The de-rate, in one chart.
Virtual-land floor prices across the four largest platforms, indexed to 100 at each platform's 2021–2022 peak. Tracking peak to April 2026 shows the magnitude of the drawdown the DRN pitch asks investors to ignore.
Source: OpenSea, CoinGecko research, NFTPriceFloor, CoinMarketCap, CoinDesk (Aug 2025), The Real Deal (Jan 2025), ainvest (Sept 2025). Indexed to peak = 100.
The lines do not recover. Every peer platform in the virtual-land category sits between 1 and 15 percent of its 2021–2022 peak as of April 2026. Decentraland LAND went from $3,448 at peak to $71. Otherdeed went from 8.70 ETH to 0.0844 ETH. Sandbox LAND went from 2.86 ETH average to 0.056 ETH. SAND token market cap went from $6.2B to roughly $700M.
The industry events are not isolated. Meta's Reality Labs shutdown reversal in March 2026 came after a $83.6B cumulative loss. Sandbox's 50 percent staff cut and founder ouster in August 2025 is the category's clearest end-of-cycle event. Yuga divesting NFT gaming assets in April 2024 was the preceding signal. These markers tell the same story the prices tell.
What this means for DRN. DRN is pitching the licensed AR layer over physical real estate, which is the 2021–2022 metaverse thesis. It is raising at $50M pre, which is consistent with late-2021 pricing. Running this chart and then pricing off the pre-collapse window requires an argument that DRN is meaningfully different from the comp set. None is offered in public materials.