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It seems that there are no more buyers for metaverse land.
Plots that once had a value of several hundred million yen are now being traded at just a few ten-thousand yen levels.
Even the famous Snoopverse project in The Sandbox, which was sold for several million yen at the time, is now almost worth nothing.
I think this is not just a problem with metaverse land, but a broader reset happening across the entire NFT market.
According to DappRadar data, NFT trading volume dropped by 45% last year, but the number of transactions actually increased by 78%.
In other words, there’s a shift from high-value assets to lower-value assets.
NFT lending markets have also seen a 97% decrease in transactions from their peak, with high valuations gradually falling away.
Some metaverse-related projects have recently shown signs of recovery, but they still don’t come close to their peak prices.
It’s clear that the entire market is transitioning toward practical assets.