Metaverse Land Sales on Major Blockchains Surpass $100M in a Week
Ethereum-based projects are taking the lead in the metaverse space as the emerging sector continues to become popular. However, investors are also looking at Solana-based projects as their adoption grows.
Metaverse Real Estate is the Next Big Trend
A recent bought a virtual land on Decentraland for $2.5 million has revealed that interest in metaverse land has reached a new peak. Over the past week, the sale of virtual real estate on metaverse projects reached $100 million.
This is the highest amount investors have spent on virtual real estate since the emergence of the latest trend. Metaverse land is a virtual property in the form of nonfungible tokens (NFTs), which are unique digital tokens that can represent ownership in virtually anything online.
The report pointed out that most of the metaverse land activities currently take place on the Ethereum blockchain. This is not surprising considering that Ethereum remains the leading programmable blockchain in the world.
Solana is another blockchain that is gaining traction in the metaverse space. The report revealed that Solana’s metaverse projects are currently competing with that of Ethereum in terms of market activity.
Metaverse Projects are Picking up the Pace
This latest report comes just a week after a virtual land on the Axie Infinity platform was sold for 550 ETH (approximately $2.3 million at the time.) Tokens.com, a Canadian investment firm, also bought a virtual land on Decentraland for $2.5 million, making it one of the most expensive metaverse land acquisitions.
Popular rapper Snoop Dogg is currently building a mansion inside The Sandbox metaverse.
🌞 Gm ☕ it's LAND Sale day!
— The Sandbox (@TheSandboxGame) December 2, 2021
The entry of such popular figures could help boost the adoption of the metaverse. DappRadar said, “The wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta.”
The crypto analytics platform said metaverse land is the next big hit in the NFT world. The site said they expect metaverse land sales to continue to grow as they become industry standard in the cryptocurrency space.