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HomeNewsMetaverse land sales volume spikes to over $100M in a week
Metaverse land sales volume spikes to over $100M in a week

Metaverse land sales volume spikes to over $100M in a week

Last updated 5th Aug 2022
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Metaverse land is selling like hot cake after becoming the latest sensation in the crypto-verse. DappRadar disclosed this news through a report on November 30, noting that this interest in virtual plots of the land saw the metaverse record over $100 million in NFT sales in the past week. Specifically, this sales volume came from The Sandbox, Decentraland, CryptoVoxels, and Somnium Space.

According to the report, the above metaverse projects attracted over 6,000 traders. The Sandbox led the pack with the highest number of traders and sales. Additionally, the project registered the highest trading volume, accounting for $86.56 million. Decentraland came second with a trading volume of $15.53 million.

CryptoVoxels and Somnium Space took third and fourth place, with trading volumes of $2.68 million and $1.10 million, respectively.

The metaverse outperforms NFTs

While the metaverse and the NFT spaces are closely-knit, the four leading metaverse projects beat top NFT projects by a long shot. The Sandbox became the second most-traded NFT in the past week, and Decentraland took eighth place. NFT projects like Bored Ape Yacht Club (BAYC) and CryptoPunks lagged regarding the number of traders entering their markets.

Apart from the number of traders entering the metaverse, the sector also produced five of the most expensive NFT sales in the past week. These are Decentraland’s Fashion Street Estate, Book Local, Axie Infinity’s Genesis Plot, and The Sandbox’s Metaflower Ship and Bundle. Fashion Street Estate fetched the highest price after selling for $2.42 million.

While the metaverse is already making headlines, DappRadar believes the space is just getting started.

In the report, DappRadar noted that,

Undoubtedly, metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.

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Solana-based metaverse projects are also thriving

DappRadar only focused on Ethereum-based metaverse projects in its report. However, Solana has proven a suitable network for metaverse projects as well. The network, which seeks to kill Ethereum, houses Portals, a new metaverse project that launched on November 25. Portals describes itself as the Animal Crossing meets Sim City meets Sandbox/Decentraland metaverse platform on Solana.

Despite being relatively new, the project has already grossed around $10 million in NFT sales. With this sales volume, it is fair to place the project after Decentraland on the list of leading metaverse projects by sales volume.

Solana-based NFT marketplaces are also rising to prominence quickly. An example is Magic Eden, which launched four months ago. Compared to Ethereum-based OpenSea, which launched in 2017, Magic Eden is still in its infancy. However, it has nearly half as many users as OpenSea.

Jinia Shawdagor

Jinia Shawdagor

Jinia is a fintech writer based in Sweden. With years of experience, she has written about cryptocurrency and blockchain for renowned publications such as Cointelegraph, Bitcoinist, Invezz, etc. She loves gardening, traveling, and extracting joy and happiness from the little things in life.