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Metaverse was the hot topic during the crypto bull run of 2021, especially as social media giant Facebook made a massive pivot to the virtual world. However, the real estate market in the Metaverse is facing a severe meltdown.
As per data presented by The Information, the average price per parcel of virtual land has tanked by more than 66%. At the same time, the total monthly trading volumes for Metaverse real-estate on six major platforms tanked by a staggering 90% over the last 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
The publication further notes that the prices have plunged following a major slide in the crypto and the NFT market. Many buyers of metaverse real estate bought it with the hope that they would rent or sell to companies looking to build their own real estate in the virtual world. The publication notes:
Investors who bought at the peak are now sitting on land that has tumbled in value. Meanwhile the real-world economic downturn could weigh on brands’ appetite for spending on building out their metaverse presence.
Metaverse Job Postings Tank 81% Last Quarter
As per workplace researcher Revelio Labs, jobs in the Metaverse space tanked more than 81% last quarter in the period between April and June. Of course, this drop coincided with the broader market meltdown in the crypto space.
Additionally, it also coincides with the slowdown in fresh hirings in the tech sector. Revelio Labs economist Jin Yan called it a “short-lived hype from the demand side,” after Facebook’s pivot to Metaverse.
However, there are five kinds of Metaverse jobs that still exist without the demand going down. Analytics Insights names them as:
- Metaverse Research Scientist
- Blockchain Engineer
- NFT Strategist
- Metaverse Planner
- Ecosystem Developer
It isn’t clear as to how long the industry will take to review the recent meltdown. However, with the continued push from tech giants like Facebook, we could see more participation from other companies down the road.
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