Crypto collector spends $450,000 on virtual land next to Snoop Dogg's NFT house

Crypto collector spends $450,000 to buy a plot next to Snoop Dogg's house in the virtual world, Snoopverse.

A crypto collector spent $450,000 to own a plot next to Snoop Dog's house, in the virtual land of Snoopverse in a report by Rolling Stone. The NFT collector spent his money last week on December 3rd to be a part of the virtual interactive world created by the rapper with The Sandbox, an ethereum based platform that creates and monetizes hangout spaces and games.

Snoop Dogg already has plans to throw an exclusive members-only party in the digital version of his Diamond Bar in his California mansion. Residents of the virtual world would have customizable avatars, cars, homes and would be able to make money out of people who stop by. Each resident can create their own experiences and games on their Snoopverse plots.

The Sandbox has also featured land plots on their platform to other big names like The Smurfs, Care Bears, The Walking Dead, and Deadmau5. At the moment, the majority of the stakeholder is Care Bears valued at $2,2 billion.

The four-leading virtual land platforms, The Sandbox, Decentraland, CryptoVoxels, and Sominium Space, have been gaining much popularity this year and have together sold $100 million worth of virtual land by the end of November. As DappRadar data reported, The Sandbox was responsible for the majority of it, generating $86.5 million.

Corey Herscu, marketing and communications expert advising NFT artists and companies say to Travis Scott’s 2020 concert inside Fortnite, "Brands are scrambling to catch up. The next logical step is for them to start buying land and advertising in the metaverse.”

Herscu believes it won't be long before brands will be buying plots to advertise in these virtual worlds, and since the plot area is limited the value itself is very high. Adidas itself has brought 144 plots in The Sandbox two weeks ago and tweeted "AdiVerse anyone? What should we build?”