Metaverse Land remains Resilient as Cryptocurrencies continue to Fall

The crypto markets have continued to fall as it has lost almost 40% of their value since their peak last November. However, one digital asset that has held its value during this sell-off is Metaverse land.

According to WeMeta, a platform that tracks metaverse spaces, weekly metaverse land sales broke 6,000 ETH last November 14th and has yet to drop below that level.

Additionally, Facebook’s rebrand to “Meta” last October drove momentum around metaverse land. As the trend continues to grow, virtual spaces have become increasingly popular to the general public with platforms such as The Sandbox and Decentraland gaining traction.

The Sandbox is a metaverse world whose land has attracted the likes of luxury brands and public figures such as Gucci and Snoop Dogg. Furthermore, smaller metaverses like NFT World have made the difference in terms of volume as it has minted over 10,000 tokens in the last two weeks.

According to Windows Central, NFT Worlds has relied on integration with Minecraft as the word-building game has over 140 million active users.

With metaverse land showing resilience to the volatility that usually follows digital currencies, large financial institutions have begun to take notice. Morgan Stanley and Wall Street investors have reportedly predicted that the metaverse is poised to be a multi-trillion dollar industry.

JPMorgan Chase has proven their commitment to the stance as the conglomerate opened a virtual lounge in Decentraland.

“Ancillary or peripheral visitor traffic is real in the metaverse, just like in physical spaces. That’s why Rodeo Drive and 5th Avenue exist,” said Andrew Kinguel, CEO and co-founder of Tokens.com.

“We are highly optimistic about the value of our land,” the CEO said. “It’s worth more now that we’re developing it and have paying clients than when it was vacant of anything. Metaverse growth continues to boom.”

Source: CardanoFeed