Welcome to our new Metaverse Market Analysis column! Every Monday we’ll be bringing you the latest stats and data on the overall state of the metaverse market. This new column is in partnership with the incredible team from OneLand, a financial platform for virtual lands in the metaverse.
- WorldwideWebb continues to drive the bandwagon of interoperability with a number of impressive partnerships and NFT integrations, driving a recovery.
- Decentraland could be on the rebound, as holder data continues to impress.
- Somnium Space records its most sales in a month, as it powers towards the future with more Virtual Reality firsts.
Market Data & Analysis
OneLand 7-day data shows aggregate land cap of the 7 metaverses down for an 11th consecutive week (-4.67%) with trading volumes up 15% and holders steady (-0.15%).
The drop in land cap represents (as it did last week) the biggest weekly fall by percentage since July, yet it largely results from the two largest projects, The Sandbox and Otherside. Otherside’s top sale price keeps dropping. Besides, with the price of ETH continuing its upward trajectory of late, this week by another 14%, it likely caused some flippers to cash in.
Meanwhile, Decentraland enjoyed a minimal turnaround across all metrics, its week-on-week land cap in the green for the first time in 6 weeks.
The Sandbox enjoyed upticks in both week-on-week sales (48%) and trading volumes (+52%) of LANDs for the first time in over a month, however it did little to stop another decrease in overall market cap (-4.85%) as the average price (+2.9%) failed to recover from last week’s 18.6% drop.
Though marginal, numbers of unique holders continue to fall also, down 0.15% for the week and 1.75% for the month. While not entirely strange in a bear market, it still comes in stark contrast to other metaverse projects, namely Decentraland and Voxels, with their lower market caps and far worse property performances over recent weeks. Meanwhile, The Sandbox continues to keep up the hype with its onboarding of big names, this week in the form of celebrity Paris Hilton, and community incentives such as a VoxEdit contest with Swedish art-tech project Picture This with 30,000 SAND up for grabs.
Though trading activity in Decentraland, including the purchase of Estates and other top-price sales, have dwindled over the past few months, signs of an economic turnaround are beginning to emerge ever since its average sale price almost fell to match that of The Sandbox at the start of the month. Last week, the tide turned on this particular metric comparison, while this week it also narrowed the gap in land market cap.
Following a moderate leveling out of its performance across key indicators in the first week of August, the second week saw better results, both in sales numbers and trading volume, up 56% and 88% respectively. Buoyed by a 16.7% increase in its average sales price, Decentraland was able to enjoy its first week-on-week improvement in land market cap (+1.8%) for a full 6 weeks.
This week Voxels saw just 30 land parcel sales compared to last week’s 41, leading to week-on-week dips across all key metrics and thus a return to the new norms of lower average prices and falling land caps of previous weeks. Furthermore, with no big sales to report, trading volume totalled a paltry 17 ETH with the average sales price receding to just 0.05 ETH above where it was at the end of July.
Taking a quick glance at a metaverse’s holder analytics is often a useful retort to gloomy data, and once again Voxels’ community appears to shine, with unique holders numbers in fine form, up week-on-week, month-on-month and, no doubt, year-on-year. So while some ‘hodlers’ may be parting with their lands, solid community strength resides in Voxels, indicating that Voxelians should not be too distraught, but inversely, see a potential opportunity to buy up more parcels for future rewards.
Somnium Space this week enjoyed its largest number of sales (13) and highest trading volume (20 ETH) since the same time last month. This was another great result for the metaverse, but more so given the fact that both the price of ETH (+63%) and Somnium Space’s native token CUBE (+35%) are both massively up over the same time period.
Total land market cap fell marginally for the week (-1%) following its lowest price for a top sale (2.11 ETH) since the end of June. Notably, the last two days of the week registered 5 sales and more than half its weekly volume as Somnium announced its upcoming Virtual Reality fashion show to take place next month. The cross-reality phygital event featuring IRL fashion models with full body tracking and haptic suits will be held simultaneously in Prague and the metaverse, and is yet another first-of-its-kind for the undisputed leader in VR virtual worlds.
Meanwhile Somnium Space’s CUBE token cooled somewhat from last week’s 41% surge, but maintained, down just 7.5% for the week.
It was a bustling week packed with good news at Worldwide Webb. Trading volume was up 6.1% week-on-week, with 105 Apartments sales compared to last week’s 84. The metaverse has been releasing a slew of partnership announcements and NFT integrations into its platform on the back of last week’s landholder Alpha updates and overall positive signs (including a 25 ETH sale last week) that WorldwideWebb’s economy is on the mend.
This week, the big name was Immutable X and WorldwideWebb’s announcement of a partnership with the Layer 2 solution to hyperscale the metaverse. A partnership with GameStop NFT was also announced, and comes on the back of other announcements last week of link-ups with famous NFT project Moonbirds as well as fellow metaverse Treeverse.
This weekend, Worldwide Webb was back on the party wagon too, throwing another of its famous Teshimi parties to celebrate the 1st anniversary of the Deadfellaz project. With new friends jumping on board, and old ones returning to the fold, the project looks on the upward trajectory. Though numbers of unique holders were up for the project by just 0.15%, this is a turnaround, representing the first increase in several months.
NFT Worlds continues to suffer from the July hit when Minecraft banned NFTs on its servers. This week was no exception, OneLand data showing a second consecutive week of all key metrics in the red, following the initial green metrics of booming sales and volume in the immediate aftermath. People continue to sell their Worlds, putting more and more downward pressure on its average price, down a further 16% for the week to 0.89 ETH. A weekly top sale of 1.35 ETH also represents a very far cry indeed from anything in the project’s history to date.
Land cap for the P2E gaming project is down 6% for the week, following 3 consecutive week-on-week falls of 7%, and is now down 23% overall since Minecraft’s hammer fell on the project. NFT Worlds is yet to provide any deadline for rebuilding its metaverse, though it has made formal announcements to do so. Nevertheless, the team keeps up communications by running its weekly Twitter Spaces, with 2,200 listeners tuning in to the most recent one.
Trading volume (+16%) and sales numbers (+27%) for Otherside were both up significantly compared to last week. Sales of Otherdeeds, this week reaching a total of 526, continue to vastly outnumber all other virtual world projects, this despite average prices falling for the fourth consecutive week, this time by 7.6% to 3.33 ETH.
Otherside’s weekly top sale price keeps dropping too, clocking in over the past 7 days at just 19 ETH, possibly influenced by the rise in the price of ETH, but still in stark contrast to the last four weekly top sales of 30, 75, 135 and 154 ETH.
Top Sales by Metaverse (7D)
Metaverse Tokens (7D)
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Financial platform for virtual lands in the metaverse.