Decentraland Real Estate in High Demand, 24h Volume up 989%

Numerous sales upwards of $10k boost volume

According to DappRadar data over the past 24h, Decentraland real estate has attracted a lot of attention. Active wallets interacting with the collection rose by 350%, boosting the volume to $93k. This represents close to a 1,000% increase, compared to yesterday. Of course, 24h metrics easily shift around with one or two big sales, yet this result is impressive.

Decentraland is one of the first virtual real estate collections, and thanks to its expanding list of feature and technical options, people find the virtual world alluring. Trend analysis shows that it is the most recognizable virtual world at the moment. A couple of weeks ago, a plot sold for more than $700k. However, the significant increase in sales and volume over the past 24h confirms a broader trend. Demand for virtual land is on the rise. 

One important thing to point out is that plots are selling at relatively high prices. With 18 sales in the past 24h and a volume of $93.1k, the average price for a plot is above $5,000. Not to mention that DappRadar data shows that, in fact, there were numerous sales for upwards of $10,000 each. 

As a big name in the virtual world industry, it is no surprise that Decentraland performs well. Even so, a 1,000% increase in volume does not happen every day. According to DappRadar’s research, virtual worlds are steadily attracting more traders. In May, land plots were some of the highest-grossing NFT sales, with top ten positions for Decentraland and The Sandbox. 

An interesting trend to note is that virtual NFT galleries are also attracting more attention. One of the largest Decentraland sales in the past 24h included a plot with a free NFT gallery already built on it. Earlier this month auction house Sotheby’s recreated their London office inside the virtual world to showcase the items from their Natively Digital collection. The Alien Covid Punk sold for a record-breaking $11,8 million during that auction. 

Decentraland real estate vs competitors

One of Decentraland’s main competitors, The Sandbox, is struggling to keep up with volume. It has attracted a higher number of unique active wallets, and more transactions. However, the volume going through its smart contracts in the past 24h is almost half as that of Decentraland at $50,78k. 

There are two main reasons for this difference. The world of Decentraland has sold out already and is limited to 90,601 parcels. This means that plots in Decentraland are harder to acquire and cost more. On the other hand, The Sandbox only sold half of their land so far, hasn’t launched their world yet, and has a cap of 166,464 land parcels.

The other big name in virtual real estate, Somnium Space, is also struggling. It did not manage to record a single sale in the past 24h.

Decentraland real estate is one of the most sought-after NFT purchases because of its long-standing history, and well-structured brand development. Not to mention that prime location plots in Decentraland are becoming harder to find, and rarely make it to the market. 

The constant interest in virtual land is not surprising. Because of the highly customizable nature of plots in any virtual world, and because of the overall rise in interest in virtual reality, platforms like Decentraland are bound to perform increasingly well. DappRadar will continue to follow developments in the metaverse, so stay tuned.

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