Snap art 2 m Patch#

In Decentraland there were 334 buyers in March, sending monthly land sales volumes past $4 million, from $767,400 in February with 184 buyers and $246,134 in January with 111 buyers, according to .Īn NFT investor called Whale Shark, whose collection was valued at more than $20 million by in February, said he spent 200 of the cryptocurrency Ether on land in Cryptovoxels and another 200 in The Sandbox in 20. So far, it's a relatively small number of people driving up land prices on these worlds. 'That's where all of the attention is and that's monetisable in a million different ways.' 'All of virtual land and these virtual spaces are basically real estate on which experiences will start to centre, on which attention will start to focus,' Twobadour said. Their theory is that as more people congregate in these environments, plots of land in central locations will be highly sought-after because of the amount of visitor traffic. There are currently a few thousand unique landowners on each of the main blockchain-based platforms. Metaverse enthusiasts compare the rush to buy virtual land to the scramble for domain names in the early days of the internet.

Snap art 2 m Patch#

A patch of land measuring 41,216 virtual square metres sold for $572,000 on April 11, which the platform said was a record.Īnother Decentraland plot sold for $283,567 on March 21, according to, while Somnium Space said an estate on its platform fetched more than $500,000 on March 16. The best known are Decentraland, Cryptovoxels, Somnium Space and The Sandbox, where virtual real estate prices are hitting new highs.ĭecentraland has seen more than $50 million in total sales, including land, avatars, usernames and wearables like virtual outfits. The NFT frenzy has heightened interest in blockchain-based online environments. There could also be prime opportunities for fraudsters in a market where many participants operate under pseudonyms.įor a graphic on surging sales of crypto assets, click here

Investors caution, however, that while big money is flowing into NFTs, the market could represent a price bubble, with the risk of major losses if the hype dies down. NFT real estate could one day fetch millions of dollars, he added. Online environments are going to be 'very very big', regardless of fluctuations in the price of bitcoin, said Frederic Chesnais, head of Atari's blockchain division and the company's former CEO. In what will be one of the biggest names to join the party, videogame maker Atari (ATAR.PA) told Reuters it planned to launch its own blockchain-based virtual world and would soon announce details. If it's a plot of virtual land, you ought to move around in it, have an immersive experience in it.' experience these NFTs as they were intended. The real explosion will happen when they're able to. 'The current Cambrian explosion of NFTs that you see is all about acquisition – people want to buy up NFTs, gobble as many of them as they can,' said Anand Venkateswaran, aka Twobadour, who runs the Metapurse fund with Metakovan. His collection of NFTs and other crypto assets, the Metapurse fund, is valued at $189 million, according to, a site that aggregates sales history data from NFT marketplaces. Metakovan's plans are an ambitious undertaking, but he says he is the world's biggest NFT investor. In these environments, referred to as the metaverse, people can wander around with friends, visit virtual buildings and attend virtual events. He is working with architects to design gallery complexes that the public can enter via web browsers or virtual reality technology.īut art is just one part of a new economy of blockchain-based virtual worlds where land, buildings, avatars and even names can be bought and sold as NFTs, often fetching hundreds of thousands of dollars. Metakovan, real name Vignesh Sundaresan, plans to put the artwork on display in four virtual world environments.