Data from DappRadar, a decentralized application (DApp) Non-Fungible Token (NFT) analytics platform and tracker, reveals that four blockchain-based Metaverse projects generated more than $100 million worth of virtual land NFT sales.
A post from the platform revealed that between the 22nd and 28th of November, The Sandbox, Decentraland, CryptoVoxels and Somnium Space generated a combined $105.8 million worth of trading volume between them from more than 6,000 traders.
The post reads, “Undoubtedly, Metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.”
Read: Grayscale: Metaverse is a trillion dollar market opportunity
What you should know
- The Sandbox lead the pack, representing the lion’s share of volume for the week with $86.56 million, Decentraland accounted for $15.53 million, CryptoVoxels generated $2.68 million and Somnium Space generated $1.1 million. All four of these Metaverse projects are built on the Ethereum blockchain.
- The post revealed that Sandbox is the second most traded NFT collection for the week. It reads, “The Sandbox is currently the second most traded NFT collection for the week, according to DappRadar data. Decentraland follows close behind at eighth place. In the meantime, big names in the crypto space like Bored Ape Yacht Club and CryptoPunks are trailing behind, especially in terms of the number of traders interacting with the collections.”
- Last week, five of the ten most expensive NFT sales were of metaverse land plot NFTs in different virtual worlds. The top grosser was the Fashion Street Estate in Decentraland, which switched owners for 618.000 MANA ($2.42 million).
Read: Meta, formerly known as Facebook, plans to launch retail stores as part of metaverse push
What they are saying
Commenting on The Sandbox’s enormous surge in NFT land sales volume, Yat Siu the chairman and co-founder of Sandbox’s parent company Animoca Brands told Cointelegraph that, “Facebook in their attempt to usurp the narrative of the Metaverse caused a chain reaction of other companies not in Web3 (such as Microsoft) to also announce their Metaverse strategies and created mass interest and awareness.”
Siu contrasted Meta’s approach to the more organic, user built environment of The Sandbox.
He added, “While not everyone understands what digital property rights really mean, enough of them are interested in this now and this has created more net awareness. The Sandbox has captured the narrative of a real Metaverse one where you can really own a piece of it, and this is also reflected somewhat in the token price.”
Out of the four projects listed, Decentraland has seen the biggest NFT land sale over the last 30 days, with a plot consisting of 116 parcels of land in the virtual world’s Fashion Street District selling for 618,000 MANA tokens ($2.7 million at current prices) on Nov. 23. On the same day, The Sandbox also sold a tokenized ultra-luxury mega-yacht for 149 Ether (ETH) worth more than $666,000 at the time of writing.
The posted concluded stating, “Undoubtedly, metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.”
