What happened: The virtual land, marked as NFT, was sold for $16762, which is 1.32 times the current base price of 3.79 Ether (CRYPTO: ETH). The estate consists of 166,464 plots of land – each plot measures 2,500 square feet in the Metaverse area. The ground in Decentraland and Sandbox rose after Facebook renamed the meta, as more investors became aware of what the metaverse is. Most of the time, the virtual land is sold at a higher price due to the lot size and proximity to the center of the metaverse.
The Ethereum blockchain is home to the open global metaverses, with the second largest being Decentraland (CRYPTO: MANA) and Sandbox (CRYPTO: SAND). Brands like Adidas (OTC: ADDYY) and Atari (OTC: PONGF) have bought virtual ground on these blockchain-based metrics, and some companies believe a lot of retailing will eventually happen within the metaverse.
The term metaverse is used to describe the evolution of human interaction with the Internet. As we spend more and more of our time online, the gap between the real world and our online identities is narrowing. Ultimately, the metaverse is meant to be an immersive virtual world where people have digital ownership and can interact with their peers.
why does it matter: After Facebook (NASDAQ:FB) announced it was rebranding to Meta, investors started paying attention to platforms that build metaverses. Smart contract blockchains can secure ownership of digital assets, so these networks play an important role in building the metaverse.
See also: NFT version calendar And Best NFT Projects of 2021
Data provided by OpenSea.
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You can learn more about this land here.
This article was created by the Benzinga Automated Content Engine and reviewed by an editor.