Metaverse Real Estate: Why Investors Are Buying Virtual Land? Can NFT be used for investment? Sandbox Metaverse NFT Real Estate Investing, What is it & Can NFT be used for investment? | Virtual Land, Real Deal
A Sandbox (SAND) metaverse NFT real estate investment land price sold for $26,552! This is catching attention of big companies like Adidas and Atari who have bought virtual land in these blockchain-based metaverses.
What happened: Virtual land tokenized as an NFT just sold for $26,552, which is 2.03x the current floor price of 3.9 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.
Data provided by OpenSea.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.