Metaverse lands are becoming more expensive than actual land. Dapper claims that about $106M worth of Metaverse was sold last week. The Metaverse land is a big hit in the NFT space, constantly increasing NFT Prices and outputting record sales. Virtual worlds are now the top commodity in the cryptocurrency space.
Four Metaverse projects generated over $100 million worth of virtual land in NFT sales, MANA, SAND, Somnium Space, and the CryptoVoxels. Axie Infinity too sold a “Genesis Plot” for 550 ETH, worth 2.3 million us dollars, on 26 November.
A decentralized applications analytics firm reported on how the Metaverse projects are booming. The firm noted that activity was booming between 22 and 28 November in Decentraland(MANA), The Sandbox (SAND), Somnium Space, and the CryptoVoxels. The action constituted $105 .8 million worth of trading volume from more than 6000 traders.
$106m Worth of Metaverse Sold Last Week
Decentraland accounted for $15.53 million, CryptoVoxels $2.68 million, Somnium Space$1.1 million, and the Sandbox(SAND) 86.56 million US dollars. All four projects are built on the Ethereum blockchain. However, networks like Solana and Dot are picking up pace.
According to DappRadar, the attention towards virtual worlds began when Facebook announced a name change to Meta and even said it has set aside a Metaverse fund and unit. However, this is merely the tip of the iceberg. DappRadar says the virtual space carries massive potential that the world is yet to discover. This is just the beginning, and the full use case of the metaverse land is simply starting.
Following the enormous surge in NFT land sales volume, Yat Siu, the co-founder and chairman of Amonica Brands, Sandbox’s parent company, told Cointelegraph,commenting on The Sandbox’s enormous surge in NFT land sales volume, Yat Siu, chairman, and co-founder of Sandbox’s parent company, Animoca Brands, told Cointelegraph:
“Facebook in their attempt to usurp the narrative of the metaverse caused a chain reaction of other companies not in Web 3.0 (such as Microsoft) to also announce their metaverse strategies and created mass interest and awareness.”
Siu contrasted Meta’s approach to the more organic, user-built environment of The Sandbox.
Digital Property Rights
According to Siu, not everyone understands digital property rights. However, the Metaverse has helped create awareness, and many people are beginning to take an interest in the virtual sp. Owning a piece of land in the Metaverse is fascinating, and many people want in.
Of the four projects above, MANA witnessed the biggest NFT land sale, a plot of land consisting of 116 parcels of land in the virtual world’s Fashion Street District selling for 618,000 MANA tokens ($2.7 million at current prices) on 23 November. The same day, SAND also sold a tokenized ultra-luxury mega-yacht for 149 Ether (ETH) worth more than 666,000 us dollars.
The Metaverse Boom
The Metaverse is a good investment. Anyone looking into cryptocurrency gains should buy top metaverse coins and hold. An official release of the Facebook Meta will make the coins pump. The coming quarters will witness massive crypto gains like never before. Everybody is early to the Metaverse.