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

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

Investors that bought metaverse land with the hopes of leasing it to retailers have seen the value of their holdings collapse.https://t.co/eb9nO6yNyn pic.twitter.com/VaTPmjSdCL

– The Information (@theinformation) August 3, 2022

The publication further notes that prices have plunged following a significant drop in the crypto and NFT market. Many buyers of real estate in the metaverse have been purchasing it in hopes 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 dropped in value. Meanwhile, the real-world economic downturn may be weighing on brands’ appetite for spending to develop their metaverse presence.

Job postings on the Metaverse dropped 81% last quarter

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

Moreover, it also coincides with the slowdown in new hiring in the tech sector. Revelio Labs economist Jin Yan called it a “short-lived demand-side craze” after Facebook switched to the Metaverse with its name change to Meta.

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

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

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