the massive drop in prices, Voxels remains optimistic about a comeback. He responded to the CoinGecko post on his official Twitter account:
We are number 5! We are number 5! (It hurts me too, but winters will be winter, the only thing to do is keep building).
Giant companies are starting to take the stage
Meanwhile, tech giants and major economies continue to test the ultimate potential of the metaverse through various investments and initiatives. IPhone maker Apple will soon launch a virtual reality headset that could rekindle global interest in the metaverse.
CT is completely oblivious to the fact that Apple is about to launch a mixed reality headset in 3 weeks
Metaverse shitcoins are going to pump so hard it’s not even funny
But you morons keep buying influencer coins
Ok
— Udi Wertheimer 🧙♂️ (@udiWertheimer) May 15, 2023
Also, eToro’s market analyst Josh Gilbert said the new glasses could fuel markets, considering Apple’s track record of delivering proven high-quality, market-changing products.
How is the Metaverse coin market?
cryptocoin.com As we reported, after the recent Apple announcement, AXS, MANA and SAND prices found the opportunity for a slight recovery. However, as CoinGecko reports, these coins are down more than 70% from their peak despite the recent price movements. On the other hand, the last 24-hour changes confirm that the metaverse market is still attracting new investors:
- Efinity Token (EFI): 36.13%
- Matrix AI Network (MAN): 18.51 percent
- GameCredits (GAME): 13.58%
- Wownero (WOW): 9.78%
- Victoria VR (VR): 8.44%
- Star Atlas DAO (POLIS): 7.61%
- SENSO: 7.46%
- Phantasma (SOUL): 6.50%
- Metaverse.Network Pioneer (NEER): 5.35%
- DeepBrain Chain (DBC): 4.28%
- EPIK Prime (EPIK): 3.83%
- inSure DeFi (SURE): 3.25%
- Gamium (GMM): 3.12%
- Sinverse (SIN): 2.28%
- Ontology (ONT): 2.47%
- LUKSO (LYXe): 2.34%
- Chromia (CHR): 2.28%
- WeWay (WWY): 0.55%
- The Sandbox (SAND): 1.77%
- Monavale (MONA): 1.77%
