Virtual land in the Metaverse dominated NFT sales over the past week
The demand for digital land exceeded all other commodities, art, and collections, according to NFT and Metaverse sales during the last week.
As seen by the recent NFT and Metaverse sales results, digital land is in great demand in an already wealthy sector.
According to NonFungible, an industry measurement platform, NFT sales have exceeded $300 million in the last week. Almost a quarter of the amount has been for digital land in the Sandbox Metaverse.
Each of the top 10 NFT Metaverse sales during the last week was for in-game digital land across the top five collections.
Over the previous week, the Sandbox received $70.5 million in total volume for 4,433 assets, making it the most profitable Metaverse collection.
Despite the fact that Decentraland placed second in terms of total volume traded, the top ten most costly metaverse NFT sales in the preceding week, which ranged from 225,000 MANA ($758,250) to 50,000 MANA ($220,000), were all conducted on the Ethereum-based virtual world. Over the last week, Decentraland exchanged 399 assets for $6.6 million in volume.
Meanwhile, CryptoVoxels traded $650,000 in volume for 81 assets during the last seven days, Somnium Space traded $492,000 for 40 assets, and SuperWorld traded $227,600 for 506 assets – all of their largest deals were for virtual land.
The Metaverse is an internet-based immersive virtual reality experience that combines blockchain technology and nonfungible tokens (NFTs) to pay for and own objects. When you buy anything in-game, for example, you truly own it and may keep, trade, or sell it.
According to DappRadar, more than 6,000 dealers sold $106 million worth of Metaverse land in the week ending December 2. “Without a question, Metaverse Land is the next great thing in the NFT world. Virtual worlds are the new top commodity in the crypto sector, according to DappRadar in a blog post at the time, “outputting record sales numbers and continually climbing NFT values.”
After paying $913,000 for 259 pieces in June, a virtual real estate investment business shattered Decentraland’s record for the most expensive digital property plot ever auctioned.
Sandbox and Dentraland maintained their positions as the top two collections traded on NFT marketplace Opensea throughout the last week.