March 2024 – Metaverse Market Report 

As part of our ongoing commitment to work with, and best serve, the emerging technology sectors, we built our proprietary data platform called UNDRSTND. Its mission is simple, to help everyone understand what is happening within the world of web3 and the metaverse. 

Each month we create a metaverse market report, where we focus our attention on the three largest web3 metaverse projects, The Sandbox, Decentraland and Otherside. 

Market Cap

These three projects alone have boasted a market cap of over $4.8bn at the time of this report (13.03.24). A number that more than doubled during the recent bull run that saw Bitcoin hit all time highs around $72k. 

Buying Power

The three projects split that market cap fairly evenly, with The Sandbox just slightly taking the majority, and Decentraland lagging slightly at the bottom of the pack. 

As to be expected, the current bull run has meant that wallets have increased their in value recently, as the price of Ethereum peaked over $4k, and the break down of users’ buying power can be seen to be heavily weighted towards ETH as a result. 

Tribal Score

Our Tribal Score metric looks to better understand how wallets are interacting with a sector in general. In the web3 metaverse space it’s clear to see a large amount of separation within the wallets holding land NFTs in each of these projects. This month sees a 93 Tribal Score that shows just how tribal (segregated) these projects’ users are. 

March Metaverse Market Report

In closing, it’s been a crazy month for cryptocurrency in general, with a bull run that has seen new memecoins and alt coins gaining tractions and as part of that the increasd value in the web3 metaverse marketcap too. 

An interesting side note to add though is, whilst the average ERC20 token from these projcets may have doubled, the land NFTs have gone down, even with ETH doubling in value. Just something to think about. 

If you are looking to better understand your industry, or your struggling to get your project seen in the web3 space, get in touch. We’re here to help you shape the future. 

You can read the full March report below: