Price of virtual Istanbul land decreases by 70 pct

The nosedive in cryptocurrencies has hit the metaverse as the value of a virtual land parcel in Istanbul has decreased by 70 percent on metaverse platforms.

In OVR, a metaverse platform where some 1.6 trillion parcels of global lands are on sale, an average parcel price in Istanbul was around 200 Turkish Liras ($12.40). Today, it is around 60 liras ($3.73).

The devaluation started as the total worth of the global cryptocurrency markets has melted by some $1 billion in the last seven weeks due to global economic developments.

During the aforesaid period, the price of Bitcoin decreased by 40 percent and Ethereum by 45 percent.

The situation hit a harsh blow on virtual land sales on the metaverse.

Until now, some 91,500 parcels of Istanbul land have been sold in the OVR platform. But the virtual investors have suffered a loss of some 70 percent.

The data on the platform shows that today it is possible to buy a virtual parcel of land at Bosphorus for 60 liras. The parcel price of virtual land has decreased to 120 liras ($7.50) in Taksim Square, 65 liras ($4.05) in the Kadıköy district and 75 liras ($4.66) in the Bakırköy district.

Prices,