There are multiple digital platforms that have either been making inroads into the market or are planning to do so, creating unlimited parcels of lands. 'The land in the metaverse is conspicuously oversupplied. And that is a vivid display of how our views on metaverse land evolve,' Huang explained.Īccording to Huang, it is very hard for an individual investor like him to justify investing in the metaverse at the current stage, as it is a purchase 'not only risky but also of low valuation.' 'Now, there is a popular phrase in the industry: we would rather purchase a tiled ceiling in the real world than owning a property in the virtual world.

Huang, who had previously pondered pooling a big proportion of his savings into virtual land assets, has given up on the idea after witnessing the downturn. The purchase has already incurred an 84-percent loss based on current pricing data. The burst of metaverse land has left many individual investors nursing heavy losses, including Singaporean singer JJ Lin, who announced in November 2021 on social media that he had purchased three pieces of virtual real estate in Decentraland, one of the largest virtual property marketplaces, at a reported cost of about $123,000. However, the fanfare surrounding metaverse land has been on the slide since March this year, against the backdrop of a plunging crypto market and a slow infrastructure technological development.Īccording to data from metaverse analysis site WeMeta, the average virtual land price has dived by over 80 percent to date, and the trade volume of virtual properties also plummeted by over 90 percent compared with highs in November 2021, industry website reported. Last year, buying prime real estate in the metaverse was a luxury for a 28-year-old investor surnamed Huang, as the craze over the novel and revolutionary technology prompted a host of investors with deep pocket ranging from tech titans, celebrities to entrepreneurs to jump in, shedding limelight on the booming market and making headlines with record-high transaction price.

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