Virtual Land Just Sold For 18,000 MANA In Decentraland – Adidas (OTC:ADDYY), Atari (OTC:PONGF)
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What happened: Virtual land tokenized as an NFT just sold for $7,200, which is 4.41x the current floor price of 1.26636333 Ethereum ETH/USD ($7,200 USD). The collection consists of over 97,000 plots of land –– at the current moment each plot Land parcels are 16m x 16m, or 52 square feet. Land in Decentraland and The Sandbox skyrocketed after Facebook’s rebrand to meta, as more investors become aware of what the metaverse is. Most of the time, virtual land sells at a premium due to the size of the lot and its proximity to the center of the metaverse.
Ethereum’s blockchain is home to open world metaverses, with the 2 largest being Decentraland MANA/USD and The Sandbox SAND/USD. Brands like Adidas ADDYY and Atari PONGF have bought virtual land in these blockchain-based metaverses, and some companies believe that much of retail will eventually happen within the metaverse.
The term metaverse is used to describe the evolution of human’s 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 FB announced its rebrand to Meta, investors began to pay attention to platforms that are building metaverses. Smart contract blockchains can secure ownership of digital assets, so these networks play a crucial role in building out the metaverse.
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.
