100s of titles, one news app for just $10 a month.
Latest Business news:
First Default on Foreign Debt Likely This Week: Sri Lanka Latest
Sri Lanka is sliding into a default as the grace period on two unpaid foreign bonds ends on Wednesday, the…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Bitcoin recovers above $30,000, other crypto prices today also surge; Terra cracks 31%
Cryptocurrency Bitcoin staged a modest recovery and was up more than 2%
Elon Musk Takes a Stand in Controversial Disney Copyright Case
The copyright debate has recently been revived by a bill seeking to reduce the term of protection for original works.
Facebook changing with times a decade after stock debut
San Francisco (AFP) - Facebook boss Mark Zuckerberg rang the opening bell remotely to cheers 10 years ago as the…
WA craft brewer Boston Brewery creates wet hop beers to help sustain farms
WA craft brewers are experimenting with wet hop beers that can only be made using freshly harvested, local hops. It…
From analysis to good news, read the world’s best news in one place
Australia's insolvency drought might end with an unwanted flood
As the pandemic roared in during early 2020, rapid and astonishing shifts were made to prop up an economy sledgehammered…
Farming sector 'out of political focus'
Agriculture hasn't had enough attention this election campaign, says the National Farmers' Federation, which has rated party policies affecting farmers.

Virtual Land Just Sold For 2,200 SAND In The SandBox

By Benzinga Insights

What happened: Virtual land tokenized as an NFT just sold for $2,970, which is 1.09x the current floor price of 1.35 Ether (CRYPTO: ETH). The estate consists of 166,464 plots of land –– each plot is 2,500 square feet in the metaverse. 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.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.