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What the numbers say: Metaverse interest spiked after Meta revealed its new company name in 2021, leading to a new wave of brands looking to connect with people and virtual land markets where prices soared. 2022 saw land prices fall. At the online world Decentraland, the median price for virtual real estate fell nearly 90% within the past year, according to the price-tracking site WeMeta. At The Sandbox, prices have declined 83%. Relevance: Falling prices for virtual real estate aren't alone. Other assets in equities and cryptocurrency have seen similar fates. As they remain low, however, and Mark Zuckerberg rethinks Meta's own metaverse strategy, other brands are expressing similar skepticism, at least in the short term. Brands that should care: Meta remains committed to pushing ahead with metaverse plans, even if they change in shape or scale. Disney and Microsoft, meanwhile, have clearly devalued metaverse priorities in recent layoffs and project shutdowns. We're testing new content formats in Inside.com newsletters. Do you want to see more coverage like this? Respond to this email and let us know. |
