Analysis of the Current Situation of the Head Metaverse Platforms
0xE069
September 10th, 2022

Author: Dawn Xue(MetaCat)

Translator: Charlotte Cheung

Metaverse platforms mainly refer to platforms built on the blockchain and based on virtual land for various economic or social activities. These platforms generally have their own virtual space, land, construction requirements, wearable creation requirements, etc., and also have their own advantages and disadvantages.

At present, there are more than 20 virtual real estate platforms in the market, distributed in different chains, tracks, stages, forms and so on. We selected the top 6 projects by sales as of April 30, namely the four metaverse OG platforms Decentraland, The Sandbox, Voxels(formerly Cryptovoxels), Somnium Space and the two newly emerging platforms NFT Worlds and Worldwide Webb Land. We compared and analyzed the platforms from the platform development history, whether to issue tokens, land function, price, status of land holders, project completion, land construction difficulty, advantages and disadvantages of each platform, etc. on these 6 Ethereum chains .

1. History of Social Media and Platform Development

Twitter is the most representative platform in social media. From the opening time of Twitter in the figure below, it can be seen that the opening time of the four major OG platforms (serial numbers 1–4) is at least longer than that of the two emerging projects (serial numbers 5–6) 2 years earlier.

The team at Decentraland has been working on this project since 2015, the first ever metaverse project;

Although The Sandbox officially launched in August 2011, it was a very successful Web2.0 game company founded in 2012 before being acquired by Animoca in 2018. The platform also has the highest number of fans, reaching 1 million, of which A considerable number of fans are the original fans brought in directly from Web2.0 in 2018;

NFT Worlds and Worldwide Webb are newly emerging metaverse platforms, both of which will be launched in 2021. NFT Worlds will start selling land in October 2021, and Worldwide Webb will start selling land in November 2021. These two platforms can be said to be the latecomers. In just half a year, the transaction volume has surpassed the old metaverse platforms Cryptovoxels and Somnium Space, and at the same time, the number of fans has also surpassed the two old metaverse platforms.

The data is as of 2022.4.30, and the cumulative land transaction value comes from the MetaCat official website

2. Whether to Issue Tokens

According to whether or not to issue tokens, we can classify the six metaverse platforms as follows:

The data is as of 2022.4.30, and the token price comes from the website of Feixiaohao

It can be seen that among the above platforms, the Somnium Space token currently has the highest price at $3.69. Both The Sandbox and Decentraland’s all-time highs were on November 25, 2021, with the former at $8.56 and the latter at $5.94, while the Somnium Space token’s all-time high was at $24.93 on November 2, 2021, still higher than the previous two. Currently, only Cryptovoxels, the top four metaverse platforms, has not issued tokens.

3. Function of the Land

According to the function of land:

Showcase: Cryptovoxels, Decentraland, Somnium Space. The land is mainly used as a place to place assets, and players can display/sell collections such as NFTs after building.

Games: The Sandbox, Worldwide Webb Land. The sandbox, due to its large parcel, allows every landlord to build large-scale scene games. The platform is equivalent to a collection of multiple games; Webb is a 2D game look and feel project, where land holders can set up scenes, build and collect tickets, etc.

The above classification is just a simple one based on the main functions of land that the virtual real estate platform has displayed at this stage. With the development of the metaverse, more and more players enter, and each virtual real estate platform may be a collection of multiple functions, such as Corporate headquarters, social networking, games, etc., will be a comprehensive platform.

4. Land Price

Floor Price

Although the current price of some metaverse platforms has dropped at the peak time in November 2021, the absolute value of the floor price is still prohibitive to the public. Below are the floor prices for the six metaverse platforms on April 30, 2022:

The data comes from the official website of Opensea

It can be seen that the virtual land of the six major platforms, even the cheapest Cryptovoxels, has a floor price of 1.01ETH, which is equivalent to RMB 19,000.

Overall Price Trend:

Starting from November 2021, due to the “Meta” effect at the end of October 2021, the prices of some metaverse platforms have an obvious upward trend, representing platforms such as Decentraland (red ), The Sandbox (blue ), Cryptovoxels (pink and white ), This high price lasted almost until December 2022, and then began to decline. Until now, The Sandbox has maintained a high price for a long time due to its backing of capital. It only began to decline in February 2022, but it has not been seen until now to have a trend of rising prices.

Relying on the unique advantages of Minecraft, NFT worlds (green line) have a unique price trend. The price continued to rise in November 2021, and reached an average price peak of $29,000 in March 2022. Although in April it began to decline, but from February to April, its average price was evenly matched, and other platforms were far behind. The following figure can clearly see its changing trend.

Somnium Space (yellow line) is also a niche but not negligible existence. Although the number of sales and sales are small, the average price is high, and its average price for a long time is even higher than that of many other metaverses platforms. In addition, its current token price is among the higher among several platforms, comparable to its land price status.

The chart comes from the MetaCat official website

5. Status of Landholders

Total Number of Landholders

We collected the following data from the MetaCat website as of April 30, 2022, and found by comparing the land supply, land sales and the number of landowners:

(1) The number of landlords on the metaverse platform is relatively small. The sum of the number of landlords on the head metaverse platform is about 35,000.

(2) The number of landlords in SomniumSpace and NFT Worlds is very small, less than 1,000;

(3) NFTWorlds land is very concentrated. 88% of the total parcels sold, the number of sales is 8816, but the number of landowners is only 779; through further inspection, we found that NFT Worlds has the largest number of land parcel holders with 8988, the address In fact, it is the contract address, that is, 89% of the total land parcels are in the contract. There are more than 3,900 landowners who bought land and pledged them to the contract to mine $WRLD, so the platform is very concentrated in terms of data. From another point of view, 89% of the parcels are in the same contract, which will lead to a high risk of parcel concentration. Once attacked, it will cause very large losses.

(4) SomniumSpace is very niche, with only 5,000 parcels in supply, only 1,957 were sold, and there were only 852 landowners;

(5) Cryptovoxels is the only platform for on-demand additional issuance, and the sales volume accounts for the highest proportion of the supply, reaching 92%;

(6) The Sandbox ranks first in terms of land supply, as well a in sales volume and number of landlords. However, due to the largest supply, the proportion of sales and supply is the lowest, only 13%.

The data comes from the official website of MetaCat

Quantity and Holding Time of Parcels

We have collected the following data from the NFTGO platform, and found that more than half of the landholders of the six major platforms hold one parcel of land; from the perspective of holding time, although the holding time of different platforms is slightly different, they are all For more than 30 days, and the holders of 3 of the four major metaverse platforms have held it for more than 1 year. It can be seen that if we look at the distribution of holding quantity or holding time distribution, it is relatively healthy.

The data comes from the NFTGO platform

Proportion of the Top Ten Holders

We count the proportion of land held by the top ten holders to the total land sold in the following table, which does not include official addresses. **We found that with the exception of Decentraland, which is 26% higher and NFT Worlds, which is only 1% lower, the proportion of other platforms is between 10% and 13%, **which is relatively healthy.

NFT Worlds has more than 3,000 landowners who pledged the purchased land to the official contract address due to pledge mining. After the official contract address is deducted, the top ten holders account for only 1%. If considering the restoration of landlords who pledged into the contract, the top ten accounts for 9.71%.

The data comes from the official website of MetaCat

Status of platform users

Due to the different data openness of different platforms, we only obtained the data of user traffic from Cryptovoxels, whose monthly platform traffic is about 1 million.

The Decentraland platform we saw from its employee @Fede Molina tweeted that in December 2021, its monthly active users (MAU) reached 465,000. But no MAU data as of recently has been found.

6. Project Completion

**Representative platforms with a high degree of completion: Cryptovoxels, Decentraland, Worldwide Webb Land. **From the perspective of the player’s experience, looking at the current completion of the project, in the 3D metaverse, Cryptovoxels and Decentraland belong to the higher degree of completion. Players can enter any parcel to play, and the loading speed of Cryptovoxels is faster than that of Decentraland. Although these two projects have a high degree of completion, there are still large open spaces that have not been built when entering the world (the completion degree of the project party’s construction project is high, and the completion degree of player construction is still relatively low). Worldwide Webb has a very fast loading speed due to its 2D interface, and players can experience it freely.

**Representative platforms with a lower degree of completion: The Sandbox, NFT Worlds. **At present, The Sandbox has only two games that ordinary players can click to enter from the official website. This is a very low degree of completion for the metaverse platform with hundreds of thousands of land and the first cumulative land sales; NFT Worlds currently only has 19 The world is active (although several projects have announced cooperation with NFT Worlds, but may still be under construction), you need to download the corresponding version of the client to enter, and there may be a long queue.

7. Difficulties of Building Land

Player construction difficulty is related to the price of the land, the size of the land, the construction model requirements, etc.

Excessive land prices can lead to too few holders. For example, the floor price of NFT Worlds is currently 7.50ETH, and it even reached 15EHT not long ago. As the most expensive Metaverse platform, the number of holders is only 806, although some landlords pledge the land to the official contract for mining mines, but we still doubt whether these pledged land projects are being developed normally.

The size of the land directly affects the timing of the construction and development. For example, NFT Worlds, the land area of a parcel is as high as 235 square kilometers. Even if you find a professional construction team, it needs to be developed in stages. It is difficult to develop the entire land in one fell swoop; The Sandbox has an area of 9216㎡ (96m*96m) and a height of 128m. , Although it is much smaller than NFT Worlds, the development time will be longer, often several months. The parcel of Cryptovoxels is relatively small, hundreds of square meters in size and more than 10 meters high, which can be built by one person in a week. This is also why the project completion of NFT Worlds and The Sandbox is quite low, while the completion of Cryptovoxels is relatively high.

Construction model requirements affect the speed of construction. For example, the model required by Decentraland is the refined glTF format, which requires professional software to build, such as Blender, etc., and the learning cost is relatively high; and the vox model of Cryptovoxels will be very easy to use. This also leads to the same construction of a parcel, and Cryptovoxels is built faster than Decentraland.

8. The Pros and Cons of Each Platform

8.1 The Sandbox

Advantage

**Human, financial and operational capabilities are strong. **As can be seen from the above financing situation, The Sanbox has experienced many financings, and the last financing reached as high as 93 million US dollars, which belongs to the metaverse platform with the least short of money in the head platform. Some developers are good at game operation, and other team members are from well-known companies and have rich experience in company management. The parent company, Animoca, is a very resourceful investment company and is good at operation.

The track is unique, and the original user group is huge. The Sandbox belongs to the metaverse platform that mainly focuses on the game field, and has the advantage of a market segment. In addition, before the acquisition, the platform has been a game platform since its establishment in 2012, and has accumulated a huge customer base for many years.

**Easy to build. **The format used for construction is vox, no complex 3D modeling is required.

Inadequate/Existing Problems

ALPHA stage, less playability.

The Sandbox is currently in the ALPHA stage, and for players, there are very few games or parcels that can be played. The following picture is a screenshot of the official page. It can be seen that players can only see two block highlighted in color on the “ALPHA” page. You can’t click, or “Start Game” is gray and unclickable after clicking. For a platform with more than 120,000 pieces of land, the completion of the platform is very low.

There are many software downloads involved, and the software is slow to open. For players, after clicking to start the game, they cannot directly enter the game, they need to install the client, and currently the client only supports PC, not mobile. Moreover, even though the player installed the client according to the prompts, it was very slow to open the client, and he might not be able to log in for 20 minutes. The player experience was very poor, and he was almost unable to play. For landlords, it is necessary to download Game Maker and VoxEdit to make games, which involves a lot of downloading software and the overall construction experience is relatively poor.

**It is close to the capital, and it is easy to lose the original intention of the project. **The goal of capital is to make quick money and big money; as for the operational situation, it seems that the priority is one step lower. Without deep thinking and development from the perspective of the company’s product, it is very easy to quickly bring an otherwise excellent product into the abyss. At least from the current stage, the completion of The Sandbox platform is the most backward among the top 4 platforms.

8.2 Decentraland

Advantage

**Enter early, the project screen is fine. **Decentraland is the first project to start a metaverse platform. The founder of Cryptovoxels also worked on this project at the beginning, so Decentraland has a leading position in the metaverse field. In addition, Decentraland’s pictures are imported from 3D modeling. The pictures are very fine and the visual effects are realistic, which has won the favor of many well-known brands and settled in.

Inadequate/Existing Problems

The construction threshold is high, the loading is slow, and the development after DAO is slow. Decentraland’s file requirements for models are relatively high, so certain 3D modeling capabilities are required to build and create wearable devices. This threshold will undoubtedly wipe out a group of players who want to enter or build.

At the same time, it is precisely because of the high level of refinement of Decentraland’s files that the building loading time is very long, ranging from a few minutes to a longer time. This kind of waiting is also a very unfriendly experience for players.

8.3 Cryptovoxels

Advantage

**The website is easy to use and loads quickly. **Since Cryptovoxels is a web version, whether it is a computer or a mobile phone, you can directly click the URL to enter the world to play without downloading any client.

Easy to build. Cryptovoxels is simple to build, no code or background knowledge of 3D modeling is required, and ordinary people can start building quickly, and the building is also a web-based online version of the building, no need to download the client.

The team has not accepted capital investment and has strong autonomy. This also makes the team more free, keen to develop new features of the island and continue to develop new functions. The current product experience is the best among the top four metaverse platforms.

Inadequate/Existing Problems

Cryptovoxels graphics are not detailed enough. Due to the construction of Cryptovoxels and the main support of Avatar is vox, although this format is fast to load, the format ratio of voxel wind and refined obj has made many players complain that the Cryptovoxels screen is “rough” and prefer Decentraland fine wind.

The team at Cryptovoxels is more buddha-like. Since no capital investment is accepted, the team is relatively free and does not have too much pressure. I learned from the founder’s Twitter that the team has 4 working days a week and 3 days off. The slow-paced life allows players to admit that there are bugs and other needs that often get no feedback for a long time. In addition, the Cryptovoxels team of the Buddhist system often goes back on their words. For example, as the only project on the head metaverse platform that has not issued coins, it was announced on Discord in the fourth quarter of last year that coins will be issued in April this year, and then they will be specially issued. Twitter denied the news of the coin offering.

**Cryptovoxels have less publicity. **Cryptovoxels founder Ben is a technical background, while the other two employees active in the community are UI designer Kasey and analyst and engineer Fayelure. As a result, the products of Cryptovoxels are very advantageous, but the promotion of the project has not been enough. Although the experience is very good, the comprehensive ranking is always unsatisfactory. At the beginning of this year, Cryptovoxels recruited a community operations manager on Twitter, but so far we have not seen the team’s publicity staff interact in the community.(On the english version issue day, we learned that CV is also making efforts to promote, such as the upcoming fashion show.)

8.4 Somnium Space

Advantage

The track is unique and focuses on VR. Somnium Space is the only metaverse platform that focuses on VR access. The immersive dynamic system can give players a very strong virtual reality experience.

Inadequate/Existing Problems

The project is small and mysterious, and further development is limited. Judging from the number of landlords above, Somnium Space has a very small number of landlords, with only more than 800 people. Although the stickiness of the project is very high, both the token price and the land price are relatively high, but the project is very small, and there are few research and analysis articles in the market, which is not conducive to the further development and growth of the project.

8.5 NFT Worlds

Advantage

The project is based on “Minecraft”, the development speed is fast, and the player conversion is fast. The parcel of NFT Worlds is developed based on Microsoft’s “Minecraft”. With the accumulation of the “Minecraft” open source ecosystem for nearly 10 years, it makes up for its shortcomings as a latecomer in technology and resource accumulation. Quickly gain competitiveness in the NFT game metaverse category. In addition to the open source code, users of the original “Minecraft” can quickly convert to users of NFT Worlds as long as they download the corresponding version.

**Easy to build. **Although it was mentioned earlier that the parcel is larger and more difficult to develop. But the actual operation is easier. It can build the world using vox voxel blocks, and even elementary school students can build it.

Inadequate/Existing Problems

T**here are pressures and even legal risks from Microsoft. **NFT Worlds relies on the strong open source of “Minecraft”, but it has not been officially recognized and endorsed by “Minecraft”. It is not ruled out that one day Microsoft may put pressure on NFT Worlds.

The parcel is very large, and the overall development work of the player on the parcel is huge. As mentioned above, the land area of a parcel may reach 235 square kilometers. It is even said that a parcelt is a virtual world. For the development of bricks, the workload of thisparcel size can be imagined. So its completion is also poor.

There is a threshold for non-Minecraft players. Players need to buy, download, and multiple versions you need to download the right client to enter the world correctly.

8.6 Worldwide Webb Land

Advantage

**Webb loads fast. **Webb is the only 2D platform among the six platforms, which also leads to its very good performance and smooth operation, which is unmatched by other platforms.

Easy access to PFP projects. Due to its own 2D characteristics, it is easier to connect to 2D PFP projects. For example, at present, it has also connected to PFP projects such as Cryptopunks, BAYC and Cool Cats, and plans to introduce more series in the future.

Inadequate/Existing Problems

Lack of space. The galleries, buildings, and various building-based features currently in the 3D world don’t seem to work in Webb. It seems to be just a game, not a metaverse in the public eye (although there is currently no clear definition of the metaverse).

The above is a brief analysis of the current situation of the head metaverse platforms from different aspects.** It can be seen that the current metaverse field is far from being as prosperous as the Internet platform.** But hasn’t the Internet also started from nothing, showing a large-scale and standardized development?

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