The Metaverse Has Ended? Trading of Virtual Land Decreases 98% in 2022.

Between 2020 and 2021, the Metaverse saw unheard-of expansion as hundreds of investors raced to purchase virtual territories. The Sandbox, Decentraland, Enjin, Axie Infinity, and several more Metaverses gained attention last year, substantially driving up its price. In addition, a number of famous people, like the rappers Eminem and Snoop Dogg, supported the Metaverse by purchasing plots in the virtual territories.

Thousands of dollars were being spent by investors only to purchase land in the Metaverse. But in 2022, the demand for purchasing digital lands has fallen because of the slow bear market circumstances. Even well-known businesses that made investments in the Metaverse this year lost money. During Q2 of 2022, Facebook parent company Meta lost $2.8 billion on its virtual reality business.

The sales of the Metaverse have been monitored by Delphi Digital. Recent statistics released by the company revealed that the amount of land trade has decreased 98% from its high in 2021. In November 2021, the trade volume reached a high of $8 million before starting to decline and never recovering.

“A series of positive statements from businesses like Meta, Grayscale, and Citibank in the fourth quarter of last year served as the catalyst for the ‘Metaverse’ to gain traction. Trading volume for virtual land has decreased by as much as 98% from its high in 2021, according to Delphi Digital.

The persistent bear markets are to blame for the reduced trading volume, and the downturn has sapped investors’ excitement. The Metaverse is hailed as the “next great thing” in technology, but the downturn raises questions about its future.

Additionally, despite receiving billions of dollars in funding, the Metaverse still lags behind in terms of visual visuals. Learn why the visuals in Metaverse games are 20 years behind those in conventional video games by reading this article. The virtual land industry risks becoming just another craze if it doesn’t address the problem with the visual aesthetics.

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