Decentraland, a virtual-reality world powered by the Ethereum blockchain, continues to dominate the non-fungibles market with a market cap of three times as big as Cryptokitties’, according to a newly launched non-fungibles rating website. Non-fungible tokens are unique and non-interchangeable tokens, like baseball cards, whereas fungible tokens are like cash — ten-dollar bills are all worth the same.
Cryptokitties is a virtual game where people collect, breed, and trade cartoon cats. Cryptokitties introduced ERC-721, a new format for non-fungible tokens. Last year’s Cryptokitties craze brought Ethereum’s scaling issues into a sharper focus by causing bottlenecks in the network.
The Decentraland project takes the concept of non-fungible tokens to the next level. Decentraland is a virtual world where users can build whatever they can imagine on plots of virtual land and experience the world with a VR set or in a browser. Some believe that Decentraland is the closest thing we have to the OASIS, a virtual world described in a popular sci-fi book ‘Ready Player One’ and a movie of the same name directed by Steven Spielberg.
Last year Decentraland sold about $25 million worth of virtual real estate in an auction. As of September 2018, an average 7-day market capitalization of Decentraland is around $58 million with an average price of $1,650 per token.