- The Metaverse’s real estate market is in the midst of a serious crisis.
- The rate of employment in the Metaverse domain fell by more than 81%.
Because of Facebook’s major shift to the virtual world in 2021, the Metaverse became a prominent subject during the Bull Run in the crypto market. However, the Metaverse’s real estate market is in the midst of a serious crisis.
Data provided by The Information shows that virtual land prices have fallen by more than 66 percent over the last year. At the same time, Metaverse real-estate trade volumes on six main platforms have fallen by an astounding 90% in the previous six months.
Investors that bought metaverse land with the hopes of leasing it to retailers have seen the value of their holdings collapse.https://t.co/eb9nO6yNyn pic.twitter.com/VaTPmjSdCL
— The Information (@theinformation) August 3, 2022
Sluggish Market Effects
Prices have fallen after a huge fall in the crypto market and the NFT sector, according to the publication. In many cases, purchasers of metaverse real estate purchased it with the intention of renting or selling to organizations interested in building their own virtual properties.
According to workplace research firm Revelio Labs, the rate of employment in the Metaverse domain fell by more than 81% between April and June of this year. Of course, this was a direct result of the crypto market’s collapse.
Additionally, it’s occurring at the same time as a decrease in new tech hires. Facebook’s move to Metaverse sparked a “short-lived hype from the demand side,” according to Revelio Labs economist Jin Yan.
Metaverse is promising since it is built on the basic premise that it is an economy focused on the needs of its customers. In the metaverse, everything has been designed to enhance the end user’s overall experience. People in the metaverse may do anything from go shopping to playing games to meeting up with old pals to going to concerts to working.
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