Welcome to Metaverse Market Analysis, your weekly update on the state of the Metaverse market. This column is brought to you in partnership with OneLand, a financial platform for virtual lands in the Metaverse. In this edition, we will be focusing on the OneLand Metaverse Market Analysis stats for the period of July 31 to August 6.
Over the past 7 days, the Virtual Real Estate (VRE) market cap for the top 10 projects on OneLand has experienced a decline for the 11th consecutive week. The market cap fell by 0.8% to 662,614 ETH, or a decrease of 2.58% to $1.211 billion. Notably, none of the 10 projects’ land caps showed positive growth during this period.
The overall global NFT market cap, which has seen a decline of 21.6% since June, remained relatively stable for the week. It decreased by only 0.32% to 3.09 million ETH. Meanwhile, the price of Ethereum (ETH) fell by 1.85% to $1,827.24.
When looking at the Meta Rankings for VRE Market Cap over the past 7 days, trading volumes varied across different projects. Decentraland experienced a 40.5% increase in trading volume compared to previous weeks, while The Sandbox, Worldwide Webb, and Treeverse also saw minimal increases.
Last week, Somnium Space released its V3 update, which led to a surge in Land Parcel sales. The number of sales increased by 650% for the week, with 10 land parcels sold on Thursday alone. This marked the highest daily sales count for Somnium Space since April 2022. As a result, the trading volume for Somnium Space soared by 391.5% to 10.59 ETH, and its native token, $CUBE, also experienced a rise of 7.56%.
The average price of an Otherdeed, another virtual land project, continued to decline and fell below the 1 ETH mark, decreasing by 13.17%. This represents approximately half of its value from just 2 months ago.
Sales numbers and trading volume at AnotherSide, another NFT project, mirrored the overall trend in the NFT market. The top sale for the week was only 8.99 ETH, and the average weekly top sales dropped significantly from 103 ETH in May to 19.13 ETH in June, and further down to 10.1 ETH in July. Prices at AnotherSide have been on a downward spiral since its launch, leaving investors wondering if they will hit a bottom.
For detailed explanations of our data calculations, you can refer to the documentation at docs.oneland.world/. To stay updated on metaverse market and project data, visit oneland.world.
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Please note that all investment and financial opinions expressed by NFT Plazas are based on the personal research and experience of our site moderators and should be treated as educational material only. It is important for individuals to conduct thorough research before making any investment decisions.
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