One term that gained popularity in 2021 is metaverse, a concept of virtual world invented for the first time by the author Neal stephenson in the 1992 book “Snow Crash”.
Meta Platforms Inc (NASDAQ: FB) is the new name for social media platform company Facebook, which will also change its ticker to MVRS in the future.
The public market also saw the launch of a metaverse themed ETF with the Roundhill Ball Metaverse ETF (NYSE: META).
The growth of the Metaverse theme has also resulted in an increase in transaction volume and record sales for companies selling land and virtual assets.
The sandbox: At the end of November, the Metaflower Super Mega Yacht sold for 149 Ethereum (CRYPTO: ETH), or about $ 650,000. This marked the most expensive NFT item sold from The sandbox metaverse and the most expensive NFT asset ever sold in a video game.
The asset was sold by Kingdom of the Republic, a leading developer in the Metaverse, via a six-day auction. Republic Realm has assets in 19 Metaverse platforms and has developed six Metaverse real estate projects. The virtual real estate agent has more than 2,500 NFTs.
Fantastic islands, which are 100 NFTs of Private Islands in The Sandbox, were developed by Republic Realm and sold out in 24 hours. The floor price on the islands is currently 60 ETH.
Cryptocurrency for The sandbox (CRYPTO: SAND), has exploded in valuation in recent months. The Sandbox has partnerships with Adidas AG – ADR (OTC: ADDYY), Nifty Gateway, Gemini and Snoop dogg.
Snoop Dogg recently made headlines about his virtual land in The Sandbox, where he recreates his California mansion. The plot next to Snoop Dogg sold for SAND 71,000, or roughly $ 450,000 after the rap icon tweeted asking if anyone wanted to be his virtual neighbor.
The sandbox was also part of a virtual land case in late November, with Republic Realm paying $ 4.3 million for a metaverse property of Atari SA (OTC: PONGF).
Related Link: Best Metaverse Cryptocurrencies
Infinite Axis: Popular NFT game to play to win Infinite Axis (CRYPTO: AXS) holds the record for the most traded NFT in terms of sales volume of all time with more than $ 3 billion in sales. The game includes the sale of NFT and cryptocurrencies used in the game, including its own AXS.
A field at Axie Infinity recently sold for $ 2.5 million, or 550 ETH at the time. This was the largest sale for a single virtual plot of land.
Decentralized: This metaverse subsidiary of Tokens.com, Dencentraland (CRYPTO: MANA) spent 618,000 MANA on 116 plots of land. The virtual land purchase cost about $ 2.4 million, double Decentraland’s previous record of $ 913,000.
The land will be used to host fashion shows and trade within the digital fashion industry according to The metaverse group, who bought the land. The Metaverse Group plans to partner with “several existing fashion brands” to help strengthen their presence in the Metaverse.
“Fashion is the next big area of growth in the metaverse,” content manager of the Decentraland Foundation Sam hamilton noted.
Why this is important: Virtual Earth could be the biggest NFT product in the industry right now. DappRadar brought in $ 106 million worth of metaverse land sold the previous week.
Sandbox increased NFT sales volume chart on Crytposlam. The Sandbox’s sales volume last week was $ 42.3 million, ranking second and even surpassing the Bored Ape Yacht Club. The sandbox ranks third in the past 30 days with a sales volume of $ 171.9 million, up 736% from the previous 30 days and only follows Axie Infinity and Bored Ape Yacht Club.
The opportunity for the metaverse could be worth $ 1,000 billion according to Grayscale Investments, a leading crypto asset manager. Grayscale, which is behind the popular Bitcoin Trust in Grayscale (OTC: GBTC), shared a report titled “The metaverse, the virtual economies of the Web 3.0 cloud.
“This new paradigm allows users to own their digital assets as non-fungible tokens, trade them with others in the game … creating a whole new native free market internet economy that can be monetized in the physical world,” we read in the report.
Grayscale said the Metaverse may be in its infancy, with Meta Platforms planning to invest $ 10 billion. The investment from Meta Platforms may lead to additional investment from other companies and venture capitalists.
Price Action, Tuesday afternoon at publication: SAND is up 5.67% to $ 5.44 and has traded between $ 0.03 and $ 8.51 in the past year.
AXS is up 7.46% to $ 107.93 and has traded between $ 0.41 and $ 165.37 in the past year.
MANA is up 10.30% to $ 3.91 and has traded between $ 0.07 and $ 5.90 in the past year.
Image: Metaflower Super Mega Yacht and Villa courtesy of Republic Realm