What happened: Virtual land tokenized as NFTs just sold for $11,666, which is 5.18 times the current minimum price of 1.7 Ethereum EUR/USD ($11,666 USD). The collection consists of more than 97,000 parcels of land –– at the present time each parcel The parcels of land are 16m x 16m, or 52 square feet. Land in Decentraland and The Sandbox soared after Facebook’s rebranding to meta, as more investors realize what the metaverse is. Most of the time, virtual land sells at a premium due to the size of the lot and its proximity to the center of the metaverse.

The Ethereum blockchain hosts open world metaverses, the 2 largest being Decentraland MANA/USD and the sandbox SAND/USD. Brands like Adidas ADDYY and atari PONGF have bought virtual lands in these blockchain-based metaverses, and some…