What happened: A virtual land symbolized as NFT just sold for $ 22,643, which is 1.72 times the current floor price of 3.185 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 have skyrocketed after Facebook’s rebranding to meta, as more investors realize what the metaverse is. Most of the time, virtual lots sell for more due to the size of the lot and its proximity to the center of the metaverse.
Ethereum’s blockchain is home to open-world metavities, 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 metaverse, and some companies believe that much of the retail will end up happening in the metaverse. .
The term metaverse is used to describe the evolution of human interaction with the Internet. As we spend more and more time on the Internet, the gap between the real world and our online identities is narrowing. Ultimately, the metaverse is intended to be an immersive virtual world where people value digital property and can interact with their peers.
Why is this important: After Facebook (NASDAQ: FB) announced its rebranding to Meta, investors began to pay attention to platforms that build metaverse. Smart contract blockchains can secure ownership of digital assets, so these networks play a crucial role in building the metaverse.
See also: NFT release schedule and Best NFT projects of 2021
Data provided by OpenSea.
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This article was generated by Benzinga’s automated content engine and edited by an editor.
