An in-depth overview of Arcade Land NFTs
In the April 2022 edition of DappRadar’s New Dapps Report, we look at popular and interesting NFT collections, and this time we cover Arcade Land. The New Dapps Report serves as an executive overview and analysis of financial metrics for NFT collections.
This New Dapps Report is part of a series of executive reports that provide readers with a high-level perspective of promising randomly generated NFT collections. The report focuses on financial metrics, including sales activity and price analysis, and distribution metrics like Unique Holders Ratio and Whale Concentration Index. It additionally dives into whales’ behavioral patterns and social and technical overviews.
After a frosty first quarter, the crypto market is thawing as market activity resumes. Нew and exciting projects come to life. This week we explore Arcade Land, which performs well in the initial stages and offers a metaverse utility by integrating other NFT projects. Arcade Land is a collection of 10,000 NFT lands. These come in various shapes and sizes and offer integration with many established NFT projects. Among them, there are names like Cool Cats, Mfers, and Karafuru. The aim is to provide the holders of these with additional utility in the form of games and community interaction.
Please do not consider this document as financial advice.
Data updated on: Apr 12, 2022
Table of Contents
Key Takeaways
- Arcade Land is the 4th most traded NFT collection over the last seven days with a total volume of over $38 million in sales
- The highest sale of 99 ETH / $320,760 happened only eight days after the mint, which occurred on the 1st of April
Arcade Land – The floor price of Mega Plots increased by 900%
Blockchain: Ethereum
Launch date: Mar 4, 2022
Edition size: 10,000 – Limited Edition
Traits: 3
Attributes: 13
Floor price:
0.89 Ξ Standard (Mint price 0.25 Ξ )
1.5 Ξ Large (Mint price 0.5 Ξ )
1.86 Ξ XL (Mint price 0.75 Ξ )
30 Ξ Mega (Mint price 3 Ξ )
Source: Dappradar.com
Arcade Land generated $38 million in sales in its first week. Although we see the usual flow of daily trading volumes diminishing, the average trading price is steadily increasing. The average price at the time of writing is 1.38 ETH which is a 452% appreciation from the lowest mint price. Each size class of land had a different mint price so the floor prices and their performance is separated according to these classes.
The Mega Lands experienced the highest appreciation of 900% to date, significantly outperforming the other Arcade Land classes. The Standard lands appreciated 256%, the Large 200%, and the XL lands 148%.
Added Utility – A Robust Offering
The utility of Arcade Land is that each plot offers the user various forms of interactivity. The owners can use the plot to create, play or compete with others. Different lands provide various in-game perks, tokens, and game resources for the holder, the magnitude of these rewards depends on the size of the plot – the larger lands also will gain access to unique items unavailable to the smaller lands. In essence, the project acts as a metaverse where integrated NFT collections can congregate together. The project has already integrated with many popular NFT projects like Karafuru, Mfers, and Cool Cats, to name a few examples. The holder not only gains the utility of the intrinsic elements of the land itself but also benefits as an owner of any integrated NFTs because those NFTs also have utility within the Arcade Land metaverse.
Social Awareness and Engagement
Arcade Land has a robust online social presence. Its Discord server has 87,791 active users and boasts a complex onboarding procedure and busy moderation team that reduces malicious bot activity and bad actors. Community conversations are ongoing throughout the day and across channels, indicating strong engagement.
Arcade Land Twitter went live in January 2022 and currently has 34,186 followers. Impressively, the account experienced 97% of its total growth in the last 30 days, gaining 33,915 new followers at an average of 1,130 new followers per day. This indicates strong interest and growing demand for the collection.
Arcade Land is still in the early stages of the trading cycle, being slightly older than a week at writing. The project has already attracted 9,296 unique traders, a significant amount in such a short period of time.
Team Overview
Unfortunately, the team for the project has not made themselves public, and the individual members have not made their social media accounts open to the public. The only way to interact with the team is through the Discord server. However, this is no cause for alarm as the project has been vetted by multiple venture funds Antifund, Mechanism Capital, and Infinity Ventures Crypto. These funds have respectively invested 28.2, 61.5, and 78.3 million into various crypto-game-related projects, chief among them being c2x.world, metaone.gg, and cryptounicorns. The choice not to make the team public is still rather unorthodox.
Technical Overview
Like most NFT projects, Arcade Land stores its metadata using IPFS, rather than fully on-chain. This poses a common challenge to visually rich metadata projects, as the smart contracts and the metadata are separate. Still, there are no significant concerns from a technical standpoint.
- Audit status: no audits performed yet
- Storage: Arcade Land NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and visuals are hosted on IPFS for immutable ownership
- Contract address: 0x4a8C9D751EEAbc5521A68FB080DD7E72E46462aF
Whale Wallet Analysis
Arcade Land currently has a Unique Holders Ratio of 57%, indicating a moderately diversified collection. A lower ratio indicates higher susceptibility to sudden price changes. Additionally, at 3.73%, its whale concentration is average. A higher whale concentration suggests an increased risk of price manipulation by prominent collection holders.
There are two prominent whales – Pranksy, and saintbayview.eth among the top five holders. Renowned NFT collectors and crypto investors usually indicate increased trading activity and overall higher interest in the collection.
Summary
Arcade Land has performed on par with the market for the most part. It is the 4th most traded collection in the last seven days with a volume of $20 million and the 12th in the past two weeks, with a total volume of over $38 million which are perfectly average trading volumes. While the floor price appreciation for most land classes has also been average. This is 256% for Standard, 200% for the Large, and lands 148% for the XL. The Mega lands have appreciated by 900%, which is significantly above average. The highest sale of 99 Ξ / $320,760 occurred only eight days after minting, which is also an outlier above the average
The unique utility of this collection provides value for both the holders of the land and tangentially to all the integrated NFT with Arcade lands because holders can use their NFT in the metaverse. The team plans to integrate many more collections in the future and with every new collection the metaverse grows. As the larger metaverse community creates, shares and plays so grows the value of the metaverse. If this project continues to deliver post-launch content and expand its metaverse then the value in utility for the holders should also increase.
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