Virtual Metaverse Real Estate is completely in the toilet

Only a handful of users are actually trading virtual real estate on Decentraland, slices of land that are being sold inside the virtual world as NFTs.

Highlights

• Virtual real estate platform Decentraland, once valued at $1 billion, is in free fall.
• Only a handful of users are actually trading virtual real estate on the platform.
• The company’s woes are symptomatic of a much bigger decline in interest in owning real estate.
• Other platforms including The Sandbox have been seriously struggling to draw in serious numbers of users as well.
• Architect Hunter Swihart says he wouldn’t be surprised if the company would go under in the near future.
• The Block reports that only between 20 and 30 people are actually buying and selling property on a weekly basis, amounting to roughly $50,000.

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