It hasn’t been that long since virtual lands started becoming more in demand, making them one of the most lucrative markets out there.
Nonfungible, a platform that provides market metrics about NFT companies, registered more than $300 million in NFT sales.
Nearly a quarter of those transactions have been for digital land in the Sandbox Metaverse.
Over the past week, the Sandbox, the virtual Metaverse where players can play, build, own, and monetize their virtual experiences, received $70.5 million in purchases of 4,433 assets, making it the most valuable collection in the Metaverse.
In the top ten most expensive NFT sales traded this past week, Decentraland, a decentralized 3D virtual reality platform consisting of 90,601 parcels of land, ranked second with $6.6 million in volume for 399 assets.
The Metaverse is an immersive virtual reality experience using blockchain technology and nonfungible tokens (NFTs) to pay for and own items online.
Several major entities stated that the metaverse represents a massive opportunity for the crypto industry and that it could soon reach a trillion-dollar market.