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$106 million worth of Metaverse Land sold in a week

$106 million worth of Metaverse Land sold in a week

Owning real estate on the metaverse looks like the next big thing in the crypto space.

Over the past couple of weeks, there have been record sales for properties in the metaverse, especially land. From November 22 to 28, 2021, the top virtual worlds have recorded a joint sale of over $105 million according to decentralised apps tracking platform, DApp Radar.

The leading virtual universes responsible for this massive transaction volume are The Sandbox, Decentraland, CryptoVoxels, and Somnium Space.

According to DApp Radar’s report, the four digital spaces attracted combined traffic of more than 6,000 traders.

The Sandbox took the lead with the highest number of traders and completed sales. The decentralised world also commanded the highest transaction volume with more than $86 million in total transactions.

Popular GameFi App, Decentraland, came second with more than $15 million in sales from land NFTs.

Lesser known sites, Cryptovoxels and Somnium Space support the total volume with $2.68 million and $1.10 million, respectively. All four of these projects are built on the Ethereum Blockchain.

This doesn’t seem to be an isolated trend. Last week, DApp Radar reported that five of the ten most expensive NFT sales were of metaverse land plot NFTs in different virtual worlds.

The most expensive was the Fashion Street Estate in Decentraland, sold for 618.000 MANA, about $2.7 million.

Fashion Street Estate on OpenSea

DApp Radar also mentioned that this wave of attention towards virtual worlds like Decentraland and The Sandbox started with Facebook’s announcement of its name change to Meta.

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“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 post read.

Though a relatively new concept, people are beginning to see the potential of metaverse land.

It is just like buying land in a remote area that’s getting some attention from large corporations and the government, hoping that when they invest in the place, the value of your plot of land will skyrocket.

However, some are not waiting for the future to start extracting value from their metaverse plots, as many people have built several structures on their metaverse plots.

Some built art galleries to show off their NFT collection. Others have put up exclusive clubs and casinos where people can spend tokens, just like in real life, and get the proceeds directly.

These tokens can be sold in exchange for real-world money. The use cases for virtual land are limited only to our imagination

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