Weekly metaverse land sales top $100m

Metaverse land sales have topped $100m within a single week across the Ethereum blockchain network, according to a report by crypto analytics firm DappRadar.

The news that plots of land in the metaverse have sold for millions of dollars has been ramping up in recent weeks.

Metaverse land is virtual property that is owned through non-fungible tokens (NFTs), and it’s apparently selling for seven figures.

Investors have jumped at the opportunity of purchasing metaverse land because of Facebook’s recent announcement that it will focus on the development of NFTs and an entirely new metaverse of its own. Since then, the company has rebranded as Meta.

Commenting on the recent flurry of investment, DappRadar wrote: “The wave of attention towards virtual worlds like The Sandbox and Decentral started with Facebook’s rebranding to Meta.”

The company is confident that the NFT space will now focus more heavily on metaverse land as it will enable companies to create and build unique digital properties on arguably the most central place of those digital worlds.

Why digital land? With big brands moving into the metaverse, netizens will consumer advertisement by directly interacting with it.

That is why brands such as Adidas and Coca Cola are willing to spend millions on securing central places in what could be the future of consumer interaction and elevate advertisement. Already, brands are paying big money to make sure they have an early start in the metaverse.

Last week alone, The Sandbox, the world’s largest metaverse to date, managed to sell $86.56m of digital real estate. Decentraland, a popular metaverse from the time before metaverses were all the rage, realized $15.53m in digital land sales.

Similar sales are occurring on other blockchain networks as well, including Solana, which is arguably having a slow start but is expected to pick up. Several prominent deals have been completed on Solana already.

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Updated: 12/02/2021 — 13:00