Virtual land within the metaverse has been making metaphorical waves for a while now, but it’s really starting to pick up and absolutely smash the competition… What competition I hear you ask? Well, all the other NFTs really… We’ve been living with NFTs for a while now, and with the advent of the metaverse changing the way we see virtual reality, it’s no wonder that virtual land itself has become its own category in the NFT space, with people buying and selling pieces of virtual land on almost every single NFT marketplace, from SAND to Decentraland, it’s clear that the markets are shifting towards Metaverse domination of the NFT industry.
DappRadar, a decentralised application analytics firm, posted on Tuesday reporting that between The Sandbox, Decentraland, Somnium Space, and Crypto Voxels, a total trading volume of around $105.8m was achieved. That’s right, over 100 million dollars-worth of trading volume… On digital space…
Virtual worlds are quickly becoming the top commodity within the world of cryptocurrencies, pushing up the price of NFTs day by day. But what has triggered this growth? Well, DappRadar seems to think that good old Zuckerberg’s decision to rebrand Facebook to Meta was perhaps the key component that set off this meta-rocket. Zuckerberg gets a lot of media attention, sometimes for good reasons, sometimes for not-so-good reasons. Depending on your opinion of Meta and how it might affect the metaverse itself or the effects on the NFT market, you might class his decision as either one…
Regardless though, it’s clear that virtual land is consistently growing in market volume and it’s not showing any signs of slowing down. I’m kicking myself for not getting in that little bit earlier, seeing some plots of virtual land increase exponentially in value over just a few days is painful to see as someone who was a couple of days late to putting in an offer on some of those exact plots…
Hindsight is 20-20 of course, so let’s learn from the past and just keep moving forward!
