The Block Research: Metaverse market sinks, as platform sales are down 96% in 2022

Monthly sales on metaverse platforms have fallen 96% in 2022, The Block’s new report revealed. The Sandbox reclaimed its market dominance among metaverse platforms, while Decentraland finished the year with the most valued metaverse land parcels.

According to The Block Research’s 2023 Digital Asset Outlook report, Metaverse platforms brought in $49.2 million in monthly trading volume in January, that figure dropped to a mere $2 million in November, a decline of 96% from the start of the year. 

Metaverse land prices have also fallen 90% from the beginning of the year, according to The Block’s data dashboard. 

(Source: The Block Research )

While metaverse platform The Sandbox lost its dominance in land sales to NFT Worlds during the first few months of 2022, it finished off the year with 54% of market sales in November.

The Sandbox also saw the highest number of unique users among any other virtual world platforms with 17,019 users. The second most populated platform, Decentraland, had 6,529 unique users. 

NFT Worlds led metaverse land values over the first few months of 2022, with the average sale price for a virtual plot hitting a high of $44,000 in the week of Feb. 26. Decentraland now claims that lead, albeit at a much lower price, with an average of $1,780 per land parcel, The Block’s Data Dashboard revealed.