Land Sales on Major Blockchains in the Metaverse Exceed $100 Million in a Week

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Ethereum-based businesses are gaining traction in the metaverse as the new sector grows in popularity. Nevertheless, as the use of Solana expands, investors are looking at projects based on the technology.

The Next Big Thing in Real Estate is Metaverse Real Estate.

A recent $2.5 million purchase of virtual property on Decentraland has indicated that demand in metaverse land has achieved a higher peak. The sale of virtual real estate on metaverse projects has topped $100 million in the last week.

Since the newest trend, investors have spent the most money on virtual real estate since the start. Nonfungible tokens (NFTs) are unique digital tokens that may represent ownership in nearly anything online. For example, metaverse land is a virtual property represented by NFTs.

According to the paper, the majority of metaverse land activities presently take place on the Ethereum blockchain. This is unsurprising, given that Ethereum is still the world’s most popular programmable blockchain.

Another blockchain that is gaining popularity in the metaverse is Solana. However, Solana’s metaverse initiatives battle Ethereum’s market share, according to the research.

Activities in the Metaverse are Gaining Speed

This news comes less than a week after a virtual land on the Axie Infinity platform was auctioned for 550 ETH (about $2.3 million at the time). In addition, a virtual land on Decentraland was also purchased for $2.5 million by Tokens.com, a Canadian investment business, making it one of the most costly metaverse land buys.

Snoop Dogg, a well-known rapper, is constructing a house inside The Sandbox metaverse.

The presence of such well-known personalities might aid in the metaverse’s acceptance. “The wave of attention towards virtual worlds like The Sandbox and Decentraland began with Facebook’s rebranding to Meta,” according to DappRadar.

According to the crypto analytics platform, Metaverse land is the next big thing in the NFT industry. As a result, metaverse land sales are expected to rise in the digital currency sector, according to the site.

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