It’s no secret that the Metaverse is becoming more and more popular. However, with virtual land within the metaverse being sold as NFTs on the blockchain, it seems the metaverse itself is starting to dominate the NFT market as well.
The NFT market’s top players have been the Bored Ape Yacht Club, the Crypto Punks, and the Mutant Ape Yacht Club for the longest time. However, their thrones are very much at risk as games like Decentraland and The Sandbox increase in popularity. Just this week, Sandbox was responsible for nearly a quarter of all NFT sales, around $70 million of the total $300 million.
Even though Decentraland only equated for $6.6 million of the total volume through the week, it held every single spot for the Top 10 singular NFT sales. These ranged from $758,250 (225,000 MANA) to $220,000 (50,000 MANA), so with enough traffic and asset sales it has the potential to find itself right up there with The Sandbox.
It’s not just those two players that are making waves at the top of the list, other virtual land metaverses had their say within the NFT market with CryptoVoxels trading 81 assets totalling around $650,000; Somnium Space trading 40 assets totalling around $492,000; and SuperWorld trading 506 assets totalling around $227,600. The top trades for each of these NFT groups were once again for virtual land.
So, what are the totals for Virtual Land Sales within the NFT market over the last 7 days?
Well, according to DappRadar, across a total of 6,000+ traders in the space, approximately $106 million worth of virtual land was sold within the metaverse. That’s just over a third of total NFT sales… If this trend continues, NFT art and other collections will find themselves taking a back-seat to Virtual Land and Virtual Assets, potentially forcing a major split within NFT marketplaces to ensure that NFT Art sales still have a place in the market, rather than simply being swallowed by the growing behemoth that is the Metaverse.