- The land was sold for approximately $11,666
- MANA Price at the time of writing – $0.6969
- Sandbox skyrocketed after Facebook’s rebranding as Meta
Just recently, a virtual land tokenized as an NFT sold for $11,666, or 5.18 times the floor price of 1.7 Ethereum or 11,66 USD collection includes more than 97,000 land parcels, each measuring 52 square feet and measuring 16 meters by 16 meters.
Land prices in The Sandbox and Decentraland skyrocketed following Facebook’s rebranding as meta. Due to its size and proximity to the metaverse’s center, virtual land typically fetches a premium when sold.
MANA’s Market Cap is down by 1% over the last 24 hours
Open-world metaverses reside on Ethereum’s blockchain, the two largest of which are 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, and some businesses think that the majority of retail will eventually take place there.
The evolution of human interaction with the internet is referred to as the metaverse. The distance between our online identities and the real world narrows as we spend more time online.
The metaverse is eventually intended to be an immersive virtual world where individuals can interact with peers and enjoy digital ownership.
Following Facebook, announced its rebranding as Meta. Because they are able to guarantee 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 plots of land in this virtual world, which they can then use to navigate, build on, and monetize.
Decentraland was launched following a $24 million initial coin offering (ICO) that was conducted in 2017. The closed beta of the virtual world began 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, yields non-fungible ERC-721 LAND tokens.
Decentraland was designed for people, businesses, and content creators looking for a new artistic medium, business opportunity, or entertainment source.
The Decentraland gameworld, also known as the Metaverse, is broken up into 90,601 separate parcels of LAND, with an ERC-721 non-fungible token representing each one. Each LAND is precisely 256 square meters in size and can be found at a specific Metaverse coordinate.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
