Digital assets, like virtual private islands and mere real estate like that JPMorgan Chase & Co. JPM salon in decentralized MANA/USDexperienced multiple price increases in late 2021 and early 2022.

Since then, the value of this virtual country has been on a downward trend.

The average selling price of all virtual lots sold on Decentraland in December 2022 was $1,878. That’s about a 60% drop from the corresponding figure of $4,683 in February 2022, according to the study dune analysis‘ Virtual Country Dashboard.

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Remember how in mid-2021 tokens from leading blockchain-based projects like Decentraland, Axe Infinity AXS/USD and The Sandbox SANDS/USD the price skyrocketed, fueled by the increasing demand for so-called metaverse land.

These projects attracted hordes of investors, celebrities and big-name companies:

• samsung electronics co ltd SSNLF: The electronics giant launched Samsung 837X in Decentraland last February.
• Adidas AG ADDY: The sportswear company caused a sensation with its announcement “Into the Metaverse” initiative and associated Non-Fungible Tokens (NFTs).
• PricewaterhouseCoopers: The International Accounting Firm bought metaverse landed in The Sandbox last January expecting it to “create value through innovative business models” and engage with its customers.
• Molson Coors Beverage Co. BEAT: The Brewer opened the “Meta Lite Bar” with virtual beer as part of a promotional association with last year’s Super Bowl.
• JPMorgan Chase: The bank’s virtual lounge is named Onyx after its platform ether ETH/USD based services. Located in Decentraland’s Metajuku mall, Onyx features a JPEG image of the CEO Jamie Dimon.
• celebrities such as DJ Marshmello, Paris Hilton and Justin Bieber contributed to the euphoria surrounding the metaverse by having their avatars appear at events in this virtual world.

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