O metaverso became the topic of the moment in the digital assets market, a move strongly driven by the announcement of Meta (ex-Facebook). More than ever, existing metaverse projects are raising tens of millions of dollars weekly, with more and more companies buying virtual land and securing their space in this alternate reality.
Just last week, a total of $106 million was spent on virtual properties, mainly on purchases of digital land, luxury yachts and other assets NFTs, according to data from the decentralized application platform DappRadar.
Virtual land sales break new records
The Sandbox, an online gaming world and one of the main metaverse projects, allows users to own lots of land and various objects, such as an improved Second Life. Currently, this is the platform that is dominating this new market. Between the 22nd and 28th of November, US$ 86.5 million were moved through one-time sales of virtual land.
Negotiations take place through NFTs, or non-fungible tokens, digital assets that carry ownership of a particular plot of land in The Sandbox or other metaverses.
Also according to data from DappRadar, a Decentraland is another metaverse project that moves millions. Occupying the second position, the platform sold $15.5 million in digital land in the same period. Together with the value moved by The Sandbox, in just one week over $100 million were spent on these assets linked to the metaverses, a record amount so far.
Other big names in this growing market are the smaller competitors. CryptoVoxels e Dream Space, which sold respectively US$2.6 million and US$1.1 million over the past week.
Speaking of records, the most expensive land in history was sold this last Tuesday (30) by US$4.3 million, setting a new record for that asset class. As found the Wall Street Journal, the property is in The Sandbox and its buyer was the company Republic Realm, investor and developer of digital real estate for metaverses (yes, there are already companies specialized in this).
Companies see business opportunity in the metaverse
We can see that virtual land is appreciating and that the search for it is growing. But who buys them? And for what? Well, like most cryptoactives, these NFTs are an opportunity to investment, but not only because of the likely long-term appreciation, but also because of the practical and business opportunities associated with having your own little piece of metaverse.
Republic Realm, buyer of the most expensive virtual land in history, bought it from another company (that you probably know), Atari SA. Once a big name in the gaming world, today Atari is primarily focused on blockchain technology and more recently on the metaverse.
Tuesday’s new record broke the one set last week by Metaverse Group, a subsidiary of Tokens.com, which purchased a piece of digital land for 618,000 MANA, Decentraland’s currency, equivalent to about about $2.43 million in season. This property is in the so-called fashion district in the metaverse.
In the case of Republic Realm, the company is already a leader in the virtual real estate market, having around 2,500 digital terrains in 19 different worlds. Okay, but what are these digital properties for? In some cases, the company expects it to appreciate in value over time, waiting for resale opportunities, in others it uses the assets to design homes, malls and other structures within the metaverse.
“Without a doubt, the land of the metaverse is the next big thing in NFT space. Producing record sales figures and constantly increasing in price, virtual worlds are the new flagship commodity in crypto space,” said the DappRadar on your blog.
The platform report confirms what we already know. The increase in activities related to the metaverse began with the decision of the Facebook, at the end of October, to be renamed as “Meta“, in a nod to its commitment to building its own digital world for its users.
“Metaverse events are becoming a crypto industry standard.” In practice, this allows brands, artists and creators to showcase their work and products to millions of people around the world through so-called “virtual events” that have been taking place in several metaverses. By having land and property in one of them, it is possible, for example, capitalize on the use of this space in countless ways.
With information: DappRadar, Wall Street Journal