Monthly Metaverse Market Analysis: August 2022

Welcome to Metaverse Market Analysis! Every Monday we bring you the latest statistics and data on the overall state of the metaverse market, and this week’s article is our monthly metaverse market overview. This column is in collaboration with the incredible team at OneLand, a financial platform for virtual lands in the metaverse.

Highlights:

• Metaverse real estate endures a tough August as blue-chip projects suffer major declines in land ceilings and token price drops
• The Sandbox is launching Alpha Season #3 over 10 weeks, hoping for a recovery in domestic sales
• Decentraland sees no way out of the bear market
• Worldwide Webb flexes its muscles with a new NFT integration tool and many partnerships

Mthe Data & Analysis sheet

Things did not bode well for virtual world economies in August, with the combined land cap of all 7 metaverse projects listed on OneLand (The sandbox, Decentralized country, Voxels, Somnium Space, Worldwide Web, NFT Worlds and The other side) falling 15.85% to 888,309 ETH, or $1.378 billion.

That represents a marked decline from July’s 9.9% decline, and an inversion of the global NFT market’s monthly performance. Also, it is the first time the total land cap of the 7 projects has dropped below 1 million ETH since The other side only entered the game on May 1.

The bulk of the decline, far worse in percentage terms than the crypto August performance, is obviously a result of blue-chip projects The other side (-18.2%), The sandbox (-18.6%) and Decentralized country (-8.3 %), none of whom had good months. However, all 7 projects suffered a decrease in land ceiling, while only Voxels and Worldwide Web increased trading activity.

The price of ETH which fell 8.15%, in contrast to July’s 54% boom, may have contributed somewhat to the result. In line with the downward trend Metaverse index fell 26% to end the month at $34.

Metaverse Projects

The sandbox

Trading volume for LANDs i The sandbox continued to dive in August, down 40.6% on the back of a 30% drop in July. The average price of a parcel fell (-29.4%) to end the month at a low of 1.61 ETH, putting downward pressure on the land cap which fell 18.6% to below 200,000 ETH for the first time since November. True – it was during a meteoric rise for The sandboxwhen the price of $ETH was triple what it is now, but that only makes the comparison more telling.

On August 24, Alpha Season 3 launched, the longest, largest and most accessible of all Alpha seasons to date. As described in last week’s conclusionwill be very interesting to see the impact it has on LAND’s trade, given this season lasts a full 10 weeks and comes deep into a bear market.

Although there was no uptick in sales in the first week, the last few days of August saw some of the highest sales of August The sandbox in one month, including one COUNTRY for 19.98 ETH. Unique holders have also been up since the season launch, which could mean a turnaround from the slump from June to mid-August.

Decentralized country

There was no break in sight in August from Decentralized country‘s bear market slide. The land cap continues to suffer, falling another 8.3% to 183,175 ETH, less than half of what it was at its most recent peak in June. Another monthly drop in volume (-16.5%) on the heels of July’s 80% drop does not look healthy for Decentralized countryits economy.

Although the sales figure stayed on par with July, both months failed to record a single day of volume above 22 ETH; in comparison, this was a daily constant in June, which had a peak trading day of 145 ETH.

While July recorded peak sales of 50, 44, 33, 25, 19 and 12 ETH, August’s peak sale was only 11.39 ETH (for one property). Also, it came as a 2-month rally in MANA’s price collapsed in the second half of August to end the month 24.5% lower than it began.

The number of unique land owners continues to rise, MoM and WoW. Nevertheless, it is becoming more difficult to determine whether this represents a steadfast belief from the community, cheap package prices or an increasing number of liquidations by the more cash-strapped. Events such as the third edition of Decentralized country‘s Art Week is not currently leading to any major increases in foot traffic or a resurgence in real estate sales.

Voxels

A peak sale of 12.5 ETH on August 2 was just enough to see a 9.7% increase in trading volume for Voxels, but nothing else is too positive. Sales were up for the month, but the average price fell 30% for the second month in a row, sending the market capitalization south another 2.54% to just 16,645 ETH, a figure it last saw in November.

Juli’s decision to lay off staff and focus on the core product – pausing promotions, partnerships and new country coins – paid off in August, when the team released a series of technical updates. Still, neither a decision to reduce the land border, nor the Burn Party they held to show it off, will see Voxels lift your head very far above the waterline yet. Giving a bunch of $PEOPLE to around 12,000 wallets can’t hurt though. Meanwhile, the number of unique landowners continues to climb, up another 2% for the month.

Somnium Space

Somnium Space experienced a comedown in August on the back of a very eventful July. Perhaps founder Artur Sychov’s launch of his new Web3 social media platform Authenticity On August 19, some took his and others’ attention away from his metaverse (which he was forced to deny Twitter), as land sales fell after the announcement.

Overall, it wasn’t a great month for the metaverse, as trading volume dropped 89% from 68 to just 38 ETH. With a 33% drop in sales figures and a 15% decline in average price, Somnium‘s land cap ended the month down 4.1%.

Somniumeconomy has suffered the bear market on the back of its native token CUBE crashing 93% from its ATH of $24.93 in February to where it is today below $2. A price increase of 40% in the first week of August was short-lived, as the price declined throughout the rest of the month (+9.1%). As for ETH, Somnium’s landline crashed in March-April and has remained in the 13,000-14,000 ETH zone since then.

Worldwide Web

Our suggestion that the team was working hard in July seems to have been correct, as in August Worldwide Web released a number of updates, including a new integration tool they say will increase the “1 million+” NFTs already integrated into the project. In the past month, NFTs from Meetbits, Moonbirds, Staycool, Dead Fellaz, The Doge Pound, Dippies and Picaroons, as well as POAPs, were all added to the 2D virtual world. WorldwideWebb also released news of partnerships with Immutable X and GameStop.

The good news obviously affected trading activity, as sales numbers and volumes rebounded from July, especially in the first half of the month. The highlight was of course a big one 25 ETH sale which changed the mood on August 3, given the last sale approaching this size was a for 17.97 ETH back in May.

Nothing came close after this, with premium sales a very rare occurrence lately for any project, except maybe Otherside. WorldwideWebb’s landscape continued to suffer a slight decline of 1.36%, while landowners continued to fall gradually, down another 0.55% for the month.

NFT Worlds

No economic recovery is yet in sight NFT Worlds since Minecraft’s ban on NFTs, though at least signs are emerging that the team has been hard at work after promising a new platform and releasing a new tokenomics paper in late July.

The last week of August saw the team launch a new developer channel in Discord and fill it with a bunch of updates, while informing the public that they would be maintaining Minecraft content to ensure a seamless transition to the new game.

Overall, all calculations were shown in red too NFT Worlds in August, with trading volume (-78%) and sales (-64%) falling significantly as the big sell-off calmed down and the average price crashed well below 1 ETH. NFT WorldsThe land cap fell 19.8% in August to 34,184 ETH – a 57% drop from May and a 29% drop from July 20 when Minecraft banned NFTs.

The other side

The other sideThe total land cap dropped by 18.2% this month to round out the month at 435,733 ETH, falling below half a million ETH for the first time. After a 22% increase in the average ETH price in July (a month where ETH rose 54%), things corrected this month as trading activity saw a significant drop. The peak sales of precious Otherdeeds have fallen recently, with only 3 sales over 50 ETH in August, down from 5 in July and over 10 in June.

Anyway, these prices plus The other side2,064 sales (-20.5%) and 7,334 ETH in volume (-45.1%) not only dwarfed all other projects, but was enough to see the all-time sale of Otherdeeds achieve an incredible 1.035 billion dollars and, in doing so, bypassing the NBA Top Shot to record the largest NFT sales volume of all time. Achieving such a result in its short 4-month history in the middle of a crypto winter shows not only the capital and power of Yuga Labs, but the very pulling power of the Metaverse.

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Financial platform for virtual countries in the metaverse.