In Decentraland, a software application based on Ethereum, users are encouraged to operate a virtual world together. The Sandbox is another virtual world where players can build, own, and monetize their gaming experiences. When crypto investors became aware of the metaverse after Facebook rebranded to meta, land prices in Decentraland and The Sandbox soared. Due to its size and proximity to the center of the metaverse, virtual land typically sells at a premium.
What happened: Recently, NFT tokenized as virtual land sold for $12,587, which is 3.47x the current floor price of 1.85 Ethereum ETH/USD ($12,587 USD). Currently, there are over 97,000 plots of land in the collection, each measuring 16m x 16m, or 52 square feet.
Several open world metaverses have been built on Ethereum’s blockchain, the largest of which is Decentraland MANA/USD and The Sandbox SAND/USD. Adidas ADDYY and Atari PONGF have bought virtual land in these open world metaverses, and many companies believe most retail will eventually take place there.
Metaverses are interactive virtual environments. Our online identities are merging with our real-world identities as we spend more time online. The metaverse is intended to be an immersive virtual world where people can interact and enjoy digital ownership.
Why it Matters: After Facebook FB’s rebranding to Meta, investors began paying attention to platforms that are building metaverses. To build out the metaverse, smart contracts are crucial for securing digital assets on blockchains.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
