Metaverse land sales leap as Barbados plans embassy

By Raffaele Redi

Metaverse lands recorded over $100m in NFT land sales

Double exposure with businessman holding tablet and city model in hands                                 
It’s land, Jim, but not as we know it: The four leading virtual worlds attracted combined traffic of over 6,000 traders in the past week – Photo: Shutterstock

The metaverse recorded over $100m in non-fungible token (NFT) virtual real-estate land sales in the past seven days as sales activity for The Sandbox, Decentraland, CryptoVoxels and Somnium Space is booming, according to Dapp Radar data.

In yet another historic first for the metaverse, the Caribbean island nation of Barbados is preparing to declare digital real estate sovereign land with its plans to establish a metaverse embassy, thus initiating a further step towards legitimising the metaverse as an actual space.

As Decentraland – one of the largest and most popular crypto-powered digital worlds – recently confirmed and tweeted about, the Barbadian Ministry of Foreign Affairs and Foreign Trade signed an agreement on Sunday with the company to help it establish the digital embassy, with plans to launch next year. 

The possibility of the move being enlarged to include other metaverse players (Somnium Space, SuperWorld and others) has also been mooted. The move will make Barbados the first republic and state to have an embassy in the metaverse.

This follows a similar first on the corporate side from German sportwear maker Adidas. The sportwear giant has pioneered property ownership of virtual lands on the metaverse by buying a portion of land on The Sandbox map, which it intends to use to exhibit its NFTs  – dubbed ‘the AdiVerse’.

The metaverse real estate boom

According to DappRadar data, the four leading virtual worlds attracted combined traffic of more than 6,000 traders in the past week, while the Decentraland platform recently sold a piece of virtual fashion real estate for a whopping $2.5m (£1.5m, €2.2m), with the price for metaverse land continuing to increase.

DappRadar analysts stated: “The Sandbox is leading the pack, with both the highest number of traders and sales. It also had the highest trading volume with more than $86m.

“Decentraland follows in second place with more than $15m traded for land-plot NFTs. Cryptovoxels and Somnium Space also cut with a considerably lower number of traders and generated volume.

“Even so, the metaverse’s big four steadily outperform big NFT projects,” they added.

Crypto Punks and BAYC vs NFT land commodities

According to Dapp Radar, The Sandbox is currently the second most-traded NFT collection in the past seven days, with Decentraland following at eighth place.

Meanwhile, big NFT collections such as Bored Ape Yacht Club (BAYC) and CryptoPunks are trailing behind, especially in terms of the number of traders interacting with the collections.

“The wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta,” explained DappRadar.

“Metaverse events are becoming an industry standard in the crypto space, allowing brands, artists and creators to showcase their work and products to millions of people worldwide – not to mention that a land plot can also be the playing field for a blockchain-based game or the gallery for NFT exhibition,” the analysts added. 

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