The number of NFT sales has risen significantly in the seven-day period, compared to the virtual lands. Additionally, the metaverse native crypto tokens, such as axie Infinity, decentraland, and sandbox, have seen a significant increase in their value.
Metaverse Properties outpace NFT collections — Play-to-Earn Tokens Rise
After the popularity of meme-crypto and decentralized finance trend (defi), the metaverse became a huge deal. A metaverse can be described as a virtual world that allows you to use items, collectibles and weapons in order to earn money. Although virtual worlds such as Roblox, Minecraft and Second Life can all be considered extensions of the metaverse, recent developments in blockchain technology have made it possible to create new ones.
25 billion dollars of crypto currency’s $2.3 trillion total is owned by play-to-earn digital assets (P2E). The largest P2E token by market capitalization, Axie infinite (AXS), has a value of about $6.5 billion.
AXS lost 25% in the past week but is still up 20,824% year to date (YTD). With a market value of $4.6 billion, sandbox is the second-largest P2E token. SAND has experienced a 32% decline this week, but has increased 11,597% year-to-date.
With a market capital of $4.4 billion, decentraland (MANA), which is the third largest market value in terms of P2E asset market values, has a market cap around $4.4 trillion. MANA lost 32% in this week, but gained 3,693% YTD USD value. Gala (GALA), wax(WAXP), and mobox [MBOX] are other top-rated P2E tokens according to market capital size.
It can be expensive to stake land in the Meta. — The Sandbox Captures $70M in Weekly Sales
Land in the metaverse, aside from P2E tokens and metaverse gaining huge value in the last year has become a hot commodity. Nonfungible.com metrics show that The Sandbox is the most popular NFT marketplace participant for seven days. The Sandbox’s metaverse generated more than $70million in sales over the past seven days.
That’s about $10 million more than the sales produced by the Bored Ape Yacht Club (BAYC) NFT collection which saw $59 million. The Sandbox’s sales is also much higher than those of the Cryptopunks NFT collections, which accounted for $17 million. Decentraland is the virtual reality platform that uses the Ethereum blockchain and has had the sixth most weekly sales, with $6.6million last week.
Decentraland saw land plots, estates, and properties valued from $289K up to $758K being the biggest sellers. The Sandbox sales outsold Decentraland’s, but land plots were much less valuable. Land plots went for between $44K and $68K each plot. However, virtual land adjacent to Snoop Dogg’s Sandbox estate recently sold for $450K in ethereum. The Sandbox’s metaverse products sold for an average USD $15K in more than 4400 transactions over the past week.
Are you happy with the P2E tokens’ increased value and metaverse? Do you have any thoughts about metaverse land transactions? Please comment below to let us know your thoughts on this topic.
Credits for the image: Shutterstock, Pixabay, Wiki Commons, Tradinview, Nonfungible.com,
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