Over $100 million was made from metaverse land sales in one week | CryptoSlate


There is no doubt that interest in the fact that Metaverse and associated features like virtual lands and virtual real estate is on a romp presently. In fact, available data from DappRadar has shown that over $100 million was used in purchasing these virtual properties in the last seven days.

Metaverse lands are in hot demand

According to the crypto analytics site, Metaverse-related projects like The Sandbox, Decentraland, CryptoVoxels, and Somnium Space attracted around 6000 traders who cumulatively spent over $100 million on these platforms.

How To Get Free Crypto  

It continued that Sandbox virtual lands grossed the highest amount of investment as $86 million was spent on lands in this virtual world. Its closest competitor was Decentraland who saw investments of more than $15 million for virtual lands while CryptoVoxels and Somnium Space had relatively lower transactions and traders in comparison to their rivals.

The price for metaverse land continues to increase as well. Last week, five of the ten most expensive NFT sales were of metaverse land plot NFTs in different virtual worlds.

An interesting revelation from DappRadar’s report is that the metaverse project, despite their relative newness, has been steadily outperforming big NFT-related projects.

Per the report:

“The Sandbox is currently the second most traded NFT collection for the week…Decentraland follows close behind at eighth place. In the meantime, big names in the crypto space like Bored Ape Yacht Club and CryptoPunks are trailing behind, especially in terms of the number of traders interacting with the collections.”

Facebook rebranding to Meta is spurring attention to the space

While many of these projects had been in existence for the best part of this year, interest in them did not really start until when Facebook revealed that it would be refocusing its business to the metaverse while also renaming its parent company into Meta.

This move, according to DappRadar, began a “wave of attention towards virtual worlds like The Sandbox and Decentraland.” Already, we have begun witnessing big businesses like Adidas already partnering with metaverse-related projects so as to get a toe into the industry.

Coinbase Banner  

Just yesterday, it was also revealed that Jack Dorsey would be resigning his position as Twitter’s CEO in order to focus on Square’s effort into the crypto space. Square also has rebranded its name into Block to show where its focus lies in next.

CryptoSlate Newsletter

Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Posted In: Metaverse, NFTs

Go to Source
Author: Oluwapelumi Adejumo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.