Once a hot topic in the digital investment world, metaverse land has caused huge losses for investors. The value of digital plots sold in the virtual universe, which was once touted as “the future of the internet,” has fallen by up to 95% in recent years.
The concept of the metaverse gained significant traction in late 2020, and with the increased interest in the digital world during the pandemic, it quickly caught the eye of investors. The cities and plots created on digital platforms were sold in the form of NFTs, creating a huge speculative bubble. However, the value of these digital assets has plummeted over time.
No Buyers for the Land!
Digital plots that were once purchased for hundreds of thousands of liras are now unable to find buyers, even for symbolic prices. Some areas put up for sale have become completely non-functional. Most of these spaces, created in virtual environments and sold with promises of “rental income” or “event hosting,” have been abandoned due to their inability to attract active users.
The vast majority of landowners, even if they wanted to sell the plots they bought in the virtual world today, are having a hard time finding buyers. The current value of the land bought at high prices is often far below the initial cost.
Many people, in a rush to buy the digital equivalent of their physical location, believed that these investments would turn into a financial gain in the future. However, many platforms have shut down, servers have become inaccessible, and NFT projects have lost interest, causing serious distress for buyers.
In some platforms established under the name of the metaverse, cases of fraud have emerged. Some operations that dealt with user data or cryptocurrencies disappeared in a short time. The sale of the same digital assets on multiple platforms completely eliminated the sense of reality.
In some projects, iconic landmarks like the Bosphorus bridges, stadiums, or other well-known areas were put on digital sale, and those who purchased these locations have suffered significant financial losses as these assets have become worthless over time.
Demand for Virtual Land Has Stalled
Today, the trading volume in the metaverse market has fallen to its lowest levels. Purchases have come to a near standstill, and users who previously bought at high prices cannot get rid of their digital properties. Although some projects continue to receive investment, the overall picture raises questions about the future of such investments.
Experts point out that investors were not adequately informed during this process and that the future scenarios promised by digital platforms have not materialized. For many, owning property in the virtual world has become a high-expectation but irreversible investment.
Do you think the metaverse still has a future as a viable investment, or is this the end of the road for virtual real estate?
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