There are several Metaverse projects available online for only a community of gamers. Amongst the best of the best Metaverse project is “The Sandbox”.
In recent times, auctions were held by at least four most famous Metaverse projects of the world, including The Sandbox. In the auction for sale were the virtual lands and there was huge interest from the general public in buying these lands. The top sellers of virtual lands turned out to be The Sandbox and Decentraland.
The Sandbox is one of those projects which is loved by the majority of online gamers. This Metaverse game is also very famous amongst globally famous celebrities as well. Snoop Dogg, who is an American rapper, rapping for more than 20 years, is amongst one of its known gamers. He revealed two months ago that he had purchased land for building a “Snoop Dogg Villa” in the universe of The Sandbox. However, the legendary rapper had not just purchased a land for villa but he had in fact purchased a whole universe. The universe he named after himself by naming it as “Snoopverse”.
This offered an opportunity for The Sandbox to auction the land which is falling into the Snoopverse. Approximately 67 plots will be put to an auction and the auction was to commence on 2nd December 2021. It has been announced by The Sandbox project that it had sold land adjacent to Snoop Dogg Villa for a whopping price of US$ 450,000. The purchaser, who had purchased the land adjacent to Snoop Dogg Villa has named its estate “P-Ape”. The purchaser is the owner of several high-profile expensive NFTs relating to Crypto Bull Society, including Board Ape Yacht Club.
Thereafter, The Sandbox proceeded with the auction of virtual land sales. According to Sandbox, the project had sold virtual lands for a whopping price of US$ 70 Million. At least 4,433 sales in numbers were successfully concluded. Amongst these sales, the highest payments received ranged between 8 to 10 thousand SAND against each piece of virtual land.
The Sandbox project is in fact indebted to Snoop Dogg joining their ecosystem and owning virtual lands. Because of him alone, the project has been able to sell lands adjacent to Snoop Dogg’s land at such high prices.
Today, financial institutions too are exploring the opportunity of joining the Metaverse ecosystem. For instance, Bank of America was the first bank to show its interest in Metaverse projects. We are now looking at the future where it is possible that bank loans will be given to persons interested in buying virtual lands. Similarly, one cannot ignore the possibility that in the future banks would be accepting virtual lands as securities. In addition, mortgaging virtual lands for securing loans could be yet another option.