Metaverse Land Sales Surge On Ethereum Surge To $100M In A Week

Metaverse land sales are on the rise on Ethereum and Solana and in one week they surged to $100 million so let’s read more in today’s Ethereum news.

Most of the cash invested in the metaverse land was spent on Ethereum projects but investors are looking to Solana as well. The interest in the metaverse land or virtual real estate is the latest trend in crypto and it seems to be exploding with over $100 million invested in the past week alone, according to DappRadar. Metaverse land is a virtual property in the form of NFTs, as unique digital tokens that can represent ownership of anything online like audio, art, or in this case, a piece of the metaverse. Most of the activity now exists on the Ethereum network and its blockchain but it is competing with Solana.

In marketplaces, transaction frequency & building user habits is more important than having the highest overall GMV.

Let's consider NFTs on Solana vs Ethereum through this lens, by comparing @MagicEden_NFT vs. @opensea:

— Li Jin (@ljin18) November 30, 2021

In the metaverse, regardless of the networks, investors can purchase land, build their own virtual world and eventually interact with others as avatars via NFTs. Investors on the metaverse are now a part of this craze because Meta or Facebook previously known, as the seventh biggest company in the world by market cap, rebranding the bid to focus on the NFT metaverse space. DappRadar noted in the blog post:

“The wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta. Undoubtedly, metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space. Metaverse events are becoming an industry standard in the crypto space.”

Last week, $86.6 million was spent on land for the biggest metaverse project The Sandbox. Adidas even partnered with it with the platform saying that the metaverse is one of the most exciting developments in digital that helps to gain traction as the main project. Other big brands, as well as celebrities that got in on the trend, include  Softbank, Animoca Brands, LG Technology Ventures, and rapper Snoop Dogg. Next up in the land sales was Decentraland with investors spending $15.53 million in the past week.

DappRadar’s figures look only at the metaverse and being built via Ethereum. Solana which is an ETH competitor and the fifth-biggest cryptocurrency by market cap also saw an explosion of interest in NFTs which seek to plug into the metaverse. Portals that describe themselves as the Animal Crossing Meets Sim City meets Sandbox/Decentraland metaverse on the Solana blockchain, launched on Friday and sold about $10 million in NFTS. This is enough to place it on the third spot behind Decentraland.