The metaverse, virtual land topped NFT sales last week.
Because digital land is in high demand in what is already a highly profitable sector, as evidenced by the nonfungible token (NFT) and Metaverse sales data from the previous week.
According to data from industry monitoring portal NonFungible.com, more than $300 million in NFT sales had occurred during the last seven days. Almost a fifth of the sum has gone toward the purchase of digital land in the Sandbox metaverse.
Every single one of the top ten NFT metaverse sales over the past week, across the top five collections, was for in-game digital land.
A total of $70.5 million was traded for 4,433 assets over the course of the past week, making the Sandbox the metaverse collection that made the most money.
Despite the fact that Decentraland was in second place in terms of total volume traded, the top ten most expensive metaverse NFT sales during the past week, with prices ranging from 225,000 MANA ($758,250) to 50,000 MANA ($220,000), were all conducted on the Ethereum-based virtual world during the same period. Over the previous week, 399 assets were traded for a total of $6.6 million in volume on Decentraland.
CryptoVoxels traded roughly $650,000 in volume for 81 assets over the course of the last seven days, while Somnium Space traded $492,000 for 40 assets, and SuperWorld exchanged $227,600 for 506 assets – all of their largest trades were likewise for virtual land.
The metaverse is an immersive virtual reality experience on the internet that makes use of blockchain technology and non-financial tokens (NFTs) to allow users to pay for and own objects on the internet. For example, when you make an in-game purchase, the object becomes yours and you are free to keep, trade, or sell it at your discretion.
Over 6,000 traders sold a total of $106 million worth of metaverse land in the week ending on Thursday, according to DappRadar, a blockchain-based app. “Without a doubt, Metaverse Land will be the next great smash in the NFT area,” says the author. As a result of record sales numbers and steadily rising NFT prices, virtual worlds have emerged as the new top commodity in the cryptocurrency industry, according to a blog article published at the time by DappRadar.
In June, a virtual real estate investment group smashed Decentraland’s record for the most expensive digital property plot ever sold, spending $913,000 on 259 parcels, breaking the previous record of $750,000 set in 2011.
Sandbox and Dentraland, two of the most popular collections traded on the NFT marketplace Opensea during the past week, have maintained their positions as the top two most traded collections.