Four blockchain-based metaverse projects generated more than $100 million worth of virtual land nonfungible token (NFT) sales last week, according to data from DappRadar.
A Tuesday post from the decentralized application analytics firm reported that between Nov. 22 and Nov. 28, activity was “booming” on The Sandbox, Decentraland, CryptoVoxels and Somnium Space with a combined $105.8 million worth of trading volume among them from more than 6,000 traders:
“Undoubtedly, Metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.”
The Sandbox represented the lion’s share of volume for the week with $86.56 million, Decentraland accounted for $15.53 million, while CryptoVoxels and Somnium Space generated $2.68 million and $1.1 million, respectively. All four of these metaverse projects are built on the Ethereum blockchain, although projects on other chains such as Solana are beginning to gather pace, too.
DappRadar noted that “the wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta.”…read more.