Virtual land tokenized as an NFT just sold for $20,172, which is 2.53x Decentraland’s current floor price of 2.65 ETH ($8179.43) or 3921.82 MANA. The collection consists of over 97,000 plots, each measuring 16m x 16m, or 52 square feet. Immediately following Facebook’s rebranding to Meta, land prices skyrocketed in Decentraland and The Sandbox as more investors became aware of the metaverse. Virtual land regularly sells at a premium due to its size and proximity to the centre of the virtual space.
The Ethereum blockchain hosts a number of open-world metaverses. The two largest are Decentraland and The Sandbox. Adidas and Atari have acquired virtual land in these blockchain-based metaverses, and some companies expect that more retail will move there in the future.
What is the metaverse?
The term metaverse is used to describe the evolution of human interaction with the internet. As we spend more and more of our time on the internet, the gap between the real world and our online identities declines. Eventually, the metaverse is intended to be an immersive virtual world where people enjoy digital ownership and can interact with their peers.
Why it Matters?
After Facebook announced its rebrand to Meta, investors began to pay attention to platforms like Decentraland that are building metaverses. Smart contract blockchains can secure ownership of digital assets, so these networks play a crucial role in developing the metaverse.
Data provided by OpenSea.