The sales of digital metaverse land have reached $100m in just one week, excluding sales on the Solana network, according to DappRadar. Based on a report by crypto analytics company DappRadar, Metaverse land sales have now reached $100 million in a single week over the network of Ethereum blockchain.
In recent weeks, reports of pieces of metaverse land selling for millions of dollars have been more common.
Metaverse lands are a type of virtual property in which persons can purchase using non-fungible tokens (NFTs), and it’s reportedly going for 7 figures. Due to Facebook’s recent declaration that it’s considering shifting focus towards the creation of NFTs, along with a completely new metaverse, investors have rushed at the chance to buy metaverse land.
“The tsunami of attention towards virtual worlds like The Sandbox and Decentral started with Facebook’s rebranding to Meta,” DappRadar stated in response to the latest flurry of funding.
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The company believes that the non-fungible tokens space will have a heavy focus on metaverse land, since it will allow businesses to establish and go ahead to build some of the most unique digital properties on what is likely the innermost central location in the digital worlds.
But what is the purpose of such digital lands? With such, Netizens will consume advertising coming into direct interactions with it the moment huge businesses move into the metaverse.
It’s the reason as why companies like Coca-Cola and Adidas are ready to pay millions of dollars to secure prime locations in what may be the futurity of customer contact and advertising.
Brands are already spending a lot of money to get a head start in matters concerning the metaverse. Sandbox, which happens to be the world’s biggest metaverse up to now, sold $86.56 million in digitized real estate just last week.
Digital land sales for Decentraland, another famous metaverse from before other metaverses, totaled $15.53 million.
Similar forms sales are also taking place on plenty of several blockchain networks, such as Solana, which has had a modest start though is anticipated to pick pace soon. Solana has already executed a number of notable transactions.