Virtual real estate properties were the most traded NFTs of the past week Virtual real estate properties were the most traded NFTs of the past week
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Virtual real estate properties were the most traded NFTs of the past week

Will digital land become the dominant trend for NFTs?

Virtual real estate properties were the most traded NFTs of the past week

Photo by Mika Baumeister on Unsplash

In the last seven days, digital lands were in high demand. The Sandbox played the main role — its land collection was the most traded NFT over the past week, with a total of $70.5 million sales, beating the Bored Apes and CryptoPunks with $58.4 million and $17.5 million respectively, according to NonFungible, as referenced below.

The digital lands sales represented almost 25% of all NFTs sales made last week, including Decentraland with $6.6 million sales, and the top 5 related metaverse NFT collections were related to virtual real estate sales on the Ethereum blockchain.

What is The Sandbox?

The Sandbox was created by Sébastian Borget and Arthur Madrid in 2011 as a mobile game, in 2018 the project changed its version and started using blockchain technology as a 3D multiplayer game in a virtual world where players can earn money with its utility token SAND, this metaverse is built on LANDS, where there will be only 166,464 LANDS available, according to The Sandbox official GitBook.

Last week was very big on The Sandbox metaverse, a property was sold for $4.3 million, and a yacht was for $650 thousand. Additionally, The Sandbox has recently partnered with Adidas, and had previous partnerships with celebrities such as Snoop Dogg and world DJs/producers Deadmau5 and Richie Hawtin, according to The Sandbox’s website.

Is buying digital real estate like buying real estate in Manhattan in the 1600s?

In 1626, Peter Minuit, of the Dutch West India Company, bought Manhattan Island from local Indians for 60 dutch guilders, which later was worth around $24, and it has been one the greatest real estate deals in history, according to History Today.

Two weeks ago, bought 116 parcels worth approximately $2.4 million in the center of Fashion District in the metaverse of Decentraland, aiming for a good location property, so fat it has been the largest land sale transaction in Decentraland.

“We are happy to make history by closing the largest public metaverse land acquisition to date. These assets will complement the existing portfolio of metaverse real estate already held at Metaverse Group. We are excited to have our subsidiary successfully close this landmark digital real estate transaction” said Andrew Kiguel, CEO.

It appears that many companies are heading in the digital world direction, with all new known partnerships, and high demand on digital real estate lands on the metaverse worlds, especially in The Sandbox and Decentraland.

What happens if years from now instead of buying luxury goods in streets like Champs-Élysées or 5th Avenue, we will be heading to the main fashion street on a metaverse? So the real visionaries are companies or people who are buying the parcels like Peter Minuit did in 1626 in Manhattan.

Posted In: Metaverse, NFTs