When Mark Zuckerberg announced Meta, the crypto and blockchain revolution took a different turn. NFTs and virtual assets became valuable. What initially started as an exclusive movement for collectors and artists, became mainstream and accessible. Two of the biggest metaverses on the Ethereum chain, Decentraland (MANA) and Sandbox (SAND) have been selling digital plots of land for very high prices to investors who value virtual real estate. These NFTs come with their own set of utilities and also have staking value.
An NFT tokenizing virtual land just sold for $14,075, which is 4.54 times the current floor price of 2.59693981 Ethereum ETH/USD ($14,075 USD). Currently, the collection consists of over 97,000 plots of land measuring 16m x 16m, or 52 square feet. In most cases, virtual land sells at a premium due to its size and proximity to the metaverse’s center. Some companies believe that much of retail will eventually take place in metaverses based on Ethereum’s blockchain, such as Decentraland MANA/USD and The Sandbox SAND/USD.
Metaverse refers to the evolution of human interaction with the internet. As we spend more time online, the gap between the real world and our online identities narrows. Eventually, the metaverse will be an immersive virtual world where people can interact with their peers and own their digital assets. In the wake of Facebook FB’s rebranding to Meta, investors started paying attention to platforms that are building metaverses. In the metaverse, smart contracts play a crucial role in securing ownership of digital assets.
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