The metaverse sector is witnessing its very-own housing crisis moment thanks to massive declines in the prices of its virtual lands in 2022, led by waning users' interest and a crypto bear market. Land sales plunge 85% in 2022 In particular, metaverse projects built on the Ethereum blockchain, including the Sandbox and Decentraland, have witnessed substantial declines in their valuations and other key metrics, data from WeMeta shows. For instance, the average price of lands sold across Decentraland peaked at $37,238 in February 2022. But as of Aug. 1, their costs had dropped to an average of $5,163. Similarly, the …

America’s housing market may soon be facing its next bubble as home prices across the country continue to be fueled by demand, speculation and lavish spending that could result in a collapse. Moreover, many homeowners are opting to stay put due to climbing mortgage rates, creating a housing shortage. Data from the Federal National Mortgage Association, commonly known as Fannie Mae, found that 92% of homeowners think their current home is affordable. Yet, findings further show that 69% of the general population, consisting of both homeowners and renters, believe it’s becoming too difficult to find affordable housing. Web3 and the …

Alternative investment firm Colchis Capital has partnered with infrastructure provider Bison Trails to explore the potential utility of Provenance blockchain in enhancing real estate management services, demonstrating yet another promising use case for distributed ledger technology. Through the partnership, Bison Trails will provide the San Francisco-based Colchis Capital with node infrastructure that can be used to enhance its business operations, the companies announced on Tuesday. As a key infrastructure provider to Provenance blockchain, Bison Trails will also aid Colchis Capital in utilizing the technology to bring more efficiency and transparency to real estate investment management. The investment manager is developing …

United Wholesale Mortgage (UWM), the second-largest United States-based mortgage lender, is planning to accept cryptocurrency payments this year starting with Bitcoin (BTC). UWM CEO Mat Ishbia revealed the crypto plans on Monday in a conference call regarding the firm’s Q2 results — with the firm posting $138.7 million in net profits for the quarter. “We’re excited that hopefully (this year) we can actually execute on that before anyone in the country,” Ishbia said. “We are evaluating the feasibility and requirements in order to accept cryptocurrency to satisfy mortgage payments.” – @Mishbia15 — United Wholesale Mortgage (@UWMlending) August 16, 2021 Speaking …

Crypto investors are betting big on real estate this year as the cryptocurrency market continues to grow. New York Digital Investment Group (NYDIG) recently conducted a survey that found that 46 million Americans own Bitcoin, equating to 22% of all adults. While optimistic, some cryptocurrency investors have expressed concerns regarding the security, custody and volatility of digital assets. For example, Nickel Digital Asset Management, a regulated European investment manager dedicated to the crypto market, surveyed institutional investors and wealth managers from the United States and Europe who collectively have $275 billion in assets under management. Findings show that 76% of …