Metaverse land sales on Ethereum and Solana up to $ 106 million last week
Most of the money invested in Metaverse land is being spent on Ethereum-based projects, but investors also see Solana as a potential candidate.
According to the cryptocurrency analysis website DappRadar, interest in metaverse land, virtual real estate and the hottest new crypto craze has exploded: around $ 106 million has been invested in the segment in the last week alone.
Metaverse Land is a virtual asset in the form of NFTs, the only digital token that can represent ownership of anything online, such as art, sound, or in this case a part of yourself. Metaverse.
Most of Metaverse’s activity currently resides on the Ethereum network, the blockchain that powers the second largest crypto project by market capitalization, although rival network Solana is rapidly catching up.
In Metaverse, investors in each network can buy land, build their own virtual worlds and finally interact and explore as avatars, all via NFT.
Investors are frantically buying land, partly because Meta – formerly known as Facebook, the world’s seventh largest company by market capitalization – is rebranding to focus on developing a Metaverse NFT.
“The wave of attention to virtual worlds like The Sandbox and Decentraland began with the renaming of Facebook to Meta,” said DappRadar.
“Metaverse Land is without a doubt the next big hit in the NFT space. With record sales and consistently bullish NFTs, virtual worlds are the new flagship in the crypto space. Metaverse events are becoming an industry standard in the crypto space. “
Last week, Adidas teamed up with The Sandbox on a $ 86.56 million deal, saying that Metaverse is “one of the most exciting developments in the digital realm,” which is helping to grow as a brand as the leading Metaverse project to win.
Other big brands and celebrities who have invested in The Sandbox include Japanese tech investment firm Softbank, LG Technology Ventures, blockchain game company Animoca Brands, and rapper Snoop Dogg.
In the past seven days, investors have spent $ 15.53 million buying land on Decentraland, according to DappRadar. Last week, virtual real estate company Metaverse Group spent $ 2.43 million on a virtual property on Decentraland.
DappRadar says that CryptoVoxels and Somnium Space, two other Ethereum virtual worlds, sold $ 2.68 million and $ 1.1 million respectively last week.
However, DappRadar’s metrics only take into account metaverse plots created via Ethereum. Solana, an Ethereum competitor and the network behind the fifth largest cryptocurrency by market cap, has also seen explosive interest in NFTs looking to participate in the Metaverse.
Portals, which calls itself the “Metaverse platform Animal Crossing meets Sim City meets Sandbox / Decentraland on Solana”, was only launched on Friday and has sold NFTs for almost 10 million US dollars: 1.65 million US dollars through the Sale. Initial sales of 5,000 Portal Keycards and approximately $ 7.5 million in secondary sales on the Solana NFT Magic Eden Marketplace. That’s enough to put it in third place, just behind Decentraland, on last week’s list of Metaverse’s best-selling NFTs.
Magic Eden, which only launched 4 months ago, has quickly become a standout among the various competing NFT marketplaces on Solana. According to Li Jin, co-founder of the Variant Fund, Magic Eden currently has almost half as many users as OpenSea in the leading Ethereum NFT market, even though it has already processed twice as many transactions.
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