Investors looking for opportunity in the metaverse
Investors, gamers and future citizens of the metaverse have invested more than $53 million in virtual real estate in the past 7 days. At the moment most money goes into The Sandbox, followed by Decentraland.
Ever since Mark Zuckerberg renamed his company to Meta, there has been an unprecedented demand for virtual land in the metaverse. Where the crypto market dips, tokens for The Sandbox, Somnium Space and Decentraland shoot up. Investors clearly want a piece of the metaverse, and there’s a whole selection of projects lined up to offer it.
During the past 7 days The Sandbox experienced a tremendous demand, resulting in $42.08 million in NFT trading volume. One piece of land now costs at least 2500 SAND, or $11.000. There’s lots of demand for real estate in the metaverse, but not every world has the same demand.
Over the same period, Decentraland registered $6.54 million in trading volume, while Cryptovoxels reached $1.7 million. A variety of virtual worlds did little more than $1 million, among them are projects like Somnium Space and Matrix World.
How much does it cost?
Prices for a piece of virtual land vary. Over the past 7 days Somnium Space registered 72 sold land parcels, of which the cheapest cost 2.1 ETH or $8.740. At the same time Decentraland has 394 land transactions, with the cheapest ones changing wallets for 700 MANA or $2.360. Both virtual worlds are already functional, and land buyers can immediately start building a virtual home, museum or shop.
With The Sandbox things are different. Prices are mainly speculative as the game world isn’t live yet. That hasn’t stopped the floor price reaching 2500 SAND, or $11.000. By the end of this month The Sandbox will launch an alpha test, giving everybody a taste of what’s to come. A limited number of users will be able to participate in a play-to-earn event, allowing them to win 1000 SAND in prizes.