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Someone Spent $450,000 for ‘Land’ Next to Snoop Dogg’s NFT House

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Crypto fans are scrambling to buy and monetize metaverse land plots as Snoop Dogg, Adidas, and other brands start building virtual worlds

Stephen J. Cohen/Getty Images

But Snoop isn’t the only big name playing in The Sandbox: Deadmau5, The Walking Dead, Smurfs, and Care Bears also own land on the platform, the majority stakeholder of which was recently valued at $2.2 billion. That’s almost as much as what Zillow’s trying to make back, after buying too many physical-world houses in 2021’s beyond-crazy real estate market. (Basically, the app failed at iBuying — or purchasing properties based on the amount an algorithm said they would be worth in a few months — due to pandemic-related volatility.) Is it possible that digital real estate is more valuable than physical right now?

Of course, there’s more to the metaverse than just The Sandbox. Towards the end of November, the four leading virtual-land platforms — The Sandbox, Decentraland, CryptoVoxels, and Somnium Space — sold $100 million worth of virtual land in the form of NFTs in one week, according to DappRadar data. The Sandbox — responsible for the vast majority of that figure, generating $86.5 million — just happens to be the biggest of the group. At number two, Decentraland made around $15.5 million.
In the week starting Nov. 22nd, four of the top 10 NFT sales in the world were wildly popular Cryptopunks, one was a coveted Bored Ape, and the other five were virtual land plots. A crypto investor platform called Tokens.com bought the most expensive one — Decentraland’s Fashion Street Estate, which has been designed to be a fashion-district hub for clothing stores and runway-show-ready event spaces — for about $2.4 million. (Decentraland also has districts for casinos, entertainment venues, and art galleries.) Meanwhile, a plot within Lunacia — the world of Axie Infinity, a play-to-earn video game that’s generated billions for the NFT movement — followed close by, going for just north of $2.3 million.
“Brands are scrambling to catch up,” says Corey Herscu, a marketing and communications expert who advises NFT artists and companies. “The next logical step is for them to start buying land and advertising in the metaverse.” Herscu points to Travis Scott’s 2020 concert inside Fortnite, which drew more than 27 million unique viewers at the time, and stresses that branding is all about “going to where your demographic is and doing the best that you can to keep up with what they want.”
Herscu insists that early investors in metaverse land will reap the rewards when massive companies finally decide it’s time to do in-game pop-ups. That’s because the amount of land is limited by the platform, as the idea of scarcity helps determine value. In The Sandbox, for example, there are only 166,464 plots of land. In Decentraland, there are 90,000. When everything sells out, big brands and event organizers will essentially have to lease the land from owners. Some are already jumping in without long-term plans fully in place: Adidas bought 144 plots in The Sandbox a few weeks ago before tweeting, “AdiVerse anyone? What should we build?”

When Comic-Con brings hundreds of thousands of pop-culture fans to San Diego, California each year — or Lollapalooza draws huge crowds to Chicago — brands take over bars, restaurants, hotels, and arenas. Herscu says the same sort of thing will start happening as metaverse communities develop.

These platforms have their own tokens — like Sandbox’s SAND and Decentraland’s MANA — and the more people build up the worlds, the more valuable their currencies become. At the start of March, SAND was valued at 25 cents. It peaked at eight dollars and 51 cents — so anyone who invested $1,000 into SAND early this spring, would have made around $850,000 if they cashed out at the right moment. (SAND was worth around $5.50 at press time.)
As for figuring out where to own land, that comes down to “location and bragging rights,” says Herscu. “There’s a lot of ego at play.”

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This Week's NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower – Markets and Prices Bitcoin News – Bitcoin News

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by Jamie Redman
Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $118.02 million worth of NFTs were sold this week compared to last week’s $132.43 million. Further, the top two NFT collections with the largest market capitalizations shed significant value during the past seven days. While Bored Ape Yacht Club’s market valuation lost 21.29%, Cryptopunks’ market cap slid by 19.18%.
NFTs had a lackluster week as sales and prices have followed in sync with falling crypto asset prices. Statistics show that a large number of NFT collections have lost considerable market value during the past week. For instance, metrics show that Bored Ape Yacht Club’s (BAYC) floor value on September 13, 2022, was $114,388 and today, the floor value is around $90,026. BAYC’s market valuation on September 13 was $1.14 billion and today it’s down 21.29% to $900.25 million.
Data shows that the second most expensive NFT floor value belonged to Cryptopunks on September 13, and that’s still the case today. However, the cheapest Cryptopunk last week was around $98,941, but today you can get one for $79,960. Cryptopunks’ market cap has nosedived 19.18% lower during the past week. The same can be said for a majority of blue chip NFT collections like PROOF Collective, Mutant Ape Yacht Club (MAYC), Castaways, and Doodles.
Seven-day statistics show that the BAYC NFT collection is the compilation with this week’s top sales, as $8,603,290 in trades were recorded. BAYC sales have increased by 17.33% and the second largest NFT collection in terms of weekly sales is RENGA. The RENGA NFT collection has managed to print $5,822,323 in seven-day sales, up 121.08% since last week. Overall, however, NFT sales across 17 blockchains monitored by cryptoslam.io are down 10.88% lower than last week.
This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Ethereum (ETH) captured the top NFT sales and Solana (SOL) recorded the second largest number of digital collectible sales this week. Although, ETH-based NFT sales slipped 1.66% lower than last week with $79.05 million in seven-day sales. SOL-based NFT sales are down this week 42.11% lower than last week with $23.71 million. Both Flow and Immutable X saw an uptick in NFT sales. Flow NFT sales jumped 59.42% higher, and Immutable X NFT sales saw a significant 790.96% increase.
The top five most expensive NFTs sold this week all stemmed from the BAYC collection and include Bored Ape #441, Bored Ape #2897, Bored Ape #5733, Bored Ape #4179, and Bored Ape #1846. Bored Ape #441 sold for 351,000 DAI and Bored Ape #2897 sold for 215.38 ether or $296,404. Bored Ape #5733 was sold three days ago for 120 ether or $176,458, and Bored Ape #4179 sold for 123 ether or $176,307. Lastly, the fifth most expensive, Bored Ape #1846, was sold for 106 ether or $151,939 four days ago.
What do you think about this week’s NFT sales dropping more than 10% lower than last week’s sales? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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