What happened: Virtual land tokenized as NFT just sold for $13,575, which is 10.17 times the current minimum price of 1.12153228 Ethereum EUR/USD ($13,575 USD). The collection consists of over 97,000 plots of land –– at the present time each plot. The plots of land are 16m x 16m, or 52 square feet. Land in Decentraland and The Sandbox skyrocketed after Facebook’s rebrand 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 they have bought virtual land in these blockchain-based metaverses,…