- A plot of Metaverse in The SandBox sold for $3,353.
- The Estate hold around 166,464 plot of 2500 square feet each.
Virtual land tokenized as an NFT just traded for $3,353, which is 2.12x the current floor price of 1.177 Ether. The estate contains 166,464 plots of land; each plot is 2500 square feet in the Metaverse.
The prices of land in Decentraland and The Sandbox increased after Facebook rebuilt its identity as Meta; after this, more investors became aware of the concept of Metaverse.
Ethereum Blockchain is home to open world metaverse, with the 2 largest being Decentraland and The Sandbox. Globally popular brands like Adidas and Atari have brought virtual land in these blockchain-based metaverses. Many companies believe that most of the retail will ultimately occur within the Metaverse.
The Metaverse world is on its way to becoming more common in today’s world. People are openly accepting this virtual world of reality. Rapid growth is estimated in the metaverse real estate world.
This indicates that people eagerly await to be a part of this virtual ecosystem. If we look at the reports, it represents the virtual real estate value will rise by $5.36 billion by 2026. This report is based on the proper market research and analysis of Technavio.
Metaverse gained popularity after Facebook renamed its brand and renamed it as Meta, and this name attracted users and investors. And this change by Facebook drags the attention of the major crypto and blockchain industry.
The virtual real estate world will face many challenges throughout its growth as it is far way different from actual real estate. As per the report, the price of virtual real estate will be based on different factors. It would depend on the understanding of market fluctuation and its perceived price.
The Sandbox announced the launch of a Dubai-themed metaverse called “Dubaiverse.” The launch announcement was revealed at the 62nd True Global Ventures Conference held on September 15, 2022.
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