Digital earth dominates NFT sales in the Metaverse with over $100 million in trades in one week.
In the third quarter of this year, the volume of Non-fungible token (NFT) trades reached $10.67 billion for objects, artwork and collections that exist only in the digital world. In recent weeks, however, the Metaverse has seen a veritable boom in sales of another rather unique type of object, namely virtual land.
An investment even real
The Metaverse represents an immersive virtual reality experience that leverages blockchain technology and non-fungible tokens to pay for and own digital objects. People and companies are starting to bet on the digitization of life and the take-off of the Metaverse. For that reason, virtual land is becoming as much of an investment as physical land and, if current trends continue, could give early adopters a huge payoff.
The report of this new business volume
According to data reported by DappRadar, in fact, in the week between November and December in the Metaverse alone, land sales of over $100 million were recorded between the four major platforms: The Sandbox, Decentraland, CryptoVoxels and Somnium Space. Specifically, the four major virtual worlds attracted the combined traffic of over 6,000 traders during the period. Sandbox leads the pack with the most sales and also the highest trading volume, at over $86 million. Decentraland follows in second place with more than $15 million traded for NFT of land, while smaller entities such as CryptoVoxels and Somnium Space follow closely behind.
A digital colonization
It is also surprising how the price of virtual land continues to rise, thanks to the boom in exchanges in recent weeks. The highest volume of business has seen the purchase by Metaverse Group of the Fashion Street Estate in Decentraland for 618,000 MANA, or 2.42 million dollars. For this record amount, the investment firm grabbed 116 virtual land parcels, which amount to about 6,090 square feet of land, which is a little more than the size of an average basketball court. This land is right in the heart of the Fashion Street district within Decentraland and will be developed to facilitate fashion shows and commerce as part of the explosion of the digital fashion industry.
In other words, this plot of land will be transformed into a virtual mall.
NFT space, future prospect
Without a shadow of a doubt, then, Metaverse Land is the next big thing in the NFT space. Record-breaking sales numbers and steadily rising NFT prices attest, among other things, that virtual worlds are the new hot commodity in the crypto space, and the growing attention of big companies to this kind of digital reality is also demonstrated by Facebook’s recent rebranding to Meta. In short, it seems that in the future many of the things that populate our lives may begin to have digital counterparts.
These could be the conditions for a change that needs to be studied, deepened, to understand the contemporary era but also to have the right tools to make the most of its opportunities.
A new iteration of the internet is being worked on and this will have massive implications for society. Marketing, communications, and branding professionals will face new challenges but also new opportunities. This new era of the metaverse will unleash amazing creativity and open up new frontiers and horizons for brands and businesses.
Now the question is, how are you getting ready?
To do this, these are the right courses: