$106M worth of Metaverse land sold in one week by 4 firms combined
According to data accessed from DappRadar, four Metaverse projects powered by blockchain has generated over $100 million worth of virtual land NFT sales in the previous week.
A post by the decentralized application (DApp) analytics firm, made on November 30 had shared that between November 22 and November 28, there was “booming” activity on The Sandbox, CryptoVoxels, Decentraland, and Somnium Space – the four combined making a whopping $105.8 million worth of trading volume from more than 6,000 traders.
The post shared that Metaverse land is “undoubtedly” the next big hit in the NFT space and that by record sales numbers and constantly increasing NFT prices, it is evident that “virtual worlds are the new top commodity” in the crypto space.
The Sandbox had represented the lion’s share of volume for that particular week with $86.56 million, while Decentraland accounted for $15.53 million. Both CryptoVoxels and Somnium Space have generated $2.68 million and $1.1 million each.
All the four Metaverse projects are built on the Ethereum blockchain, although projects on others, like Solana, are also gathering pace soon.
DappRader also noted that “the wave of attention” drawn by virtual worlds such as The Sandbox and Decentraland had been kickstarted with Facebook’s rebranding to Meta.
The blog post read that this is rather “only the tip of the iceberg” that has initially pushed the term Metaverse into the mainstream world. Virtual worlds carry “enormous potential”, and the world is only beginning to witness “the full array of use cases for metaverse land.”
Yat Siu, Chairman and Co-Founder of Animoca Brands, commenting on The Sandbox’s “enormous surge” in NFT land sales, has said that in their attempt to usurp the narrative of the Metaverse, Facebook has caused “a chain reaction” among other companies that are not in Web3 (such as Microsoft) leading them to “announce their Metaverse strategies”; thus creating “mass interest and awareness.”
Animoca Brands is the parent company of The Sandbox.
Siu explained that while not everyone understands in detail about digital property rights, as much as “enough of them” have shown interest in it, thus generating “more net awareness.”
The Sandbox has also captured the narrative of a real Metaverse one where one can actually own a piece of it while that being reflected in the token price, he added.
Out of the four listed projects, Decentraland has recorded the biggest NFT land sale in the last 30 days. The sales were majorly on a plot that consists 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 November 23.
On the very same day, The Sandbox had also sold a tokenized ultra-luxury mega-yacht at 149 Ether (ETH) which was worth more than $666,000 at the time of writing this news.