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NFT Buyers Drop $1.23 Million on Digital Land Next to Snoop Dogg's Virtual Mansion

Three virtual estates neighboring a Snoop Dogg game space in the metaverse have been sold, the most expensive space selling for $453,000.

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This story originally appeared on Black Enterprise

Three virtual estates neighboring a Snoop Dogg game space in the metaverse have been sold for a collective $1.23 million, with the most expensive space selling for $453,000.

Stephen J. Cohen | Getty Images

According to Yahoo!, the purchases were made using SAND tokens, the cryptocurrency native to The Sandbox gaming platform. Snoop joined the platform in September with the launch of “Snoop’s Mansion,” an interactive game which allows fans to share experiences and content with each other, attend live performances, and access exclusive NFTs.

Snoop’s partnership with Sandbox also offers “priceless experiences” to the exclusive 1,000 users who are able to obtain a “Snoop Private Party Pass,” Coin Rivet reports.

Purchasing “LAND” on the Sandbox platform allows any user to create, play and monetize their own virtual content as well. And just as in the real world, being celebrity-adjacent increases the value of virtual properties.

The higher-than-usual price tags on these recent LAND sales seem warranted by the fact that all three properties are much larger than typical plots purchased on The Sandbox. Each of the three estates consist of a 3×3 square of LAND, or 9 individual plots that could potentially be broken up and resold.

The price of the SAND token has surged significantly over the past few weeks. Following a low price of $0.70 in late October, its current value is $5.67. This comes after a week during which most cryptocurrencies have seen a drop, as the markets respond to news of the latest COVID-19 variant.

On Nov. 25, the native Sandbox currency reached an all-time peak price of $8.29.

The price surge for this token has been driven by The Sandbox’s competitive brand and celebrity partnerships. On Nov. 1, The Sandbox tweeted that it has over 165 partners who will “contribute to creating a diverse, multi-cultural place,” with hopes of encouraging users to constantly return to and explore their ever-expanding metaverse.

Just ahead of the Thanksgiving-week price surge, Adidas hinted at creating an “Adiverse” on the platform.