Researcher: BitMetis

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1.Highlights

• Season 3 alpha of the Sandbox was announced, and the daily activity increased by 170%+. But the NFT transaction volume has been on a downward trend since Q4 in 2021, which has dropped by about 28% so far.
• The transaction volume of Decentraland NFT is still showing a downward trend, but it remains stable in general. In 2022, it will focus on in-game updates and user SDK optimization.
• NFT Worlds reduced P2E rewards from 50% of total tokens to 35%. The daily active volume was less than 20 and the monthly active volume dropped by 60%. At present, NFT Worlds are accumulating efforts to develop the influencer market. The weekly AMA participation rate is as high as 2K+. Although greatly influenced by Minecraft, the project is still trying to develop a completely independent game platform, and the future can still be expected.

2.Project Overview

• The Sandbox is a decentralized community-driven gaming ecosystem where creators can share and monetize voxel assets and gaming experiences on the Ethereum blockchain. At the same time, users can independently generate content, form corresponding assets with complete ownership, and promote projects in meterverse to obtain advertising revenue.
• Decentraland is a decentralized VR platform powered by Ethereum. The system provides SDK software packages that allow players to freely create and monetize their works, and can place virtual assets such as NFTs into 3D scenes to visualize NFTs.
• NFT Worlds is a fully decentralized, customizable, community-driven massively multiplayer metaverse game platform. With the bonus of MineCraft, a huge open source platform, 10K world map has been generated (But now it is banned in Minecraft). World holders can create their own infinite metaverse games for players or exclusive communities in the world, i.e. with full autonomy.

3. Game Analysis

3.1 DAU

As far as users are concerned, The Sandbox has a unique advantage. As the traditional game that ranked first in the mobile game rankings in 2012, the 40 million native user base has occupied a place for the Sandbox in the development of web 3. The release of season 3 directly caused DAU to climb to 1.95K, an increase of about 173%.

Decentraland’s DAU has remained below 50 since April, making it relatively stable. However, there is still a downward trend recently, with an average drop of about 10%-15%. The highest daily active volume exceeded 200+ in December last year.

NFT Worlds was developed with the help of Minecraft open source before July this year. But it is worth mentioning that due to the policies of Microsoft and Minecraft, NFT Worlds can no longer run on Minecraft. According to the data above, DAU is less than 20. So it seems that the ban of Minecraft has undoubtedly had a huge impact on users and NFT Worlds itself.

3.2 NFT Holders Address Analysis

• The Sandbox: Top 20 holds 8,369 positions(accounts for 36.4%), among which Top 1 holds 1,954 positions (accounts for 8%). And Top1 also holds 10+ RKL basketball, wojak and other NFTs.
• Decentraland: Top 20 holds 75,899 positions, accounting for more than 90% of the total. Top 1 holds 66,278 positions and Top 2 holds 2,883 positions, which account for 81%. NFT holdings are highly concentrated.
• NFT Worlds: Top 20 holds 8718 positions (87%), and TOP1 holds 8503 positions (85%). NFT holdings are more highly concentrated than Decentraland.

Now let's analyze the NFT trading volume of the 3 projects next（Trading volume in August ends on the 24th. Data from: opensea+Nonfungible）

According to the Sandbox Q1 financial report, the NFT transaction volume in the Q1 phase was $16M, while the total transaction volume in the above three months was about $11.5. Based on this comparison, the NFT transaction volume in the past three months decreased by 28% compared to Q1. From the current point of view, since Q4 of 2021, the NFT transaction volume has been on a downward trend. While the overall amount is relatively stable.

3.3 Unlocked token ratio analysis

As can be seen from the figure above, considering that the locked ratio of Decentraland tokens is 18%. The current token unlocked ratio of The Sandbox is 81.7%, and the locked ratio is less than 20%. It can be seen that most of the tokens have been unlocked. The risk of price slides caused by token unlocking is reduced. On the other hand, the locked proportion of NFT Worlds tokens is 89%, which shows that the unlocked ratio is relatively small. If there is a willingness to invest in tokens in the future, it is necessary to prevent risks according to market changes.

4.Roadmap

4.1 Sandbox

The Sandbox is one of the earliest incubated projects. Taking into account the reasons such as the incubation of mobile games and the long timeline of the roadmap, the timeline for joining web3 (2018) is directly used as the benchmark. Let’s cite 2022 roadmap as an example in the following:

• Q1: Open the Meterverse to the holders gradually
• Q2: Open DAO to NFT holders
• Q3: Announce the first virtual concert
• Q4: Mobile Compatible

In 2022, The Sandbox is still strong in the bear market. Although there is a downward trend in transaction volume, the team is still working. In May, it acquired the Uruguayan game development company Cualit, and  announced the third season alpha in August. There is no such plan in the roadmap.

4.2 Decentraland

According to the blog published on Decentraland's official website, the following updates will be made in 2022: Currently, Decentraland has opened an art week exhibition, and has completed client beta and security protocol updates.

• Develop web and computer end: Multi-mode compatibility+VR client end
• voice chat update
• NFT updates as the wearable equipment
• SDK optimization

4.3 NFT Worlds

In addition to the news that it is forbidden to open source in Minecraft, the main changes are within the ecosystem, as follows：

• Q2：Open the rental market
• Q2: Genesis NFT is planned to be released on May 1st, but Mint event only started on May 4th at a price of 0.04E ($111)
• Q2-Q3：Tokenomics update. P2E rewards are adjusted from 50% to 35% of total tokens, and the 15% left will be used for market transactions. From this perspective, this change is not conducive to the increase in player revenue, which may be one of the reasons for the decline in daily activity.
• Q3: In the KOL market, it will join the influencer effect and promote it on a large scale. Judging from the announcement on Twitter, there is indeed frequent cooperation with the projects, and the participation in the weekly AMA activities is relatively high.

5. Conclusion

In the context of the overall bear market, the transaction volume of these three top Metaverse land projects has shown a downward trend, but has remained stable recently. The Sandbox and Decentraland only need to optimize the game, improve the user experience and various terminal updates.

However, NFT Worlds has to solve the problem of open source without the support of Minecraft. And it has not unlocked a large number of tokens. Although there are current difficulties, the team is still trying to develop a completely independent game platform, so the future can still be expected.

*Note: The above content is just for reference only and does not constitute any investment advice.

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