Metaverse land is the next big hit in the NFT space and according to data by DappRadar four blockchain-based Metaverse companies sold more than $100 million worth of virtual land NFTs last week
$106M worth of Metaverse land sold last week
According to statistics from DappRadar, four blockchain-based Metaverse companies sold more than $100 million worth of virtual land NFTs last week.
According to a Nov. 30 post from the decentralized application (DApp) analytics firm, activity on The Sandbox, Decentraland, CryptoVoxels, and Somnium Space was “booming” between Nov. 22 and Nov. 28, with a combined $105.8 million in trading volume from more than 6,000 traders:
“Undoubtedly, Metaverse Land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.”
With $86.56 million in volume, The Sandbox led the way, followed by Decentraland with $15.53 million and CryptoVoxels and Somnium Space with $2.68 million and $1.1 million, respectively. Although projects on other chains, such as Solana, are gaining traction, all four of these Metaverse projects are built on the Ethereum blockchain.
“The tsunami of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta,” according to DappRader.
“However, this is simply the tip of the iceberg that has propelled the word Metaverse into the public consciousness. “Virtual worlds have so much promise, and we’re only beginning to see the full range of use cases for metaverse land,” according to the blog post.
Sandbox’s massive increase in NFT land sales volume
“Facebook in their attempt to usurp the narrative of the Metaverse caused a chain reaction of other companies not in Web3 (such as Microsoft) to also announce their Metaverse strategies and created mass interest and awareness.”
Siu compared Meta’s approach to The Sandbox’s more organic, user-created setting.
“While not everyone understands what digital property rights are, enough people are now interested in learning more about them, which has increased net awareness.” “The Sandbox has captured the narrative of a real Metaverse in which you can truly own a piece of it, and this is reflected in the token price to some extent,” Siu added.
Decentraland has seen the largest NFT land sale of the four projects published in the previous 30 days, with a plot 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 rates) on Nov. 23.
The Sandbox also sold a tokenized ultra-luxury mega-yacht for 149 Ether (ETH), which is currently worth more than $666,000.