Digital lands have been in high demand in the last seven days. According to NonFungible, the Sandbox was the most traded NFT over the past week, with a total of $70.5 million sales, beating out the Bored Apes and CryptoPunks, which received $58.4 million and $17.5 million, respectively.
The digital lands sales accounted for nearly 25% of all NFTs sales last week, including Decentraland’s $6.6 million sales, and the top 5 related metaverse NFT collections were related to Ethereum blockchain virtual real estate sales.
What exactly is The Sandbox?
The Sandbox was created in 2011 as a mobile game by Sébastian Borget and Arthur Madrid; in 2018, the project changed its version and began using blockchain technology as a 3D multiplayer game in a virtual world where players can earn money with its utility token SAND; this metaverse is built on LANDS, with only 166,464 LANDS available, according to The Sandbox official GitBook.
Last week was a big week on The Sandbox metaverse, with a property selling for $4.3 million and a yacht selling for $650 thousand. According to The Sandbox’s website, The Sandbox has recently partnered with Adidas and has previously partnered with celebrities such as Snoop Dogg and world DJs/producers Deadmau5 and Richie Hawtin.
Is purchasing digital real estate comparable to purchasing real estate in Manhattan in the 1600s?
According to History Today, in 1626, Peter Minuit of the Dutch West India Company purchased Manhattan Island from local Indians for 60 dutch guilders, which was later worth around $24, and it was one of the greatest real estate deals in history.
Tokens.com purchased 116 parcels worth approximately $2.4 million in the center of Fashion District in the Decentraland metaverse two weeks ago, aiming for a good location property, making it the largest land sale transaction in Decentraland.
“We are thrilled to have completed the largest public metaverse land acquisition to date.” These assets will be added to Metaverse Group’s existing portfolio of metaverse real estate. “We are thrilled that our subsidiary, Tokens.com, has successfully closed this historic digital real estate transaction,” said Andrew Kiguel, CEO of Tokens.com.
Many companies appear to be heading in the direction of the digital world, with all new known partnerships and high demand on digital real estate lands on the metaverse worlds, particularly in The Sandbox and Decentraland.
What if, in years to come, instead of shopping for luxury goods on streets like Champs-Élysées or 5th Avenue, we go to the main fashion street on a metaverse? So the true visionaries are companies or individuals who buy parcels like Peter Minuit did in Manhattan in 1626.