$106M worth of Metaverse land sold last week: DappRadar

Four blockchain-based Metaverse projects generated more than $ 100 million in virtual land NFT sales last week, according to data from DappRadar.

TO November 30th post from the decentralized application analytics (DApp) firm reported that between November 22 and November 28, activity was "booming" at The Sandbox, Decentraland, CryptoVoxels and Somnium Space with a combined trade volume of 105.8 million dollars including from more than 6,000 merchants:

“Without question, Metaverse Land is the next big thing in the NFT space. With record sales figures and NFT prices constantly on the rise, virtual worlds are the new major product in the crypto space. "

The sandbox accounted for the majority of volume for the week at $ 86.56 million, Decentraland accounted for $ 15.53 million, while CryptoVoxels and Somnium Space generated $ 2.68 million and $ 1.1 million each. All four Metaverse projects are based on the Ethereum blockchain, although projects on other chains such as Solana are also starting to pick up pace.

DappRader noted that "the wave of attention to virtual worlds like The Sandbox and Decentraland started with the rebrand from Facebook to Meta."

However, this is only the tip of the iceberg that pushed the term Metaverse into the mainstream. Virtual worlds have enormous potential, and we are just beginning to see the full range of use cases for metaverse land, ”the blog post reads.

Related: NFT Sales Target Record $ 17.7 Billion In 2021: Cointelegraph Research Report

Commenting on The Sandbox's huge increase in NFT land sales volume, Yat Siu el president and co-founder of Sandbox's parent company, Animoca Brands, told Cointelegraph that:

"Facebook in its attempt to usurp the Metaverse narrative sparked a chain reaction from other non-Web3 companies (such as Microsoft) to also advertise their Metaverse strategies and created massive interest and awareness."

Siu contrasted Meta's approach with the more organic environment built by the user of The Sandbox.

“While not everyone understands what digital property rights really mean, many of them are interested in this now and this has created more awareness on the web. The Sandbox has captured the narrative of a real Metaverse in which you can actually own a part, and this is also reflected in some way in the price of the token, "added Siu.

Of the four projects listed, Decentraland has seen the NFT's largest land sale for the past 30 days, with a parcel consisting of 116 parcels of land in the Virtual World Fashion Street District that sold for 618,000 MANA tokens ($ 2.7 million current prices) on November 23.

On the same day, The Sandbox also sold an ultra-luxury megayacht tokenized for 149 Ether (ETH) valued at over $ 666,000 at the time of writing.