Highlights:
- The VRE market escapes the carnage as the cryptocurrency industry suffers its largest collapse in history.
- The Sandbox releases its Roadmap 2022 for landowners.
- Otherside unveils Alpha including an Obelisk website tab & demo gameplay video.
- Otherdeed #59906 trades on OpenSea for a record 625 ETH.
- NFT Worlds reveals its collection of 15,000 Genesis Avatars.
- Decentraland holds its monthly DAO Town Hall.
1. Market Data & Analysis
Last week witnessed the single largest cryptocurrency collapse of all time. Triggered by macroeconomic headwinds, including an interest rate hike from the Fed, and crypto-specific factors, notably the collapse of the TerraUSD stablecoin, the market ended the week $1.9 trillion down from its record highs of November.
On May 9, the price of UST quickly began its descent from its 1:1 peg with the USD. By May 10, it had crashed as low as $0.61. Holders of its sister token LUNA followed suit. By the time May 12 came round, the former top-10 token that reached an ATH price of $119 just one month earlier had plummeted to zero.
With absolute turmoil sparked across the crypto and NFT markets, the VRE market escaped the carnage, faring relatively well across the week.
OneLand’s heatmap shows mixed results across the seven metaverses. Total land value of Otherside was up by 2.5% — at $1.263B, it equates now to more than double that of Decentraland and nearly triple that of The Sandbox. The land cap of Somnium Space was also up considerably for the week while the others suffered only marginal declines when taking into consideration what was afoot elsewhere. The Sandbox suffered the worst drop, down 5% for the week.
On the other hand, The Sandbox experienced a healthy weekly recovery in trading volume, up 47%. The same was the case for Decentraland, up 88%, and Somnium Space, up 301.4%! The 81% drop in volume for Otherside merely illustrates the obvious comedown that occurs following what was the biggest mint in NFT history.
Meanwhile, land prices appeared relatively unaffected by the crash. While NFT Worlds’ average parcel price dropped 34.6%, it was but a small departure from the trajectory of recent months.
Indeed, the week witnessed some big sales. Otherdeed #59906 traded on OpenSea at a monstrous price of 625 ETH! Otherdeed #59906 is a land with a mystery potion, one of only nine 1/1 artifacts in Otherside. In Decentraland, Estate #4832 sold for 55.02 ETH. Meanwhile, sales of Voxels climbed a full 100% across the week.
The price of Decentraland’s MANA and The Sandbox’s SAND tokens were not immune from the crash, but recovered fast. MANA’s correction was so rapid it ended the week up 25%, experiencing its first true market correction since March, while the trading volume of LAND followed suit, jumping 43.6% in just 24 hours.
Summary
In a week that will be long remembered for the wrong reasons, investors sought protection in VRE.
Indeed, the performance over the week gives us pause to reconsider the true potential of VRE. As questions grow over the utility case of NFTs, the growing awareness of land NFTs and their potential use cases has never been greater. Furthermore, it shows that the timing of Otherside’s entry to the market has only served to boost this exposure.
With crypto now in a bear market, it is likely many NFT projects will be unable to survive a crypto winter. In such an environment however, we at OneLand see looming opportunities both for retail and institutional players to enter the one NFT market that offers real utility and a growing market share, and which has come off relatively scott-free from the biggest industry downturn to date.
For comprehensive market and metaverse project data, check oneland.world.
2. Market News
The Sandbox
- 11/05
Lucky Kat Studios released an NFT collection in The Sandbox Marketplace.
- 14/05
The MetaRealtor — Underground Series was released in The Sandbox marketplace.
3. Events
Worldwide Webb
- 13/05
MoonCats, Monstercat and RELICS linked up to host a Friday the 13th Superstition-Super-Rave in Teshimi Club.
Voxels
- 11/05
Voxels held a Twitter Spaces to celebrate the 1-week anniversary of its new name branding.
- 12/05
The opening of Figure Glyphs exhibition began at SearchLight Atelier & Gallery in Voxels.
Somnium Space
- 11/05
Mr Sexy held his weekly The Somnium Show to discuss the ins-and-outs of what’s going on in cyberspace.
Decentraland
- 12/05
Decentraland held its monthly DAO Town Hall.
Users discussed the following points:
- Proposal Update: Cumulative Layer 1 Wearables VP Proposal
- Committee Update: Establish a Formal Process for Adding/Removing DAO Committee Members
- Governance Squad Update: Grant Renewal Proposal for DAO Gov Squad
- Grants Update
4. Contests
The Sandbox
- 09/05
The Game Jam kicked off.
The Game Jam runs from May 9 to 22. Submission gathering and voting takes place from May 23 to June 12.
Results will be announced on June 18.
Decentraland
- 11/05
MegaCube 2 in Decentraland concluded.
The Cube consisted of 100 layers made up of smaller blocks gamers had to mine independently. Players mined each layer till they reduced the monolith to a single square. The lucky individual to mine the last piece of the puzzle took away a prize from every single of the 120+ sponsors, including a LAND parcel!
Worldwide Webb
- 11/05
WorldwideWebb launched its NFT giveaway for a Yokai NFT.
- 11/05
WorldwideWebb went live with its #ThreadTheWebb competition on Twitter.
5. Project Updates
NFT Worlds
- 10/05
NFT Worlds released a dashboard displaying initial players stats.
- 14/05
NFT Worlds revealed their Genesis Avatars. Any unminted Genesis Avatars will be immediately revealed upon minting.
- 15/05
NFT Worlds released their initial Portals system, in which Worlds can implement seamless portals to other NFT Worlds.
Somnium Space
- 12/05
Somnium Space released a VR client update in the city center.
Otherside
- 12/05
Otherside published a sneak peak of The First Trip.
- 12/05
Otherside unveils Lore via its new Obelisk website tab.
The Obelisk tab indicates 11 different facets (First Trip, The Codex, Koda Origins, The Decoupling, The Growth, The Agora, The Dream, The Choice, The Settling, The Toolkit, The Aeronauts & The Rift) that offer clues to how Voyagers (Otherdeed holders) can navigate, trade & interact with the project’s Otherdeeds, resources, artifacts and mysterious Kodas.
The Sandbox
- 13/05
The Sandbox released its Roadmap 2022 for landowners which includes SAND airdrops, claims, stakes, buys, plays, builds, migrates and meets.
6. Partnerships
The Sandbox
- 11/05
RC Toulon entered The Sandbox.
- 12/05
Japanese artist Zombie Zoo Keeper joined TSB. The Zombie Zoo experience became the first NFT-native IP from Japan to have its own land sale in the Sandbox .
Worldwide Webb
- 11/05
Fast Food Punks entered Worldwide Webb with the purchase of a Medium Apartment.
Voxels
- 13/05
Canada’s largest digital asset fund manager unveiled its new virtual HQ located inside Voxels.
Don’t forget — to access the most comprehensive, in-depth and up-to-date aggregated VRE market and project data, check out OneLand.
Twitter: @OneLand
Discord: OneLand
