A piece of virtual land for sale on The SandBox for $12,096 in ETH

Virtual land values in Decentraland and The Sandbox soar as Facebook rebrands as Meta

What happened
A piece of virtual land marked as an NFT just sold for $12,096, 2.22x the current minimum price of 1,797 ETH

. The land consists of 166,464 parcels in the Metaverse, each 2,500 square feet in size. After Facebook changed its name to Meta, the value of the land in Decentraland and The Sandbox skyrocketed, as many investors then understood what Metaverse really was. Most of the time, they command a high price due to the size of the virtual terrain and its proximity to the center of the virtual world.

The Ethereum blockchain hosts open-world metaverses, the two biggest of which are Decentraland Manna

and sandbox sand

. Adidas and other brands

and Atari
They purchased virtual land in these blockchain-based virtual worlds, where some companies believe that over time most of their retail sales will take place.

Virtual land values in Decentraland and The Sandbox soar as Facebook rebrands as Meta