Welcome to the 1st issue of Metapoly’s Weekly Newsletter. In this newsletter, you will get weekly updates on:
- Meta news on what’s happening in the Metaverse
- Meta analytics and insights on metaverse land investment
- Metaverse spotlight where you can find hot project updates and more
- Metapoly News to highlight what’s happening in Metapoly
Metapoly is a metaverse bank that focuses on building financial infrastructure for the metaverse. The bank provides DeFi products including borrowing & lending, leasing, and more.
We aim to be the go-to place for metaverse land investors and metaverse enthusiasts. Welcome to Metapoly, where we build, invest, and explore the metaverse together!
Let’s dive into it!
🌎 Meta News
- Yuga Labs Metaverse Land Sale Rakes in $320 Million, Frenzy Unsettles Ethereum
- Metaverse tokens up 400% year on year despite altcoin bloodbath
- NFT Marketplace empowers creators to sell real-world collectibles with metaverse integration
- ApeCoin DAO officially favors to remain within the Ethereum ecosystem
- Pride in the Metaverse: Blockchain tech creates new opportunities for LGBTQ+ people
- South Korean government becomes an early investor in the Metaverse
- Crypto Biz: Crypto carnage pushes Celsius, Three Arrows Capital closer to insolvency, June 9–16
📊Meta analytics
💰 Top Virtual Land Sales
In this section, We are collaborating with the top analytics companies/ projects to bring you data analytics and insights focusing on metaverse land investment. This week’s analytics data are from MetaMetriks, a platform that contains Metaverse Data Analytics for developers, investors, DAOs, guilds, and others interested in Metaverse.
- Comprehensive Overview of Sales
In October 2021, Facebook rebranded and changed its name to Meta. Meta started bringing more attention to the Metaverse market, even though their own project has no date to be out. Since then, the market hasn’t stopped growing overall, and based on the graph below, sales of Metaverse in May 2022 totaled $800m — a 26567% increase from $3m sales in May 2021.
In May, we can see that the market has reached the biggest monthly sales so far, and around $800 million, is directly related to Otherside sales, the Metaverse being built by Yuga Labs and launched on April 30th.
Now, within the crypto winter, almost every project in this space has been facing some challenges, proof of this is the sales number presented until the half of this month. For now, the chant all over the crypto space is that this is the perfect time to build and get ready for when the market shows us a similar behavior to what we had in the last semester.
Let’s have a closer look at the project breakdown. In May the total land sale reached $840m, with OthersideMeta accounts 90% of this total Metaverse Land Sales. The month of May will be remembered for the explosion of the Metaverse in the launch of the Otherside!
In June 2022 so far, the total land sale volume has went down significantly in line with the overall crypto market downturn, OthersideMeta with $17.3m still accounts for 75% of total metaverse LAND sales of $23m, including Axie Infinity with $1.3m (not shown in the data below).
Individual Land Status
Now, let’s take a look at the Top Virtual Lands based on MetaMetriks’ analytics.
We are seeing the first fall in new owners for The Sandbox Game this month. -722 to a total of 21,125 landowners is still up, 3 times more than a year ago but looking at the chart, this is the first-ever retraction.
Even The Sandbox’s currency, $SAND, has been sliding since its high last November. We can sense that one of the reasons is an overall landslide in the Crypto Market, but Sandbox has been silent in that regard, and all we can see are the prices in the Market.
But if we base on some of their investors that have given their take on the Internet of why they sold their position on The Sandbox; like Rendezvous Equity’s take, an investment firm that specializes in NFTs and other Web3 assets. They started selling 66% of their Sandbox portfolio in Mid January for two primary reasons: They felt that Sandbox is overvalued because of the hype which comes from Facebook’s rebrand to Meta, and Sandbox Tier A Partnerships such as Adidas, Snoop Dogg, and more. Another reason is they feel that the Sandbox is not delivering in a big way-not enough to maintain their investments there. They didn’t believe Sandbox’s developers were achieving the result they should.
In the said tweet, they also mentioned talking to other investors that have the same sentiment. Their whole experience was “subpar” even after the second Alpha Phase.
It might be early to conclude because of this, and we know that Sandbox will play a huge part in the Metaverse in the long run. But now, Rendezvous believes that they are not quite there yet while current prices suggest otherwise.
Now, let’s take a look at Decentraland’s status through their engagement and prices- as we can see a steady decline since April 2022, and even their engagement is barely 1k.
Looking back, we can say that March 2021 is Decentraland’s breakout year. Although there have been months of an unsteady phase, it’s undeniable that the price is growing steadily and recovering past right after, and this is the time when Facebook rebrands to Meta. One can say that the rebranding solidified the industry as a sector on the verge of growth.
Steady growth is seen during the months of December 2021 to February 2022, as JP Morgan became the first lender to arrive in the Metaverse and opened a lounge in Decentraland. Their coin was training for a whopping $3.18!
But what suddenly happened?
From April 2022 up until now, a significant downward trend can be seen with their prices and engagement. Although it is tied to how the market is doing, another potential issue would be a migration of users from Decentraland to another platform.
From their recent updates, they also took a one-month break from April to May but just came back with their old jams such as games and giveaways. With that being said, Decentraland really needs to improve the user experience to get back to the spotlight because with this steady decline, we are not seeing any recovery anytime soon.
Even being the Metaverse Land that contributed most to this month’s sales, we can see for a fact that OthersideMeta is on a downward trend on their average price.
When Yuga Labs — the company behind BAYC — started down the path to creating their massive Metaverse endeavour called Otherside, everyone was really excited. To begin with, a number of Otherdeeds were reserved for current members of the BAYC community.
After their launch on April 30, a huge FOMO occurred in the community, a reason for being one of the biggest sales in Metaverse History. As Yuga Labs continued to drop some alpha, Investors and holders continued to trade OthersideMeta, considering the massive success of BAYC and MAYC.
With the current downward trend of its average price, the only reason we can conclude is connecting to the current status of the market, but all other things aside, people are looking forward to Otherside’s future.
📌 This Week’s Project Highlights
We are seeing some signs of recovery in the Metaverse land pricing with 4 of the top 15 Ethereum-based metaverses seeing a slight bounceback on average price recovery from May to June.
These projects are Cryptovoxels, Flufworld, BYOPills, and NetVRk1, check out their average price per month below!
By checking these projects, we are able to see that one reason for their recovery is the continuous build and improvement in the user experience. We hope to see more surprises from them soon!
- Conclusion
Despite the recent market downturn, Metaverse land still outperforms all other major asset classes. Given the MM10 index below of Virtual Lands is up by 120% annually, compared to ETH -by 22%. For those who don’t know what MM10 index is, MM10 is the Meta Metriks’ Metaverse 10, composed of a blue-chip metaverse lands pricing over the top 10 worlds.
The bear market has been really hard for everyone, and we are hoping for an uptrend as soon as possible. But still, the big question now is how the metaverse lands will be developed or utilised by their owners to attract eyeballs, visitors & engagement?
🧿Meta Spotlight:
Curious about the top Metaverse projects talked about in town? Be updated with the latest move they made.
- OthersideMeta
Otherside is a 3D metaverse that appears to offer a gaming format for Bored Ape NFT holders. Created in partnership with Animoca Brands, Otherside will be powered by ApeCoin. Bored Ape Yacht Club (BAYC) members have been invited to hang out in Otherside when it launches.
Based on the latest update in the social media accounts of @OthersideMeta, the First Trip of the Voyagers will be on July 16th. They are working with Improbable to bring Otherdeed holders the first tech demo this summer.
The Otherside would continue to create waves as the project holds so much potential yet to be revealed.
- The Sandbox Game
The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences in the Ethereum blockchain.
Earlier this year they announced the launch of The Sandbox Alpha Season 2 — an open multi-week Play-to-Earn, in which players will have the opportunity to explore The Sandbox Metaverse for the first time, through 18 experiences created by The Sandbox’s teams.
They also recently announced the Land Owner Roadmap, where landowners can now claim, Stake, Buy, Play, Build, Migrate and Meet with other benefits.
Together with this, they continue to update and bring in more games and creators inside The Sandbox!
- NFT Worlds
NFT Worlds is a fully decentralized, fully customizable, community-driven, play-to-earn gaming platform where world owners can create their own limitless metaverse games or experiences for players or exclusive communities within their worlds.
In early June they just announced that they are currently in the process of completely revamping and polishing their client for mainstream adoption — this includes a Native $WRLD Marketplace, inventory Management, and quality of life upgrade! Watch out for what’s coming!
🎙Metapoly’s #MetaTalks Thursdays
For last week’s MetaTalks, we talked about NFT borrowing & lending, which allows users to use their NFTs as collateral to borrow cryptocurrency.
Our lives become more and more digital, while more value accumulates in digital space, and as more physical objects are represented as NFTs, this market is being seen as very promising among crypto natives, once “lending and borrowing” is creating utility and liquidity that some NFTs were missing.
We are honoured to have invited a great panel to discuss this trendy topic with our community. The panellists include Gabe from Arcade.xyz, Stephen from NFTfi, Alex from Pine, and of course Metapoly contributor DaoChemist, and Metapoly Core Team Victor Lee.
NFT is an illiquid asset, tech innovations have been around to create more liquidity and use cases including NFT borrowing & lending. During the panel, guests had a very in-depth and insightful conversation about the overall market sentiment, the user behaviour while using NFT borrowing & lending protocols, and the challenges that the projects have.
If you missed the twitter space, you can always go back to listen to the replay here: https://twitter.com/i/spaces/1vOxwyogDWvGB?s=20
Hope you enjoyed the 1st issue of Metapoly’s Newsletter. We would love to hear from you on any feedback so we can improve along the way. Join the fellow metaverse enthusiasts in the community and start the conversation: https://discord.gg/metapoly
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