Welcome to Metaverse Market Analysis! Every Monday we bring you the latest stats and data on the overall state of the metaverse market. This column is in partnership with the incredible team from OneLand, a financial platform for virtual lands in the metaverse.
$ETH capitulates in The Merge’s aftermath, causing a crash in USD-priced metaverse caps
Decentraland outshines the pack, with land cap (priced in ETH) up 15%
Somnium Space sinks to record just 1 sale for the week, but with plans to revamp the economy
OneLand integrates BYOPills, the unique metaverse of consumable and interoperable BYOPill NFTs, Apostle avatars, BYOCrafts and BYOLands
Market Data & Analysis
7-day data shows aggregate land caps for the 8 metaverse projects on OneLand up 1.98% to 961,219 ETH or $1.282 billion, while aggregate trading volume corrected 47.6%, as last week’s flurry of premium sales of Otherdeeds quickly faded from view.
The near-2% rise in aggregate land cap, in ETH, however, concealed an enormous $385 million (or 23%) downturn in USD, coming as it did on the back of a 22.7% fall in the price of ETH that, if not triggered by Ethereum’s ‘Merge’ from Proof of Work to Proof of Stake on Sep 15, certainly seems to have been accelerated by it. The ETH-USD differential thus should be taken into consideration in all ETH data that follows below.
Weekly increases in sales and trading volume for The Sandbox could not rescue it from suffering another slide in land cap, while the purchase of just one Estate was enough to revive Decentraland in comparison to its peers. Meanwhile, it was a relatively positive week for OneLand’s newest integration, metaverse project BYOPills, with all major metrics in the green. All other projects’ land caps were down for the week.
The Sandbox enjoyed a slight 7-day uptick in trading activity as Alpha Season 3 entered its fourth week, with trading volume up 8.4%, along with minor increases in sales count (+5.5%) and average price (2.6%). However it still has a long way, albeit with another 6 weeks to go, to prove that this Season can elicit any improvement in land sales performance over the last one.
The past week witnessed no high-price land sales for The Sandbox, a top sale of just 3 ETH not even reaching the average price of a parcel of land in the middle of its original bull run in December last year. There is a silver lining though, with unique holders now on the rise for a third consecutive week following the Season’s commencement. The Sandbox team is surely wishing that their usual barrage of video promos, including a trailer for week 4, and perhaps a dip in the price of ETH and SAND (-13.54% for the week) will elicit a better response from the community in coming weeks.
The purchase of one Estate for 34.26 ETH was enough to lift Decentraland’s market cap by a full 15% this week, though another two Estates sold for 5.27 and 6.85 ETH respectively. It marks a fourth consecutive week of rising land cap for Decentraland, now up 27.7% from its mid-August low, which followed a colossal descent from June to August.
While it is not too much to cheer about, it is always interesting to compare the performances of the open and democratic Decentraland with the massive branding and marketing power of The Sandbox which continued to fall, down 20.5%, through the same 4-week period.
Though the average land price was down marginally by 4.41%, both sales and volume were up for the week.
Some might say the virtual reality metaverse has been overly obsessed with presidential candidates of late, with Somnium Space able to sell just one sole parcel of land this past week. In light of this, it was to be expected that this week’s data would not look good.
Somnium’s VRE economy has definitely been lagging of late, but a lot else seems to have been on the founder’s mind. In last week’s Wrap-Up, we wrote of an upcoming land sales event in October, and then on Sunday the metaverse launched Somnium WEB WORLDs. The new offer enables landowners and renters to enhance their land parcels with “boundless detail, scale and interactivity” by way of custom game engine scenes. It could be an exciting move for the metaverse, though time will tell what vitality it brings back to the long-silent land market, its land cap having hardly budged since April.
The focus of late has been on a lot of product firsts, which is why OneLand is watching with eager eyes to see its effects as the small but potentially very powerful metaverse moves its way through the bear market to the other side.
Speaking of which, premium sales of Otherdeeds dropped off the chart this week, a top sale of just 20.1 ETH representing a weekly comedown for the Yuga Labs’ behemoth metaverse project. There is always a lot of excitement brewing for Otherside, none more so than when it releases another trailer as it did early this month. Conjecture continues, but fluctuates, with sales slightly up for the week, land cap dipping, while trade volume and average price halved.
Worldwide Webb also had a week to forget. All metrics were down for the week – 46 Apartments sold at an average price of just 0.43 ETH. Worldwide Webb decorated the city for The Public Merge Event and held a Merge Party to celebrate. Though many came to the party, a marked separation still exists between the liveness of the metaverse and that of the market.
Last week, OneLand integrated BYOPills!
The exciting metaverse ecosystem originated with Blue Yellow Orange Pills (BYOPills), a collection of 10,000 unique consumable NFTs that provide enhancements and access to experiences in a variety of virtual gaming worlds, including BYOVERSE. And it was a good week for the BYOLands market, with major metrics in positive territory, notably sales count and volume, which both doubled.
Stay tuned in coming weeks as we will provide more detailed analysis of the BYOLands economy.
Top Sales by Metaverse (7D)
Metaverse Tokens (7D)
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