The metaverse land valuation model for Decentraland and The Sandbox hinges on the MAU-to-land-price ratio to assess ecosystem health. In 2022, Decentraland reported 56,697 monthly active users (MAU), while The Sandbox had 201,000 during its Alpha Season 3. However, DappRadar data showed low daily active users—38 for Decentraland and 522 for The Sandbox—indicating limited engagement. Land prices have also dropped significantly: Decentraland’s floor price fell from 1.73 ETH in 2022 to 0.18 ETH in 2024 (-89%), and The Sandbox from 2.86 ETH in 2021 to 0.13 ETH in 2024 (-95%). This yields a declining MAU/land-price ratio, signaling poor health as user growth lags behind price recovery. High valuations ($1.3B for Decentraland, $4B for The Sandbox) contrast with low utility and engagement, suggesting speculative bubbles rather than sustainable value.