129
On Sandbox, the largest metaverse real estate platform, Republic Realm paid a record $4.3 million for land. The company plans to build 100 Fantasy Islands, each with its own villas and a boat and Jet Ski market. Ninety of the islands sold for $15,000 each on the first day, and some are currently for sale for more than $100,000.
The “Big Four” – Sandbox, Decentraland, Cryptovoxels, and Somnium — dominate real estate sales so far. On the four platforms, there are more than 250,000 parcels of various sizes. Sandbox leads the market, with 62 percent of available land on the four platforms and three-quarters of all land sales in 2022. In December, each of Sandbox’s 166,464 parcels sold for the Ether equivalent of $12,700. The parcels are 96 meters by 96 meters in size. Decentraland has 90,600 parcels, each size 16 meters by 16 meters, and sold for $14,440 in Ether.
The #Web3 LAND Sale
?? 550+ LANDs
?? 8 ESTATE auctions
?? Premium #NFTs
…& a vast array of partners disrupting the #blockchain ecosystem will enter the #Metaverse!
?? February 10th at 1PM UTC
?? https://t.co/bcJ6EppCFS pic.twitter.com/ogwH44qI17
— The Sandbox (@TheSandboxGame) February 3, 2022
The trend will continue not just in 2022, when sales expect to double and surpass one billion dollars, but also until 2028. Metaverse’s real estate market expects to grow at a 31 percent annual rate.
Is location important?
A rush of corporations, major brands, and investors is coming into the new land mania. They hope to be among the first to invest in the next digital Manhattan or Monaco. Janine Yorio, CEO of Republic Realm, thinks that land value in the metaverse will be determined by what owners do with a property. For example, designing a popular attraction like a museum or feature. Yorio thinks that location is not important, because you can teleport anywhere.
Others believe that, just as in the real world, location is key when it comes to real estate in the metaverse. Parcels near Snoop Dogg’s planned partnership and virtual world in Sandbox, as well as parcels, close the Atari development, are fetching a premium.
Also, for more great info, join us on Telegram to receive free trading signals.
Above all, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
