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.
7-day data shows aggregate land caps for the (now) 8 metaverse projects on OneLand up by 5.26% to just under $1.67 billion, with trading volumes rebounding 60.77%. It represents the first increase in OneLand aggregate land caps for 15 weeks, with the turnaround in sales volume and prices resulting almost solely from renewed interest in Otherside, presumably generated by their new trailer video and all the ensuing talk and conjecture following it. A second consecutive week of trading and price action recovery for Decentraland also did no harm.
However, all other land caps were down for the week. The Sandbox in particular did not have a successful second week of its Alpha Season 3 in terms of LAND sales, with major weekly metrics all in the red. Somnium Space did not fare well either, albeit in what was another exciting week in terms of VR firsts. NFT Worlds continues to slide, while Worldwide Webb came back to earth following a more hopeful previous week of sales activity.
ETH was up for the week by 10.61% as anticipation heats up ahead of the coming week’s Merge.
There was no positive result in LAND sales activity for The Sandbox as Alpha Season 3 rolled on into its third week. A top sale of just 2.14 ETH and lower sales numbers sent the land cap crashing another 6.15% to now just 176,057 ETH, which is where it was back on 27 Nov.
Perhaps a rallying $ETH price (+10.61%) caused some reluctance to buy, though the price of native token $SAND was steady across the week.
With Decentraland enjoying a recovery in volumes and land cap over the last two weeks, The Sandbox has slipped back into a clear third spot behind Decentraland in terms of both land market caps and average parcel price, both of which converged for the two projects in July.
Decentraland enjoyed a third consecutive week of market cap recovery, up by 4.76% on the back of an Estate selling for 25 ETH, even though sales were down 24%. It also brought the average price of a parcel back up 43% to 3.4 ETH. Decentraland will be hoping to re-cross the 200,000 ETH threshold that it collapsed beneath on the last day of July.
Somnium Space might have had a good week on the tech front, as it held the world’s first mixed-reality fashion week as well as the first ever presidential candidate press conference conducted in virtual reality. Yet it elicited no impact at all on the landonomics, with a paltry 3 parcels sold and a top sale of just 2.0 ETH, sinking its average price 90% week-on-week to just 1.13 ETH.
Justified confidence in the future of VR and his metaverse aside, one expects founder Artur Sychov will be wishing for at least some positive turnaround in VRE sales during next month’s quarterly land sales event, which he dropped news of during the launch of Somnium Space Fashion Week 2022 on September 8.
Otherside witnessed a massive week-on-week comeback with all 7-day metrics in the green, coming on the back of last week’s new epic trailer release and further news that Otherdeeds became the 6th highest selling NFT of all time (explained in more detail in our August report, published last week). Otherside ended the week with Otherdeeds’ land cap back up 11.52% to fall just short of 500,000 ETH, where it sat one month ago.
Thursday saw the trade volume of Otherdeeds skyrocket 355% compared to its previous 24 hours to hit 1424.74 ETH (502% higher than the average daily volume in August). It was led by a hallowed Otherdeed #12 sold for 279 ETH, followed by sales of 250, 229, 140, 110, 93, 75 and 72 ETH. To put this in context, the last time an Otherdeed sold for 100 ETH was back on June 30, when the price of ETH was $1,094, 38% lower than where it was on Sep 8.
For comprehensive market and metaverse project data, find out more on oneland.world and follow for the latest updates on Twitter.
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