Developer Ben Nolan auctioned the final one hundred land parcels for Cryptovoxels, which makes Origin City complete sold out. As a result his project is now the app with the highest trading volume on OpenSea. In the past seven days there has been 422.30 ETH in trading volume, which equals almost 73 thousand dollars.
It’s been nearly two years since Nolan started selling small numbers of his virtual world to investors, gamers and virtual reality enthusiasts. In the first weeks the parcels didn’t even sell out, but nowadays land in Cryptovoxels is selling for a minimum of 400 dollars. The most expensive lands are even worth thousands of dollars.
Next week will mark the first week without an auction. It remains to be seen what the lack of new land parcels will do to the trading volumes. Without new land additions, prices are likely to go up. But obviously this requires a certain demand.
Nolan is already planning ahead for the future of Cryptovoxels. He’s thinking about adding islands and connect these island with bridges to Origin City.
How does it work?
Within Cryptovoxels each land parcel connects to a token on the Ethereum blockchain. An user owns certain land when they have the corresponding token stored in their cryptocurrency wallet. When entering Cryptovoxels as a logged in user, the software checks the wallet. If it finds a corresponding token, it gives the user certain permissions. This would for example mean that the land owner is capable of editing and changing the creations on his land.
In Cryptovoxels these tokens don’t only represent land. There are also tokens for virtual clothing and avatar customization options. In addition developer Ben Nolan is thinking about tokenizing certain movements, like for example a dance move.
High Demand for Virtual Land
On the public marketplace OpenSea virtual land has been in high demand for many weeks. Cryptovoxels, Decentraland and Somnium Space have been dominating the charts this year. In the past seven days these three projects have been responsible for over 1000 ETH worth of trading volume. That’s more than 172 thousand dollars.
In addition projects like The Sandbox, MegaCryptoPolis, Axie Infinity and Brave Frontier Heroes have also been selling virtual land. Obviously these lands don’t always have the same purpose from a gameplay perspective, but it still is player-owned digital land within a virtual world.
This trend hasn’t gone unnoticed in other industries. For example Atari signed up with The Sandbox to build a virtual theme park. Mainstream organizations like Forbes and Nasdaq have covered The Sandbox in recent weeks. Square Enix invested into The Sandbox, while several investment companies have tried to invest into Cryptovoxels.
Also published on Medium.