Metaverse land is the new big hit in the crypto community, as leading virtual worlds recorded upwards of $100 million in NFT land sales in the past week. According to DappRadar data, activity for The Sandbox, Decentraland, CryptoVoxels, and Somnium Space is booming.
The four leading virtual worlds attracted combined traffic of more than 6000 traders in the last week. The Sandbox is leading the pack with both the highest number of traders and sales. It also had the highest trading volume with more than $86 million. Decentraland follows in second place with more than $15 million traded for land plot NFTs.
Cryptovoxels and Somnium Space also make the cut with a considerably lower number of traders and generated volume. Even so, the metaverse’s big four steadily outperforms big NFT projects.
The Sandbox is currently the second most traded NFT collection for the week, according to DappRadar data. Decentraland follows close behind at eighth place. In the meantime, big names in the crypto space like Bored Ape Yacht Club and CryptoPunks are trailing behind, especially in terms of the number of traders interacting with the collections.
Impressively, the price for metaverse land continues to increase as well. Last week, five of the ten most expensive NFT sales were of metaverse land plot NFTs in different virtual worlds. The top grosser was the Fashion Street Estate in Decentraland, which switched owners for 618.000 MANA, or $2.42 million.
Metaverse land is a top commodity
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. The wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta.
However, this is only the tip of the iceberg that pushed the term metaverse into the mainstream. Virtual worlds carry such enormous potential, and we’re just beginning to see the full array of use cases for metaverse land. The potential is almost boundless from simply building a property on top of your parcel as you would in Minecraft to actually monetizing your metaverse land through advertisements. Did you know that Barbados will have an embassy in the metaverse?
Metaverse events are becoming an industry-standard in the crypto space. Allowing brands, artists, and creators to showcase their work and product to millions of people worldwide, virtual events in the metaverse will only become more popular. Not to mention that a land plot can also be the playing field for a blockchain-based game or the gallery for your next NFT exhibition.
Truly, our imagination is probably limited, and new use cases will continue to pop up. Considering this, the demand for metaverse land is not at all surprising. DappRadar will continue monitoring the virtual world landscape as more platforms join the metaverse. You can check out our latest metaverse event here – it’s an important one! Additionally, you can follow DappRadar on Twitter and join our Discord community to share your thoughts on where the metaverse is headed next.