The Sandbox is at the center of a virtual land boom.
There is a place called The Sandbox.
Nobody knows what the metaverse will look like. It's going to become a thing.
The term fuzzy refers to virtual worlds in which people createavatars to play games, work, build things, or watch virtual events. Developers are making the running for big beasts such as Facebook.
There's a lot of hype about it. The Wall Street crowd is very excited about its financial potential.
Huge property transactions are taking place, with parcels of virtual land changing hands for millions of dollars.
The Sandbox is at the center of the virtual land boom. Even though it's not fully launched, a tract of virtual land inside it just sold for $4.3 million.
People will be able to build and sell items in the virtual world next year.
There have been $211 million of land sales.
Borget is the chief operating officer of the company. In the last few months, he says virtual land sales have exploded, and that the total amount of sales is $211 million.
People of all ages have been drawn in. In the last year, the'sand' coin has increased by more than 9000%.
"So far the reception has been good and we have thousands of users playing simultaneously in the alpha version," Borget told Insider. He said it's still very early on.
More than $100 million of metaverse land was sold in a single week. The opportunity in digital properties could rise 200x in 16 months, according to the co- founder of a virtual real estate company.
He thinks it will become a digital economy with virtual concerts, art galleries, museums and architectural practices.
The arrival of the legendary rapper, who is also known as the Doggfather, has Borget very excited. The most expensive land sale so far was a piece of land near the mansion of rapper Snoop.
User ownership is allowed by cript tech.
The Sandbox and Decentraland are early metaverses that use digital token transactions.
Why must metaverses be based on technology? Couldn't they be written using normal computer code?
Borget said that using the technology to mint NFTs is a great way to allow users to own the content they create in The Sandbox.
It also allows complex networks to exist. Borget said that the amount of land in The Sandbox is finite and governed by a smart contract.
He said he was working to grow the part of the metaverse where users could be self-sovereign.
Big brands are drawing in Metaverse.
That's not to say that the metaverse is a socialist state. The Sandbox is a company that makes money through a lot of fees. The sand token takes 5% when anyone buys or sells it.
The Sandbox believes deals with major brands are key to creating a vibrant economy within the metaverse. The Smurfs, Care Bears, and The Walking Dead are just some of the shows that have signed up.
Borget's vision of the metaverse is a quirky place where fun is paramount.
He said that theAvatars will have access to very diverse culturally diverse experiences. That makes it a compelling place to be.
Business Insider has an original article.
