Metaverse land industry surpassed the US$ 100 million traded mark, according to a report prepared by the portal DappRadar. This mark was achieved mainly with operations in the Ethereum (ETH) and Solana (SOL) networks.
The report took into account the period between 23 and 30 November. According to the data, the total figure corresponds to exactly US$ 105.9 million.
The Sandbox (SAND) and Decentraland (MANA) ecosystems alone accounted for $102 million of the total volume. About 6,000 traders carried out land purchase operations in the Metaverses.
Virtual land ownership
In the Metaverse, lands are virtual properties in the form of NFTs, tokens that can represent ownership in virtually anything. In this case, NFT represents pieces of land in a given alternate world.
For example, Decentraland is one type of Metaverse, just like Lunacia, the virtual world of the Axie Infinity game, is another. Both gained prominence for having negotiated the land with the highest value in the history of this universe. The first purchase, for US$ 2.4 million, took place at Decentraland, but was surpassed only 24 years later, when someone paid US$ 2.5 million for a piece of land belonging to Axie Infinity.
Most of the Metaverse activities take place on the ETH network, like the two examples cited above. In fact, the top four projects listed by DappRadar operate on ETH. However, blockchain Solana is also looking to grab a share of this growing market.
“Without a doubt, the Metaverse lands are the next big thing in the NFT market. Frequent sales records as well as rising land prices make them the top new goods in the cryptocurrency space. As a result, Metaverse is becoming an industry standard,” said DappRadar.
With this euphoria, Metaverse begins to invade and seek partnerships in the real world. The Sandbox, for example, was the target of this invasion by sporting goods giant Adidas, which hinted at a possible partnership. The company’s tweet was enough for the SAND token to break its historic maximum, demonstrating that this is, in fact, the new bet of the markets within cryptocurrencies.