Real estate — or maybe hyper real estate — is booming in the Metaverse.
According to data from DappRadar, about $100 million in NFT land sales were recorded last week and there is a steady stream of sales on .
The site reports that the four leading virtual worlds — The Sandbox, Decentraland, CryptoVoxels and Somnium Space — attracted more than 6000 traders in the last week, with The Sandbox hitting the highest trading volume with more than $86 million. More than $15 million traded was traded for land plot NFTs on Decentraland.
Land is increasingly the most valuable piece of the Metaverse, the site reports. Out of the ten most expensive NFT sales, five were land plots on virtual worlds. Decentraland’s Fashion Street Estate was sold for 618 MANA, which converts to about $2.42 million.
This heightened popularity and value in digital space is likely related to a few factors. These plots can play host to Metaverse events. Brands, artists and creators can also put their products in front of large, global audiences, according to DappRadar. They add that these plot can host blockchain-based games or NFT galleries.
DappRadar, one of the most popular stores for NFTs and DeFi items that’s visited by over 500,000 users every month, expects the trend to continue.
“The wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta,” the team writes. “However, this is only the tip of the iceberg that pushed the term Metaverse into the mainstream. Virtual worlds carry such enormous potential, and we’re just beginning to see the full array of use cases for Metaverse land. The potential is almost boundless from simply building a property on top of your parcel as you would in Minecraft to actually monetizing your Metaverse land through advertisements.”
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