Metaverse Virtual Real Estate Grossed $106 Million Last Week
In a harbinger of things to come, users can now hold real estate in the metaverse, and, going by last week’s performance, it looks like metaverse real estate is becoming more lucrative and hotter by the day.
If you have money to spare, you can now snap up massive tracks of digital real estate in the metaverse. The metaverse isn’t a single platform. The palette is growing and there are a number of platforms that are metaversal or proto-metaversal where you can snap up some in-demand digital tracks of land.
Just how hot is it? Going by last week’s sales, it seems that it is becoming a very attractive investment option. Going by last week’s sales data alone, some four blockchain-based metaverse projects grossed $106 million in virtual land nonfungible tokens sales based on data from DappRadar.
According to data from the decentralized application analytics firm, sales boomed in Decentraland, The Sandbox, Somnium Space, and CryptoVoxels with sales on the four platforms totaling $105.8 million in trading volume from over 6,000 traders.
The lion’s share of this sales volume was generated on The Sandbox which amounted to $86.56 million. Dentraland grossed $15.53 million in sales; CryptoVoxels generated $2.68 million while Somnium Space grossed $1.1 million. These four platforms are all metaverse projects that have been created on the Ethereum blockchain. We are also seeing metaverse projects on other blockchains like Solana also beginning to pick up steam.
According to DappRadar, the current wave of attention seen in the virtual worlds such as Decentraland and The Sandbox began with Facebook’s rebranding to Meta a few weeks back.
DappRadar calls Facebook’s move as just the “tip of the iceberg” which thrust the term Metaverse into the mainstream. According to the Dapp store, virtual worlds have an “enormous potential” intrinsically and we are just starting to see the full array of the potential use-cases for metaverse lands.
The Sandbox’s chairman and co-founder Yat Siu sees Facebook’s brand to Meta as an attempt to “usurp the narrative” and own the metaverse, a move that has created a “chain reaction of other companies not in Web 3.0” like Microsoft to enter the metaverse fray by announcing the metaverse strategies. This has magnified mass interest and awareness in the metaverse and we are now seeing the end result of that in the millions of dollars being poured into blockchain-based digital lands. Siu says Meta’s approach is a sharp contrast from that of his company which has adopted a more organic, user-built environment.
The Sandbox founder states that even though not everyone stands the meaning of digital property rights in the metaverse, there is such a sharp increase in interest that many are now more aware. Siu says his company “captured the narrative of a real metaverse” where investors can own a piece of the virtual lands that is now captured in the token price.
Of the four metaverse projects mentioned above, Decentraland has registered the biggest NFT land sale in the past 30 days. A plot in Decentraland is made up of 116 parcels of land in its Fashion Street District and sells for 618,000 MANA tokens which is equivalent to $2.7 million as of Nov 23.
The metaverse will eventually consist of a cascade of virtual worlds in the same way that individual websites make up the World Wide Web. There are now several companies involved in the development of the virtual realms that will eventually make up the metaverse where users will gather to play games, trade, socialize and interact with ads.
The growing digital real estate market in these three-dimensional virtual world in VR is the beginning of a metaversal future where people will be spending considerable time in these worlds and where virtual real estate owners will even be able to partner with brands looking for a presence in the many iterations of the metaverse that we are already witnessing.