Metaverse housing bubble bursting? Virtual land prices crash 85% amid waning ...
The virtual real estate market is crashing despite a McKinsey report predicting a $5 trillion market by 2030. The metaverse sector is witnessing its very-own housing crisis moment, thanks to massive declines in the prices of its virtual lands in 2022, led by waning users' interest and a crypto bear market.Land sales plunge 85% in 2022In particular, metaverse projects built on the Ethereum blockchain, including the Sandbox and Decentraland, have witnessed substantial declines in their valuations and other key metrics, data from WeMeta shows.For instance, the average price of lands sold....
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The metaverse is one tech trend showing no signs of waning – in fact, quite the opposite. Experts believe that the metaverse is perhaps the most significant transformational opportunity to hit branding and marketing since the advent of the internet itself. Investment bank Jefferies states that the NFT market, the backbone of decentralized metaverses, will reach over $80 billion by 2025. Morgan Stanley believes there’s a $56 million opportunity on the table in the luxury goods sector alone. But when we talk of brands entering the metaverse, what does it really mean? Well, setting up shop in....
Nobel Prize-winning economist Paul Krugman has compared the current state of cryptocurrency to the housing bubble and the subprime mortgage crisis. Noting that crypto lacks any real value, he said: “it is a house built not on sand, but on nothing at all.”
Paul Krugman on Crypto, Housing Bubble, and Subprime Mortgage Crash
Nobel laureate Paul Krugman discussed the current state of cryptocurrency in an opinion piece published in the New York Times Monday.
Krugman won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008....
Everyone from individual users to big corporations is talking about the metaverse. The craze of the metaverse is real, so much so that even Facebook rebranded to Meta to be relevant in the space. At first, the hype around the metaverse seemed limited to playing games and interacting in virtual reality, but the users are doing much more than just playing games in the metaverse. Along with in-game accessories, users are also purchasing virtual land parcels and estates, with $900,000 being the highest price paid for a virtual plot of land. Even though the prices are increasing over time, so....
On Saturday, the creators of Bored Ape Yacht Club (BAYC), Yuga Labs, revealed the Otherside metaverse virtual land sale which turned out to be one of the largest non-fungible token (NFT) mints to date. The Otherside metaverse virtual land sale raised close to $320 million by selling 55,000 parcels of Otherside land. Otherside Metaverse Sees $320 Million Raised, Ether Fees Spike, Etherscan Crashes The Otherside metaverse virtual land sale took place on Saturday, and a great deal of people purchased Ethereum-based NFTs dubbed “Otherdeeds.” Demand for the Otherside metaverse....
Is the housing market in a bubble? Is the cryptocurrency party about to blow up? This informal study is fascinating because it doesn’t come from the crypto world. The author, Rick Palacios Jr., is the Director of Research at John Burns Real Estate Consulting. The results are surprising, to say the least. Especially considering how early we are. Whatever camp you’re in, one thing’s for sure, cryptocurrencies will be a big factor for the rest of the decade. Maybe for the whole century, even. Related Reading | Virtual Real Estate Takes Off With Backing From Billionaire Mike Novogratz....