Metaverse Market Analysis: August 1- 7, 2022

Welcome to the very first round of our brand new Metaverse Market Analysis column! From now on, 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.

Highlights:

• WorldwideWebb fights back with a bunch of project updates, integrations and partnerships – and one big sale
• Decentraland and The Sandbox battle it out for the price of a parcel
• Somnium Space’s CUBE token rockets 40%
• Voxels features at Mexican tech conference Queretaverso
• OneLand teams up with world’s first e-commerce Metaverse
• The world’s first ATM in the Metaverse comes to Decentraland

Market Data & Analysis

The first week of August saw 7-day aggregate market cap for the 7 metaverses listed on OneLand down by 3.58%. The weekly land cap fall as a percentage is the biggest since early July. Trading volume also suffered a second consecutive week of double-digit dips, down another 20.4% after last week’s 47% slide.

The Sandbox

Things levelled out at The Sandbox this week with its land market cap decreasing 4.95% week-on-week, while overall sales (-33%) and volume (-45%) took a hit. August’s first week saw just 94 sales of LANDs in The Sandbox (for context, the last 4 weeks figures averaged out at 181). Factors at play might be a comedown from the hype of some big partnerships of late, including those from Steve Aoki to Playboy and Tony Hawk, though (as partnerships for The Sandbox are the norm) it is more likely a general market correction, given a solid July performance in average price (+23%) and land cap (+11%).

Decentraland

Last week we also reported on the convergence of average prices of The Sandbox and Decentraland. This week, things look a little different, however, as Decentraland’s price rose by 1.94% while The Sandbox’s fell 18.66% to just 1.7. Decentraland continues its slide on most metrics, notably another 3.52% fall in overall land cap, which is now 14% less than that of The Sandbox. Still, with a few more 2.5+ ETH sales to add to the mix, the average price of a parcel of VRE in Decentraland is now 2.1 ETH.

The first ATM in the metaverse seems like big news and the fact that this is occurring in Decentraland is testament to its identity as the true OG of the decentralized metaverse, regardless of troubled economic times of late. Hopefully, more avatars will be lining up at Transak ATM in Decentraland to withdraw MANA (up 8.45% week-on-week) directly into their wallets. Despite the recovery in pricing, Decentraland continued to experience lower sales, volumes and land cap, though by a more moderate level.

Voxels

Voxels, however, saw a 300+% rise in trading volume and 88% jump in average price in the past 7 days. This was obviously helped, but not triggered, by a 12.5 ETH sale on Aug 2, with 29 of the week’s 41 sales occurring in the first half of the week. This may have been in warm-up to Voxels’ appearance at the Queretaverso tech conference in Mexico Aug 3-5.

While there is no doubt  there’s a lot of room for improvement, one big sale can often change the mood of a project, particularly for one that recently announced it was hunkering down for the “crypto winter”. Taking some perspective, though, one sale is only one sale, and an average price of 0.96 ETH is hardly cause to jump for joy, though at least it puts it on a level footing with May.

Somnium Space

Somnium Space cooled somewhat following a decent result last week with trading volumes retreating 33.3% and sales down by exactly half that amount, putting downward pressure on prices and sending its average parcel price back to where it was a fortnight ago.

Somnium Space’s native token CUBE, however, soared by over 40%. This is a huge correction, given that the price has not been in such territory since May, and must come as a big lift for the project. Higher demand for CUBE may have been driven by a motivating article published August 6 regarding the vigorous activity happening within the metaverse, as it recalled the start-up founders’ pitch last week, along with yoga classes and schools launching their spaces, though a lot of other events have also been happening of late.

NFT Worlds and Otherside

Both NFT Worlds and Otherside also experienced falls across all major metrics this week. Otherside keeps correcting of late, ending the last 7 days with a 3.3% drop in market cap and a top sale of only (which can only be said for Otherside) of 30 ETH. For context, top sales of the last 3 weeks were 135, 154 and 75 ETH. Trading volume was also down another 21% on the back of last week’s 41% drop.

Lower week-on-week volumes are no surprise from an overall market perspective. But given what has been going on with NFT Worlds of late, any retreat in sales and volume without a deeper look might indeed be a good sign, considering the sales pricing catastrophe that kicked off after Minecraft banned NFTs July 20 and the whole project imploded. NFT Worlds finished off the week with its land cap down by 7% for a second consecutive week.

Worldwide Webb also had a sale to change the mood, though this was a truly big one. 25 ETH on the trade view chart came as a shock, given the only other sale of the previous 3 months nearing this magnitude was one for 17.97 back in May. The third biggest of the 3 months was for 3.3 ETH on May 10.

But there was not only this to warm the hearts of WorldwideWebbers. With July results indicating times are hopefully turning for the project, weekly figures looked good – sales doubled on last week, while average price almost recorded the same (+92%). Meanwhile, the team keep the vibes flowing as usual with spatterings of cool news (like being able to watch a video inside your Apartment), cute videos and friendly Tweets.

Top Sales by Metaverse (7D): 

Otherdeed #2513: 30 ETH – Aug 1

The Sandbox #37820: 3 ETH – Aug 6

Somnium Space #2026: 2.99 ETH – Aug 5

Decentraland (-14, -110): 6,000 MANA (3.73 ETH) – Aug 1

NFT World #250: 2.45 ETH – Aug 2

Voxels #9: 12.5 ETH – Aug 2

Worldwide Webb #9065: 25 ETH – Aug 3

Metaverse Tokens

#SAND         $1.3179        +0.76%

#MANA        $1.0596       +8.45%

#CUBE         $2.1763        +41.5%

#WRLD        $0.01286      -21.6%

#ETH           $1699.35      +0.62%

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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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Ivelina is the Content Maestro of NFT Plazas. She has a knack for putting complex concepts into simple words.