What happened: Virtual land tokenized as an NFT just sold for $22,501, which is 2.85x the current floor price of 2.54 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.
