In the past week alone, large and highly expensive pieces of land in metaverse have been sold and, as a result, the sales of virtual lands have outperformed sales taking place in the NFT market. Resultantly, the values of native tokes for metaverse projects too have skyrocketed and the ultimate gainers are sandbox, decentral, and axie infinity.
Currently, there are literally three trends that are going on like craze in the digital industry such as NFTs, DeFi, and the big one, Metaverse.
Metaverses are found in online games and games like Minecraft and Second Life are two of the best examples. But metaverse too has further evolved and is now better and bigger than ever before. The evolution has been brought by blockchain technology when metaverse games embraced the technology. The good thing blockchain brought into the metaverse was buying and selling of in-game unique items, lands, gear, and collectibles. Although these items are virtual items yet there is a huge influx of buyers wanting to acquire virtual goods of their choice.
Each blockchain-based metaverse project has its own native tokens. For instance, The Sandbox and Axie Infinity are two metaverse games and have native tokens such as “SAND” and “AXS” respectively. Both projects also offer “play-to-earn” rewards in the shape of digital assets to the users. Since metaverse is part of the digital industry, therefore, it also contributes to the crypto economy. Metaverse projects currently contribute over US$ 25 Billion in the total crypto economy of US$ 2.3 Trillion. AXS is currently the largest P2E token by the size of its present market cap which exceeds US$ 6.5 Billion.
However, when crypto-economy sank past week, AXS’s value was reduced by 25%. But looking at its annual surge, AXS value has increased almost by 20,824%. Next in line native token is that of SAND whose market capitalization is about US$ 4.6 Billion. The value of AXS too declined since last week by 32% but since then the token has mitigated the loss by selling virtual lands at higher prices. With regard to its annual progress however SAND is up by 11,597%.
Nowadays selling virtual lands which are part of metaverse projects is a scorching “commodity” wanted by many. Sandbox alone has sold multiple virtual lands for a price of more than US$ 70 Million since the past week. Contrary to this, NFTs sales since the past week couldn’t fetch more than US$ 59 Million. The most expensive NFT sale in the past week was secured by Cryptopunks collection which sold for a price of US$ 17 Million. Even that is no way near the sales taking place in the metaverse.
At present, the metaverse is outperforming the NFT market and a healthy competitive environment is in place favoring the interested buyers.
