What we know about parcel prices in CryptoVoxels? - Coinmonks - Medium
0xE069
September 10th, 2022

Author: DawnXue(@dawnx666

Translation: Chyn Chiou-Yeu(@C_Chyn

Outline

1. Average sales price

2. Medium sales price

3. Sales summaries for different islands

4. Average sales prices for different islands

5. Factors influencing parcel sales prices

This article analyzes parcel sales prices on CV from the five aspects above.

Average sales price

Average price for all parcel sales in CryptoVoxels, in terms of ETH or USD, is shown in the two following figures:

Figure 1: Monthly average price in ETH for all parcel sales in CryptoVoxels

Figure 2: Monthly average price in USD for all parcel sales in CryptoVoxels

Figure 1

Figure 2

Monthly average price saw little fluctuations from June 2018 to November 2019. However, in the same month or next month when average price reaches 1ETH, it doubles to 2ETH — this happened in the end of 2019 for secondary market and the beginning of 2020 for primary market.

From December 2019 to August 2020, monthly average price in terms of ETH first rose and then fell. However, it was relatively stable in terms of USD.

In December 2020, monthly average price jumped to 6.34ETH because the B20 bought parcels 1226 and 1162 at 110ETH and 90ETH, respectively, on the main island. I have visited the parcels on CryptoVoxels. They are adjacent to each other and of exceptional height — 32 and 35 respectively.

In February 2021, monthly average price jumped to 6.81ETH because parcel 2034 on main island was sold for 1800ETH on the secondary market.

Since March 2021, monthly average price in ETH saw little fluctuation with insignificant rise for the past 18 months. However, in terms of USD, price has risen significantly — this result partially from appreciation of ETH in terms of USD and partially from significant increase in visitor traffic in 2021, especially since April.

Medium sales price

Since May 2020, monthly medium sales price was relatively stable — fluctuating between 0.70ETH to 1.96ETH in the primary market and 1.25ETH to 2.99ETH in the secondary market. Medium price saw significant rise since 2021 for the same reason as average price.

Figure 3: Monthly medium price in ETH for all parcel sales in CryptoVoxels

Figure 3

Sales summaries for different islands

From June 2018 to April 2020, all parcel sales happened in Origin City, the main island. Transactions on other islands started in May 2020 because before this time there are no or few parcels available outside the main island.

Up to August 2021, officially, there are 20 islands in CV. However, all parcels on the main island were minted before April 2020, except for parcels 1, 3, and 4 in the center, which was minted in February 2021. Eight other islands were minted before April 2020, but there was only one parcel on seven of the eight islands and two parcels on the eighth. Since May 2020, CryptoVoxels focused on developing islands other than the main island.

New parcels minted from January to June 2021 are sold out in all islands. Parcels outside the main island were popular during this time.

At the end of August 2021, there are 210 parcels on eleven islands that are on sale. Please see Table 1 for details.

Figure 4: Parcels on Sale at the End of August 2021

Figure 4

Islands minted in 2021 are more popular with the buyers. All islands with unsold parcels are minted in 2020 with the exception of Miami and Satoshi, which were minted in July to August 2021.

The island with most unsold parcels is the recently-minted Miami island, probably because of high price. The main island, Origin City, holds the second largest number of unsold parcels. All other islands have most if not all parcels sold. Therefore, we conclude that small islands are more popular.

Average sales prices for different islands

The figure below shows the trend of monthly average price on 20 islands separately.

Figure 5: Monthly average prices of parcels on various islands

Figure 5

Here are some of our conclusions and analyses:

1. Origin City, the main island, blue line with square markers in the figure, led in average price but it is being overtaken by other islands since April 2021. Some of the sky-high prices we’ve mentioned before occurred on Origin City, bringing dramatic rise in the average price for those months.

2. Little Ceres, blue line with cross markers in the figure, saw exceptional price fluctuation that doesn’t seem to correlate to price movement on other islands. This island, with only one parcel, is right next to the island of Ceres. This single parcel was traded at 7ETH on May 2020, then 5.75ETH on February 2021, and the same price on June 2021. For both the first and third occasions, the price was higher than the average on the main island.

3. Tokyo, orange line in the figure, also had somewhat unexpected price movement — first going up, then going down, finally stabilizing. In a few months during the process, Tokyo had the highest average price among all islands except for the main island: 2.5ETH on October and December 2020. On April and May 2021, Tokyo held the highest price, even higher than the main island, at 4.5ETH and 3.88ETH respectively.

4. All other islands performed similarly in terms of price movement. From the figure you can see their lines almost merging together.

5. In August 2021, 18 islands had parcel sales (the exceptions being Little Ceres and the Bronx). Origin City, the main island, led with 4.38ETH. Milan and Helios took the second the third place with 3.82ETH and 3.18ETH, respectively. Far Far Away followed at 3ETH. Six islands were at the 2+ETH band: Tokyo at 2.95ETH, San Francisco at 2.92ETH, Vibes at 2.77ETH, Electron at 2.53ETH, Trinity at 2.25ETH, and Neutron at 2.00ETH. All the remaining eight islands performed similarly between 1.55ETH to 1.82 ETH.

Factors influencing parcel sales prices

According to the data, location is an important factor behind price.

1. Two neighborhood in Origin City, the main island, see higher prices than the island average: the city center and the Frunkfurt.

The figure below shows the latest sales price for the parcels at the center. The four most central parcels were all sold at 100ETH with the exception of the unsold parcel 2. Right outside these four, parcels still had particularly high prices: some at 90ETH, 20ETH, 17.5 ETH, significantly higher than the island average; others at seemingly lower prices but those sales happened in June 2018. Highly-priced central parcels were not limited to the few blocks shown in the figure.

Figure 6: Transaction price of the core area of ​​Origin City

Figure 6

Frunkfurt neighborhood benefited from the sales of parcels 1226 and 1162 at 200ETH to B.20 (the owner of the now famous Beeple artwork). For example, BCA museum (parcel 1074) was last sold at 50ETH. Parcel 1240 was at 20ETH. Both were dramatically higher than the island average. Only some prices are displayed because many parcels have not been traded since 2019.

Figure 7: Partial transaction price in Frunkfurt area

Figure 7

2. Coastal parcels on the main island are a little bit more expensive than the island average but still a lot lower than the island center.

3. Coastal parcels on the other islands are much more popular as indicated by higher prices. Among the 22 parcels outside the main island but priced higher than 5ETH, 14 face the ocean including 3 on both-sides, and 5 are only one row away from the ocean.

Figure 8: Top 22 land plots above the island (transaction price of 5ETH)

Figure 8

We’re not saying location is the only factor with an impact on price. But our analysis has not found other factors so far. We will certainly share any new insights in the future.

Hope you’ve enjoyed this article. Reach out on Twitter (@dawnx666) if any question.

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