Quick Take:
- Demand for digital land exceeded other NFT items including arts and collections last week.
- DappRadar estimates that $106 million worth of metaverse land was traded in the past week.
- Data from nonfungible.com showed there were over $300 million in NFT sales last week.
The demand for digital land helped to propel Virtual Land sales in the metaverse above all other NFT items in the week of Nov. 22-Nov. 28. According to DappRadar, the metaverse digital land sales reached $106 million, with the Sandbox accounting for more than $86 million worth of trading volume.
Another digital land platform Decentraland sold over $15 million worth, while CryptoVoxels and Somnium Space sold $2.68 million and $1.1 million, respectively.
On the other hand, data from NFT data tracking and analytics platform NonFungible.com shows that NFT sales crossed $300 million in the past week, with The Sandbox accounting for a total volume of $70.5 million for 4,433 assets.
The data also showed that although Decentraland topped the trading volume with $6.6 million for 399 assets, the top 10 most expensive NFT sales occurred on the Ethereum-based virtual world, ranging from 225,000 MANA ($758,250) to 50,000 MANA ($220,000).
On the other hand, CryptoVixels which topped $1.1 million in the previous week sold $650 million over the last seven days for 81 assets, while Somnium Space $492,000 for 40 assets.
The increasing interest in metaverse assets has boosted The Sandbox’s utility token SAND price to an all-time high of about $8.40, pushing its market cap to over $11 billion. And even though the SANF price has pulled back recently, the utility token still has a market cap of more than 5 billion.
Cryptocurrency experts say that virtual worlds have become an intriguing concept, attracting all types of investors, especially artists, creators, and brands.
Sandbox said last month it had over 165 partners including Snoop Dogg in a recent reveal. The rapper recently dropped his own NFT, revealing to the world that he was the non-fungible token (NFT) whale called “Cozomo de’ Medici.”
Snoop said in September he bought land in The Sandbox metaverse. Last Thursday, The Sandbox said one of the plots of land in the Snoopverse called “Wave 1 – 3×3 Estate S [12,-75]” sold for $450,000.
The NFT market sales are tipped to continue expanding this year, with sales projected to reach $17.7 billion. According to analysts, digital land could be a major growth driver next year, if the industry can avoid another crypto carnage.
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