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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
