- The land was sold for approximately $11,666
- MANA price at the time of writing: $0.6969
- Sandbox skyrocketed after Facebook rebranding as Meta
Recently, a virtual piece of land tokenized as NFTs sold for $11,666, or 5.18 times the minimum price of 1.7 Ethereum or $11.66 USD. The collection includes more than 97,000 plots of land, each 52 square feet and 16 meters by 16 meters.
Land prices in The Sandbox and Decentraland skyrocketed following Facebook’s rebranding as a goal. Due to its size and proximity to the center of the metaverse, virtual land usually commands a premium when it is sold.
MANA market capitalization is down 1% in the last 24 hours
Open world metaverses reside on the Ethereum blockchain, the two largest being Decentraland and MANA, as well as The SandboxSAND.
Companies like Adidas (OTC: ADSGN) Atari and ADDYY have bought virtual land in these blockchain-based metaverses, with some companies thinking that most retail sales will eventually take place there.
The evolution of human interaction with the Internet is known as the metaverse. The distance between our online identities and the real world shrinks as we spend more time online.
The metaverse is ultimately intended to be an immersive virtual world where people can interact with their peers and enjoy digital property.
Following Facebook, it announced its rebranding as Meta. Because they can secure ownership of digital assets, smart contract blockchains are essential to expanding the metaverse.
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Decentraland (MANA): What is it?
Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain. It allows users to create, experience and monetize content and applications.
Users can purchase land in this virtual world, which they can then use to navigate, build, and monetize.
Decentraland was launched following a $24 million initial coin offering (ICO) that was held in 2017. The virtual world closed beta started in 2019 and was made available to the general public in February 2020.
Two tokens are used in Decentraland: LAND and MANABurning MANA, an ERC-20 token, produces non-fungible ERC-721 LAND tokens.
Decentraland was designed for individuals, businesses, and content creators looking for a new artistic medium, business opportunity, or source of entertainment.
The game world Decentraland, also known as the Metaverse, is divided into 90,601 separate LAND parcels, with a non-fungible ERC-721 token representing each. Each EARTH is exactly 256 square meters in size and can be found at a specific coordinate in the Metaverse.