WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Facebook X (Twitter) LinkedIn Telegram
WebsCryptoWebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Bitcoin (BTC) $27,149.27 3.55%Ethereum (ETH) $1,661.72 4.08%BNB (BNB) $215.68 1.85%XRP (XRP) $0.508896 1.16%Cardano (ADA) $0.249762 2.45%Solana (SOL) $19.65 3.82%Dogecoin (DOGE) $0.061514 1.66%Polkadot (DOT) $4.08 1.98%Shiba Inu (SHIB) $0.000007 1.63%Dai (DAI) $1.00 0.04%TRON (TRX) $0.086355 1.34%Polygon (MATIC) $0.520832 3.19%Avalanche (AVAX) $9.33 4.99%Uniswap (UNI) $4.46 5.34%Litecoin (LTC) $65.00 2.20%
Crypto Prices
WebsCrypto
Business

Virtual Land Transactions Plummet as Crypto Markets Tumble

By WebsCryptoSeptember 26, 20223 Mins Read
Virtual Land Transactions Plummet as Crypto Markets Tumble
Share
Facebook Twitter Telegram LinkedIn Reddit Email

After unprecedented growth in 2021, the trading volume of virtual land in the virtual world has plummeted as prices in the broader crypto market have tumbled.

In fact, as of September 12, 2022, virtual transaction volumes that track sales for 18 Metaverse Virtual Land projects have plunged about 98% from their 2021 highs. Trading volumes peaked in November 2021 at just over $8 million, according to data released on September 21.

Advertisements

Previously, with the popularity of the metaverse concept, the market’s interest in virtual land surged, triggering a rush. In fact, most people participate in virtual worlds in the hope of profiting from virtual worlds. And as the broader cryptocurrency market and the broader economy continue to crumble, pent-up volumes shouldn’t come as a surprise.

In addition, the decline in transaction volumes has led some markets to question the general use of virtual land. Some critics argue that there is an oversupply of land. Therefore, it is no longer a scarce resource to spark more interest. However, if the crypto market recovers as different companies enter the space, interest in the metaverse could surge again.

Related News:
  • Worldcoin Shatters Records in Argentina as Circle Expands USDC Footprint to Chile
  • Binance Announces New Stablecoin Amidst Plans to Discontinue BUSD Support

However, at present, it seems that transactions in the virtual world are still affected by the overall market situation. Including Mark Zuckerberg, CEO of Facebook parent company Meta, has also paid a high price in the real world for his strategy of betting on the metaverse. So far this year, his wealth has more than halved to $71 billion, the most of any super-rich tracked by the Bloomberg Billionaires Index. With a current net worth of $55.9 billion, his ranking among the world’s billionaires has slipped to 20th from 6th at the start of the year.

In addition, sources recently said that META has begun to lay off significant staff through restructuring, and META expects to cut costs by at least 10% in the next few months.

In fact, in the case of the sluggish market conditions, not only virtual land, but also NFT products are also affected by the market conditions. The “2022 Game Industry Status Report” released by fan platform Fandom shows that the game player group holds a “one-sided” negative view of NFTs. Most people believe that NFTs do not have any need to exist, and 72% of players hold NFTs very much. Negative perception that NFTs are unwise currency investments with unknown risks. 67% of consumers have only basic or no understanding of NFTs, and only 9% of gamers own NFTs. Only 7% of consumers believe that NFTs are an important part of the gaming space, and only 13% are interested in the evolution of NFTs in games, believing that they can effectively incentivize community participation.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Cryptocurrency Facebook Investment Metaverse NFT
WebsCrypto
  • Website
  • Facebook
  • X (Twitter)
  • Instagram

WebsCrypto is your best bet for the latest crypto news from around the world.

Recommended Reading

Business September 28, 2023

Chase UK Takes a Firm Stance Against Cryptocurrency Transactions Amid Rising Scams

News September 28, 2023

Inflationary Market Bitcoin and Ethereum Remain Steady as Correlation with U.S. Stocks Rises

Markets September 28, 2023

Bitcoin Soars 80% This Year, Outpacing Global Stocks Amid U.S. Banking Crisis and Diminishing Binance Concerns

Markets September 28, 2023

Texas Takes the Lead in Bitcoin Mining, Accounting for 28.5% of US’s Hashrate

News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

News September 27, 2023

Federal Reserve Report Explores Financial Stability Implications of Tokenized Assets, Citing Growth and Interconnectivity Concerns

The Latest
Business September 28, 2023

Chase UK Takes a Firm Stance Against Cryptocurrency Transactions Amid Rising Scams

News September 28, 2023

Inflationary Market Bitcoin and Ethereum Remain Steady as Correlation with U.S. Stocks Rises

Markets September 28, 2023

Bitcoin Soars 80% This Year, Outpacing Global Stocks Amid U.S. Banking Crisis and Diminishing Binance Concerns

Markets September 28, 2023

Texas Takes the Lead in Bitcoin Mining, Accounting for 28.5% of US’s Hashrate

News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

EDITOR’S CHOICE
Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community
Ether (ETH) Prices are Trading at 27% Discount to Fair Value, New Research Shows
Robert Kiyosaki: Cryptocurrency is the Future, Fiat Money is on the Decline
Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn
News
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Markets
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Price Indexes
  • Market Cap
  • Bitcoin Price
  • Ethereum Price
  • Cardano Price
  • Solana Price
  • Polkadot Price
  • Polygon Price
Services
  • About Us
  • Contact Us
  • Advertise
  • Privacy Policy
  • Terms of Service
WebsCrypto
X (Twitter) Facebook Telegram LinkedIn RSS
© 2023 WebsCrypto

Type above and press Enter to search. Press Esc to cancel.