As seen by previous week's NFT and metaverse transactions, digital land has been in great demand in what can only be described as a lucrative market. NonFungible.com, an industry-standard metrics platform, reports that over $300 million in NFT sales were made in the previous week. The Sandbox Metaverse used around a fourth of it for digital land. Over the last week, one of the top ten NFT metaverse sales was for in-game digital land across the top five collections.
Over the last week, the Sandbox received $70.5 million in total volume for 4,433 assets, making it the most profitable metaverse collection. Despite the fact that Decentraland came in second for the total volume of assets moved, with $6.6 million in volume for 399 assets, the top ten most costly Metaverse NFT sales in the previous week were all on the Ethereum-based virtual world. Meanwhile, CryptoVoxels traded $650,000 worth of assets in volume, Sommium Space traded $492,000 worth of assets in volume, and SuperWorld traded $227,600 worth of assets in volume. The highest trades in volume on all of these platforms are still virtual land.
Related article: Merging the Metaverse with the Blockchain and NFTs
The Metaverse is a virtual reality internet experience that leverages blockchain technology and NFTs to pay for and own products on the internet. According to DappRadar, the metaverse land is unquestionably the industry's next big smash in the NFT arena. Virtual worlds are the new top commodity in the cryptocurrency space, with record sales and steadily rising NFT prices. After paying almost a million for 259 parcels in June, a virtual real estate investment firm shattered Decentraland's record for the most expensive digital plot of property ever sold. Sandbox and Decentraland remained the top two collections traded on the NFT marketplace OpenSea over the last few weeks.