As seen by the recent NFT and Metaverse sales results, digital land is in high demand in an already rich sector.
As per NonFungible, a platform for industry assessment, NFT sales have surpassed $300 million in the last seven days alone.
A profitable collection
In the Sandbox Metaverse, about a fifth of the total has been spent on digital land purchases.
A total of 10 NFT Metaverse items were sold in the last week, all of which were from the top five collections.
The Sandbox collected a total of $70.5 million in total volume for 4,433 assets over the previous week, making it the most profitable collection in the whole Metaverse.
https://www.youtube.com/watch?v=DpYnZcloXfg
NFT sales in the metaverse ranged from 225,000 MANA ($758,250) to 50,000 MANA ($220,000) in volume exchanged last week.
All of the experiments were carried out in the Ethereum virtual environment. Over the last week, Decentraland traded 399 assets for $6.6 million in volume.
Meanwhile, CryptoVoxels traded $650,000 in volume for 81 assets over the last seven days, Somnium Space traded $492,000 for 40 assets, and SuperWorld traded $227,600 for 506 assets – all of their largest trades were for virtual land.
What is the Metaverse?
The Metaverse is an immersive virtual reality experience that makes use of blockchain technology and non-fungible tokens (NFTs) to allow users to pay for and own things.
When you buy anything in-game, for example, you actually own it and can keep, trade, or sell it.
According to DappRadar, more than 6,000 traders sold $106 million worth of Metaverse land in the week ending December 2. “Without a question, Metaverse Land is the next great thing in the world of NFT.”
Virtual worlds are the new top commodity in the crypto sector, as per DappRadar in a blog post at the time, “outputting record sales numbers and constantly climbing NFT values.”
Image courtesy of Cointelegraph News/YouTube