The Economy of the Metaverses and NFTs

The Metaverses the Sandbox, CryptoVolexs, and Decentraland accumulate sales worth 148.5 million dollars, thanks to NFT tokens. The data shows that The Sandbox has moved a high sales volume in the last few months. The interest in NFTs as digital assets representing property has renewed these spaces dedicated to digital trading land or completely virtual properties and avatars.

Metaverse and Digital Earth

Science fiction writer Neal Stephenson described Metaverses as alternative worlds to the real world in his novel Snow Crash, published in 1992. For Stephenson, digital worlds represent a space where characters can escape reality and fulfill their fantasies. Likewise, Blockchain has become the place to develop an entirely digital real economy. In the Metaverses, users can monetize their talents and trade various items.

Digital land has become one of the most sought-after objects within the Blockchain Metaverse, reaching values ‚Äč‚Äčcomparable to real-world land lots. For example, at Decentraland, several lots of digital land have exceeded half a million dollars.

Digital Worlds without Limits

digital world without limits

Decentraland and The Sandbox use the LAND token based on the Ethereum Blockchain to facilitate their users’ access to digital plots of land. These tokens allow users to perform various functions within the Metaverse, from building buildings and hosting parties and events to renting out their digital properties. Users can use LANDs to build and manage their worlds without limitations within virtual universes.
For example, the developers of MetaMask celebrated 10 million active users in their wallets with a digital party on Decentraland. Over 3,000 people attended the party through their avatars in the Metaverse.
The renowned British auction house Sotheby’s is also based in the Decentraland Metaverse. Its virtual headquarters exhibits a rich art collection in a wholly digital format and holds essential auctions.

NFTs and Digital Goods of the Metaverses

NFTs

The ability of non-fungible tokens or NFTs to represent ownership makes these digital assets highly valued in the markets. In addition, many investors are attracted to digital properties, just as or even more than fundamental properties, thanks to the certificate of authenticity that these assets provide natively on the Blockchain.
Each NFT represents originality, uniqueness, and rarity to its investors and owners. In addition, they allow verifying the authenticity and origin, and provenance. In this way, each owner retains rights to objects created or purchased within the Metaverse.
With a total sales volume of over $148 million in the Metaverses, it is clear that the digital earth and other digital items are in high demand among investors. Investors are willing to pay several thousand dollars to own one of these digital objects.

The Boom in Axie Infinity Game

The Blockchain game Axie Infinity also brings an unprecedented experience to its players and users. Axie Infinity is a digital universe where an utterly digital economy is built and developed through NFTs. And where digital land can also be negotiated. In fact, in February, an anonymous investor bought a digital estate for $1.5 million.
To date, Axie Infinity has moved a sales volume of 1,860 million dollars since its launch with the trading of NFTs. Additionally, Axie Infinity uses Play-to-Earn gameplay, which can also be found on The Sandbox, generating earnings of up to $400 per month for over 1 million active users.
The popularity of Metaverses is growing to the point that the world’s largest social network, Facebook, has announced plans to transition into a Metaverse company in the coming years.

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