The Sandbox will commence the sale of 1,900 virtual LAND parcels on November 24.
Metaverse real estate is the hot property today, and as the hype around virtual reality continues to grow, brands and individuals will continue purchasing parcels of land in the metaverse. Metaverse platforms like The Sandbox thrive on this business model, and on this strength, the decentralized platform announced that it would commence the sale of 1,900 LAND parcels in its metaverse on November 24.
The Animoca Brands subsidiary has made waves in the virtual reality industry, breaking forth during the crypto bull run of 2021, where its $SAND token surged from around $0.7 to over $7 apiece. Since it became a center of attraction in the metaverse space, The Sandbox has sold over 100,000 virtual LAND parcels. Currently, The Sandbox’s metaverse has about 166,464 LAND parcels valued at more than a billion dollars, based on the average price of the parcels sold so far.
The upcoming sale is split into three stages, with its first stage beginning on November 24, and the last stage will run into the early weeks of 2023. The first stage, christened California Dreamin’, will feature LAND parcels around famous brands and big names like The Marathon City and Playboy. Gaming fans will be able to scoop up property alongside FaZe World, and skating fans will have the pleasure of sharing a neighborhood with Tony Hawk’s metaverse skatepark.
The next stage, christened The Galleria, will commence on the 1st of December and focus on fashion, hospitality, and media brands. LAND parcel owners will share a neighborhood with Paris Hilton and build on TIME Square. Other big names that will feature in The Galleria include L’Officiel and Cipriani.
The final stage, Voxel Madness, will go on sale in early 2023 and will be based on a gaming theme. Voxel Madness will offer a gamer-friendly neighborhood that will double as the local metaverse arcade for gamers worldwide. Fans of big gaming brands like Voxies, Hermit Crab, Cut the Rope, Dogami, and Playground Studio will enjoy the company of their favorite gaming universes and create and host games.
Standard and Premium LAND offerings will be available in each stage of the LAMD sale. Premium LAND parcels in the same locality as big-name brands will be scarce. These LANDs will also offer digital collectibles for fans of the brands with which they share a neighborhood, increase staking rewards for players that stake the $SAND token, and allow owners to create unique experiences using the Game Maker with the digital collectibles that they own. ESTATEs will also be up for sale in direct auctions on the OpenSea Marketplace.
The Sandbox will conduct the sale using its innovative raffle system to ensure a fair distribution of LAND ownership. Only holders of a minimum of 1,011 $SAND tokens will be eligible to join the raffle draw. The LAND sale announcement has not affected the token’s price significantly, as it continues to trade around the $0.5 level. Although the price of $SAND is down over 80% from its all-time high, it remains one of the leading metaverse tokens in the crypto space.