Three plots of ‘digital land’ on metaverse platform The Sandbox located next door to ‘Snoop Dogg Mansion’ have sold for a combined total of $1.23m as buyers continue to purchase the most sought-after plots available.
The three plots – purchased using The Sandbox’s native SAND token – were directly next-door to Snoop Dogg’s virtual mansion.
The trio were sold individually via auction on OpenSea in the form of three different ‘Estates’ – Estate S 3×3 (12,-75), Estate S 3×3 (12,-81) and Estate S 3×3 (3,-87).
The most expensive plot of land purchased from the trio sold for $453k
The incredible prices of 70,903 SAND ($453k), 67,142 SAND ($429k) and 55,125 SAND ($352k) attached to the estates were so high because of the location of the plots and its proximity to the mansion, which can be one of the major factors in determining the price of ‘digital land’ on The Sandbox.
Much like physical property, owning land close to a landmark, popular location or celebrity house often warrants a higher price tag, and the trend seems to have carried over into the metaverse too.
The ‘estates’ purchased are much larger than typical land purchases on The Sandbox as they consist of a 3×3 square of LAND (9 plots) – Multiple pieces of LAND can be combined to form ESTATEs like the three that were auctioned.
LAND – which is stored as an NFT on the Ethereum blockchain – is a piece of ‘digital real-estate’ in The Sandbox that game designers can use to build digital experiences such as games and populate it with ‘ASSETs’. A total of only 166,464 ‘LANDs’ will ever be available.
Snoop Dogg ‘entered the metaverse’ back in September when he launched ‘Snoop’s Mansion’, which offers access to exclusive NFTs, live concerts and ‘priceless experiences’ through a ‘Snoop Private Party Pass’.
Owning digital land has become the hottest new trend within the metaverse and has seen investment from major brands such as Adidas Originals alongside 165 other partners in recent weeks.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.