A virtual world in the metaverse with NFT interoperability and retro graphics
This New Dapps Report looks at Worldwide Webb, a blockchain virtual world accessible through any browser using a Web3 wallet. We dive into the project’s recent success and highlight its performance in the market.
The following report is part of the “New dapps series,” a set of executive reports that intend to provide readers analysis of new emerging dapps on the market. This report will give financial metrics such as sales activity, volume, price analysis, and distribution metrics like Unique Holders Ratio or the Whale Concentration Index, whale behavioral patterns, and detailed social and technical overviews.
Worldwide Webb (W3) is a blockchain virtual world launched on November 29. Despite being nascent, the project has shown serious potential in sales and social metrics. It is already the 18th most traded NFT collection, with floor asset appreciation ranging between 580% for small apartments and 3450% for penthouses.
In this report, we analyze WorldWide Webb’s key factors, compare the performance to similar projects, and discuss the future of this virtual world.
Please, do not consider this document as financial advice.
Data updated on: Dec 12, 2021
Table of Contents
- Key takeaways
- Introduction to WorldWideWebb
- Financial Overview
- Project Utility Overview
- Social Metrics
- Technical Overview
- WorldWide Webb is an ambitious Massive Multiplayer Online (MMO) blockchain game that embraces cooperation and enables interoperability with popular NFT collection projects.
- It has raised $5.8 million in seed capital through NFT sales alone.
- Within two weeks, it already outpaced similar projects like Treeverse (another blockchain MMO game) in sales and social metrics.
Launch date: November 2021
Edition size: 9508
WorldwideWebb (W3) is a blockchain-based MMORPG set in a pixelated cyberpunk virtual world. A universe where users can navigate, collaborate and compete together. It uses NFTs to portray in-game avatars, pets, lands, items, and quests. One of the project’s strengths is focusing on a collaborative effort with established NFT projects such as CyberKongz, CryptoPunks, BAYC, and many others, unlocking a true interoperability paradigm.
Integrated NFT projects gain additional utility inside W3 as every collection is integrated differently. When NFT holders log in to W3 with their wallets, the NFTs unlock unique visual customization for the player character. Others can act as companions, pets, mounts, or even start entire quest lines.
While W3 is still in the early developing stages, it has achieved significant milestones since its release in late November 2021. The project already has a playable public demo, where players can create a character and adventure in W3’s pixelated world. When writing, users can explore a few city blocks, play mini-games, and socialize with a growing player base.
W3 shows steady growth despite the headwind from the market. The collection launched less than two weeks ago, on November 29th, and has already achieved $21,299,601 in trading volume. Furthermore, the floor price for each type of apartment has grown impressively. For instance, early minters of small apartments are at least 580% in profit territory, while those that minted a penthouse have seen a 3,450% appreciation in value.
To put this into perspective, Treeverse, a similar blockchain-based MMORPG project that had already established itself since August 2021 (when the market sentiment was a lot more bullish), currently has a floor price of 0.99 ETH and floor price ROI of 692%.
The seven-day trading volume for W3 at $4.8 million makes W3 the 18th most traded collection currently. Comparatively speaking, Treeverse sits at 73rd place with $661,363 in the same period.
The highest recorded sale for W3 happened on December 1st, where a penthouse sold for 38.888 ETH or $185,000. Penthouses are the rarest and most valuable apartment type; on the 9th of December, another one sold for 36 ETH or $155,000.
Since the minting in August, it took Treeverse almost four months to have comparable sales figures. The highest sale in Treeverse happened on November 21st where a plot changed owners for 52.5 ETH / $231,347. Naturally, this is higher than the sale in W3; however, W3 is barely two weeks old and arguably still has room to grow. However, both projects have room to grow.
Whale Wallet Analysis
W3 is a well-distributed collection. The unique holder ratio – the percentage of unique holding wallets – is 48%. The top five whales have 9.93% of the total supply; among them is the renowned crypto investor Pranksy, who is in 5th place, owning 100 plots of land. This whale concentration is marginally higher than that of Treeverse, which has a concentration of 8.11%.
However, Treeverse has a significantly lower unique holder ratio of 36%. The higher the whale concentration and the lower the holder’s ratio, the more vulnerable the collection is too sudden price changes. One should be aware of the risks of following whales. While the whale concentration for Treeverse and W3 is on par with each other, W3 can be less affected by whale activity due to the higher holders ratio.
- Whale concentration ratio: 9.93% / 944 plot
Utility of WorldWide Webb
The utility factor in W3 is robust. W3 has previously released two other NFT projects that helped the team obtain the seed capital for W3’s development. Besides Worldwide Webb Land plots, the team also released CryptoWeeb avatars and CryptoGFs as unlockable partners in the game. Early adoption of these two NFT projects rewarded holders with extra utility other than monetary appreciation.
CryptoWeebs is a collection of 72 handmade pixel avatars integrated into the W3 world. Once the holder of the NFT logs into the game with their wallet, they will be able to customize their character with a unique look resembling the NFT they purchased.
CryptoGFs similarly are also an NFT collection of 16 unique cards. Once the holder logs into their meta mask wallet, these cards have an augmented reality feature. Having a CryptoGF unlocks her as a companion character in the W3, and each one has a complex backstory built into a choose-your-own-adventure quest system.
Not much information regarding the WEBB token is available, but it will likely govern the project.
Apartments are integrated into the W3 world and directly connected to the overworld. However, the contents of the apartments are left to the holder’s discretion. Their placement in the overworld is not set in stone. The developers aim to let the owners have as much freedom with their land as possible. The apartments are not a finite resource, and there could potentially be more land sales in the future.
One can enjoy their apartments in a public or a private setting; in addition, it will be possible to convert the apartment into a great living space or turn it into a commercial establishment such as a bar, disco, or shop. One can also convert the area into an advertisement billboard for NFT projects or rent it out.
However, there’s also digital life outside the apartments. The developers are working on a Mario Kart-inspired racing game, where players race the streets of Worldwide Webb. The developers also plan to introduce PvP battles where players stake an NFT or some token for the winner to win all the loot. Players can expect Pokémon-inspired battles where digital pets like Mooncat NFTs battle against other NFT pets. Comparable options will be introduced much later in a battle-royale style PvP mode.
Similar concepts are championed by Treeverse, which sees instanced land to maximize player value and enjoyment. Land that is instanced can be kept private for the player to enjoy and turned into a workshop or a personal storage space. Unlike W3, Treeverse does not intend to become a decentralized project, and all decisions by the development team are final.
Social Awareness and Engagement
- Twitter followers: 36,500
- Discord members: 5000+
Gathering a dedicated and interested community is vital for any project, especially in the blockchain space.
W3’s Discord has around five thousand users with twenty specialized channels for various interests and a voice channel. The users are active daily on all channels, suggesting a genuine community being built around this project. Treeverse, a more senior project, currently has around 3000 users who participate semi-regularly in the five standard text-only discussion channels.
W3’s Twitter metrics are also solid. Although the Twitter account for W3 launched in February 2021, it mainly remained inactive until late November’s minting event. Around that time, it began to accumulate traction, averaging 1,111 new followers per day rapidly.
Treeverse has had an active Twitter account since September 2020, which was growing slowly before the land minting in August of 2021. After minting, their account also experienced significant growth, with 283 new followers per day on average. It took Treeverse nearly a year and multiple NFT launches to break the 10,000 followers milestone, while WorldWide Webb achieved the same metrics in less than a month.
While no further land sales are planned in W3’s future, the project aims to become a DAO. In essence, the W3 community will have a significant say in the project’s future.
W3 has already integrated many popular NFT collections like Cool Cats, BAYC, CyberKongz, and Cryptopunks. Every collection is integrated differently. Some unlock visual customizations act as companions, pets, mounts, or even start entire quest lines.
If you are an NFT collector, chances are your favorite NFT will be implemented into the game shortly.
Being a game, W3 plans to create a play-to-earn economy where players earn tokens or NFTs by interacting with the world and completing quests. The players can earn NFT-items such as pets, mounts, weapons, and armor. These items can be used within the game or sold on the in-game marketplace.
Thomas Webb leads a small W3 development team, a programmer, and an artist with a dedicated audience of 17k followers on Twitter and 54k on Instagram. Webb is very active on social media and in the blockchain world.
Guttykreum, a proficient pixel artist, created many assets for W3. Matt Havik is an accomplished game designer with a strong presence in game jams and a vibrant portfolio which you are encouraged to check out.
The team is comprised of artists RealJuice, and KT, who are not very active on social media.
Despite being small, the team is well-rounded and very talented. Every member is publicly known, which adds an additional layer of credibility and trust in the game’s success. The scenario is ideal in the NFT space and covers all the essentials of any serious project.
Like most NFT projects, W3’s metadata is hosted on Ethereum while visuals are on IPFS.
- Audit status: No audit performed.
- Storage: IPFS
- Contract address: 0xa1d4657e0e6507d5a94d06da93e94dc7c8c44b51
W3 is a new ambitious project performing above expectations in a current cooling market. Since launching, it has outpaced Treeverse, a similar and more established project which launched in more favorable market conditions.
WorldWide Webb has existed for barely two weeks and already has the 18th most selling NFT collection in the last seven days. W3 is growing by leaps and bounds, producing a workable alpha build. In addition, the team integrated many popular NFT collections such as Cryptopunks, BAYC, and Cool Cats, while many others are planned for integration in the future. This cross-pollination raises the profile of W3 due to being associated with more popular projects, and other NFT collections gain additional utility through W3. This has earned it the attention of many prominent crypto investors; however, the collection is still very well distributed, with a holders ratio of 48%.
It has an active and quickly growing community mainly due to this project’s community-focused approach. W3 is developing at a breakneck pace, with significant new developments expected nearly every month. Next year, the project’s core should be finished, and it will transition to a DAO, at which point the community will take over. Overall, W3 has laid a necessary foundation and will probably become an essential player in the metaverse narrative going forward.