Each month, as part of our ongoing commitment to work with, and best serve, the emerging technology sectors, we curate a selection of data from the web3 metaverse. Our mission is to help everyone understand what is happening in these emerging sectors. With this data, we create a simple report blob now each month with the high-level details of the three biggest web3 metaverse projects out there right now. Here’s the April Metaverse Market Report.
web3 Metaverse Market Cap
The three projects, The Sandbox, Decentraland and Otherside have lost a combined $2.1 bn in the last 30 days, down from $4.7 bn. That’s nearly half of the total market cap wiped out this past month. The recent spikes in crypto markets certainly helped these projects’ market cap to rise sharply, but it hasn’t succeeded in keeping that value locked in.
The split of the market cap can be seen below, and a clear lead for The Sandbox, taking a 39.1% share of the combined market cap. Otherside saw the biggest drop, down to just 28.2% of the market cap this month.
Buying Power
Each month we analyse the buying power of the Land NFT owners of each of the three main web3 metaverse projects. This number allows us to see the which community has more easily deployable asset liquidity. To do this, we track all unique wallet holders of each project, and then break down the total ETH, USDC & USDT that each wallet has.
Above it is represented visually to show that the Otherside boasts the highest buying power within the communities, despite having the small share of the overall market cap.
Tribal Score
Our Tribal Score was create to allow us to better understand if users buy into a sector or if project owners have a tribal mentality, like football supporters for example. To calculate this score, we look at all the Land NFT holder wallets, and we analyse which wallets hold more than 1 projects’ land NFTs.
The web3 metaverse space, and these three projects specifically are highly tribal, meaning there are very few people that own land NFTs from more than one of the projects in question. Interestingly, there are only 190 unique wallets that own land NFTs from all 3 projects. Out of a total of 35,093 unique wallets that’s a very small number.
April Metaverse Market Report
It’s been a busy month for the metaverse, web3 and crypto. From Bitcoin halving expectations, to the recent meme coin bonanza, it’s all been a bit manic.
But in closing we would say this, the Metaverse continues to move forward. The technology and ideology of connecting large numbers of people in virtual and online worlds continues, even if these projects’ numbers don’t always show the progression and growth.
The web3 industry still has a lot of growing up to do, but that doesn’t mean it can’t be fun along the way. What’s the old expression?
We don’t stop playing because we grow old. We grow old because we stop playing.
George Bernard Shaw
You can find all our latest Metaverse Market Reports here.