What happened: Virtual land tokenized as NFT has just been sold for $4,756, which is 2.22 times the current floor price of 1.65 Ethereum ETH/USD ($4,756). The collection consists of over 97,000 plots of land –– at present, each plot of land measures 16m x 16m, or 52 square feet. Land in Decentraland and The Sandbox skyrocketed after Facebook’s metaverse rebranding as more investors wake up to what the metaverse is all about. Most of the time, virtual land sells for a premium due to the size of the land and its proximity to the center of the metaverse.
The Ethereum blockchain is home to open world metaverses, the 2 largest being Decentraland MANA/USD and the sandbox SAND/USD. Brands like Adidas ADDYY and Atari PONGF have purchased virtual land in these blockchain-based metaverses, and some companies believe that much of the retail will eventually be done in the metaverse.
The term metaverse is used to describe the evolution of human interaction with the Internet. As we spend more and more time on the internet, the gap between the real world and our online identities is shrinking. Ultimately, the metaverse is intended to be an immersive virtual world where people benefit from digital ownership and can interact with their peers.
Why is this important: After Facebook Facebook announced its name change to Meta, investors started paying attention to platforms that build metaverses. Smart contract blockchains can secure ownership of digital assets, so these networks play a crucial role in building the metaverse.
See also: NFT Release Schedule and Best NFT Projects of 2021
Data provided by OpenSea.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.