Metaverse real estate prices plummet and Metaverse job ads drop 81%
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Answer Metaverse real estate prices plummet and Metaverse job ads drop 81%
Metaverse is the hot topic during the 2021 cryptocurrency cycle, especially as social media giant Facebook has made this technology a hub for the virtual world.
However, the momentum surrounding the Metaverse technology has been partially diminished and the property price has subsequently fallen.
According to the data provided by The Information, the average price of a virtual plot has fallen by more than 66%.
At the same time, the total monthly trading volume of Metaverse real estate companies on six major platforms has fallen by a whopping 90% over the past six months.
The post further notes that the prices have plummeted after the significant drop recorded in cryptocurrency and NFT prices.
Many property buyers on metaverse have bought land in the hope that they will rent or sell it to companies looking to build their own real estate in the virtual world.
The publication indicates this by saying:
Investors who bought in at the peak are now sitting on ground that has fallen in value.
Meanwhile, the economic downturn in the real world could affect brands’ appetite to spend on building their virtual presence.
Metaverse job ads jump 81% in Q2 2022:
According to Revelio Labs, jobs in the Metaverse space fell by more than 81% in the second quarter of 2022 i.e. between April and June.
Of course, this drop coincided with the crash in the prices of the crypto market.
In addition, the decline coincides with a slowdown in employment in the emerging technology sector.
Read:Venezuelan President orders banks to adopt the digital currency “Petro”
Economist Jin Yan of Revelio Labs described the metaverse jobs as short-lived publicity stunts after Facebook announced its interest in the field.
However, there are five types of metaverse functions that still exist without decreasing in demand, and they are:
- Metaverse Research Scientist
- Blockchain engineer
- Strategic NFT
- metaverse chart
- Ecosystem developer in Metaverse
Currently it is not clear how long it will take the industry to recover from the recent collapse.
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