The Metaverse faces an unprecedented severe real estate crisis with a 90% drop in the last six months

According to data presented by The Information, the average price per plot of virtual land fell by more than 66%. At the same time, the total monthly volume of real estate transactions in the Metaverse on six major platforms has fallen by 90% in the past six months.

The publication further notes that prices plunged following a major drop in the crypto and NFT market. Many buyers of real estate in the metaverse have purchased it with the hope of renting it out or selling it to companies looking to build their own real estate in the virtual world. The article notes:

Investors who bought at the top are now sitting on land that has fallen in value. In the meantime, the real-world economic downturn could weigh on brands’ appetite for spending on growing their presence in the metaverse.

Job postings on Metaverse fell 81% in the last quarter

According to Revelio Labs, job postings in the Metaverse space fell more than 81% last quarter, between April and June. Of course, this drop coincided with the market crash in the crypto space.

In addition, it also coincides with the slowdown in new hiring in the technology sector. Revelio Labs economist Jin Yan spoke of a “short-lived demand side craze” after Facebook moved to the Metaverse with its name change to Meta.

However, five types of Metaverse jobs still exist, with no decrease in demand. Analytics Insights names them as follows

  • Metaverse Research Scientist
  • blockchain engineer
  • NFT Strategist
  • Metaverse Planner
  • Ecosystem Developer

It’s unclear exactly how long it will take the industry to take stock of the recent debacle. However, with continued pressure from tech giants like Facebook, we may see more participation from other companies in the future.

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