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. This week brings the OneLand Metaverse Market Analysis stats for July 31 – Aug 6.
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7-day data shows VRE market cap for the 10 projects on OneLand falling for an 11th straight week, this time by 0.8% to 662,614 ETH (or -2.58% to $1.211 billion). Notably, none of the 10 projects’ land caps were in the green.
Overall global NFT market cap (down 21.6% since this time in June) held relatively steady for the week, down 0.32% at 3.09 million ETH. Meanwhile, $ETH’s price fell 1.85% to $1,827.24.
Meta Rankings – VRE Market Cap (7D)Trading volumes were a mixed bag, with Decentraland (+40.5%) enjoying a little more activity than in recent weeks, while there were also minimal increases for The Sandbox, Worldwide Webb and Treeverse.
Last week, Somnium Space’s massive V3 update caused a flurry of Land Parcel sales (+650% for the week), notably 10 on Thursday (albeit seemingly all from the same buyer?) – its highest daily sales count since April 2022!
7-day volume thus soared (+391.5% to 10.59 ETH), while its native token $CUBE also enjoyed a rise (+7.56%) regardless that most other crypto and metaverse tokens (incl. $ETH, $MANA, $SAND & $APEcoin) fell.
Somnium Space’s V3 Update led to its largest daily sales count of land parcels in 15 months.The average price of an Otherdeed continues to slide, this week falling below the 1 ETH mark (-13.17%) approx. half of its value just 2 months back.
Sales numbers and trading volumes at Otherside mirror the current NFT market, its top sale this week just 8.99 ETH. Meanwhile, average weekly top sales have plunged from 103 ETH in May, to 19.13 ETH in June, then 10.1 ETH in July.
Prices at Otherside have been on a rocky spiral downwards since launch. Will they hit a bottom?For explanations of our data calculations, check docs.oneland.world/. For metaverse market and project data, check oneland.world.
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