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In the metaverse: Digital land dominated NFT sales over past week

KUALA LUMPUR (Dec 7): Digital land is still in high demand in what is already a highly lucrative market, the past week’s non-fungible token (NFT) and metaverse sales figures revealed.

In a report on Monday (Dec 6), cryptocurrency news portal Cointelegraph said data from industry metrics platform NonFungible.com indicates that there has been more than US$300 million (RM1.27 billion) in NFT sales over the past week.

It added that almost a quarter of that total has been for digital land in The Sandbox metaverse.

Over the past week, each of the top 10 NFT metaverse sales across the top five collections were for in-game digital land, it said.

The Sandbox traded a total volume of US$70.5 million for 4,433 assets over the past week — making it the metaverse collection raking in the most cash.

The Sandbox is a virtual metaverse where players can play, build, own, and monetise their virtual experiences.

Although Decentraland ranked second place for the total volume traded, the top 10 most expensive metaverse NFT sales over the past week, ranging from 225,000 MANA (US$758,250) to 50,000 MANA (US$220,000), were all on the Ethereum-based virtual world.

Decentraland is a decentralised 3D virtual reality platform that comprises 90,601 parcels of land.

It traded US$6.6 million in volume for 399 assets over the past week.

Meanwhile, over the same period, CryptoVoxels traded around US$650,000 in volume for 81 assets; Somnium Space traded US$492,000 for 40 assets; and SuperWorld traded US$227,600 for 506 assets — with all of their top trades being also for virtual land.

The report added that according to crypto data firm DappRadar, US$106 million worth of metaverse land was sold among more than 6,000 traders in the week ending on Thursday.

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