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Virtual Land Just Sold For 11 WETH In Decentraland

By Benzinga Insights

What happened: Virtual land tokenized as an NFT just sold for $21,998, which is 6.85x the current floor price of 1.64320944 Ethereum (CRYPTO: ETH) ($21,998 USD). The collection consists of over 97,000 plots of land –– at the current moment each plot Land parcels are 16m x 16m, or 52 square feet. Land in Decentraland and The Sandbox skyrocketed after Facebook's rebrand to meta, as more investors become aware of what the metaverse is. Most of the time, virtual land sells at a premium due to the size of the lot and its proximity to the center of the metaverse.

Ethereum's blockchain is home to open world metaverses, with the 2 largest being Decentraland (CRYPTO: MANA) and The Sandbox (CRYPTO: SAND). Brands like Adidas (OTC:ADDYY) and Atari (OTC:PONGF) have bought virtual land in these blockchain-based metaverses, and some companies believe that much of retail will eventually happen within the metaverse.

The term metaverse is used to describe the evolution of human's interaction with the internet. As we spend more and more of our time on the internet, the gap between the real world and our online identities declines. Eventually, the metaverse is intended to be an immersive virtual world where people enjoy digital ownership and can interact with their peers.

Why it Matters: After Facebook (NASDAQ:FB) announced its rebrand to Meta, investors began to pay attention to platforms that are building metaverses. Smart contract blockchains can secure ownership of digital assets, so these networks play a crucial role in building out the metaverse.

See Also: NFT Release Calendar and Best NFT Projects of 2021

Data provided by OpenSea.

Checkout the full The Sandbox collection

You can learn more about this LAND here.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Dive Deeper:
Virtual Land Just Sold For 15,000 MANA In Decentraland
What happened: Virtual land tokenized as an NFT just sold for $11,645, which is 3.68x the current floor price of…
Virtual Land Just Sold For 8,499 MANA In Decentraland
What happened: Virtual land tokenized as an NFT just sold for $8,770, which is 2.05x the current floor price of…
Virtual Land Just Sold For 2 WETH In The SandBox
What happened: Virtual land tokenized as an NFT just sold for $5,026, which is 1.84x the current floor price of…
This Plot Of Digital Land Just Sold For $15,527 In MANA In Decentraland
What happened: Virtual land tokenized as an NFT just sold for $15,527, which is 4.91x the current floor price of…
One subscription that gives you access to news from hundreds of sites
Metaverse Land Just Sold For $19,629 (23,000 MANA) In Decentraland
What happened: Virtual land tokenized as an NFT just sold for $19,629, which is 5.99x the current floor price of…
This Plot Of Digital Land Just Sold For $29,870 In MANA In Decentraland
What happened: Virtual land tokenized as an NFT just sold for $29,870, which is 9.12x the current floor price of…
Get all your news in one place