Metaverse Land just sold for $3,365 (3 ETH) in the sandbox

What happened: Virtual land tokenized as NFT was just sold for $3,365, or 3.11x the current floor price of 0.89 Ether ETH /USD. The estate consists of 166,464 plots of land -- each plot measures 2,500 square feet in the metaverse. Land in Decentraland and The Sandbox skyrocketed after Facebook's metaverse rebranding as more investors wake up to what the metaverse is all about. Most of the time, virtual lands sell for a premium due to the size of the land and its proximity to the center of the metaverse.

The Ethereum blockchain is home to open world metaverses, the 2 largest being Decentraland MANA/USD and The Sandbox SAND/USD. Brands like Adidas ADDYY and Atari PONGF have purchased virtual land in these blockchain-based metaverses, and some companies believe much of the retailing will eventually take place in the metaverse.

The term metaverse is used to describe the evolution of human interaction with the Internet. As we spend more and more time on the internet, the gap between the real world and our online identities is shrinking. Ultimately, the metaverse is intended to be an immersive virtual world where people benefit from digital ownership and can interact with their peers.

Why it matters: After Facebook FB announced its name change to Meta, investors started paying attention to platforms that create metaverses. Smart contract blockchains can secure ownership of digital assets, so these networks play a crucial role in building the metaverse.

See also: NFT Release Schedule and Best NFT Projects of 2021

Data provided by OpenSea.

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