DappRadar figures show The Sandbox has become the second most-traded NFT collection as Bored Ape Yacht Club and CryptoPunks lose momentum and fall down the rankings.
The market mania was arguably triggered by news that Facebook was going to rebrand to Meta and shift its attention to virtual worlds.
Of course, Meta is rather late to the party considering a number of blockchain projects have been in this space for years. Decentraland and The Sandbox have both been rewarded handsomely for this, with their tokens surging dramatically over the past month.
But beyond astronomical price growth, it's easy to forget that there's another big battle currently playing out in the metaverse — the quest to snap up coveted plots of virtual land.
All of this has now propelled these metaverses to the top of the leaderboard, with The Sandbox becoming the second most-traded NFT collection as Bored Ape Yacht Club and CryptoPunks lose momentum and fall down the rankings.
A Bustling New Market
"Virtual worlds carry such enormous potential, and we're just beginning to see the full array of use cases for metaverse land. The potential is almost boundless from simply building a property on top of your parcel as you would in Minecraft to actually monetizing your metaverse land through advertisements."
The site also noted how Barbados is planning to build its very own embassy in the metaverse, too — and how many use cases currently remain untapped.