Things to know (and fear) about new IRS crypto tax reporting
December 4, 2021
Introducing White Whale’s IDO: THE BOOTSWAP
December 5, 2021
The popular American rapper Snoop Dogg revealed at the end of September that he acquired land in the blockchain-based virtual metaverse The Sandbox and had plans to recreate his mansion. On December 2, The Sandbox held a “Snoopverse Land Sale,” which allowed participants to purchase land adjacent to the famous hip hop star’s virtual estate.
Plot of Land Next to Snoop’s Virtual Mansion in The Sandbox Metaverse Sells for Six-Digits
Two days ago, The Sandbox disclosed it was selling virtual plots of land that are located next to Snoop Dogg’s virtual property. Snoop has been a cryptocurrency advocate for quite some time and in recent days, he revealed he was a non-fungible token (NFT) whale called “Cozomo de’ Medici.”
Then at the end of September, Snoop partnered with The Sandbox, a gaming ecosystem where people can create, share and monetize NFTs and gaming experiences on the Ethereum (ETH) network.
The Sandbox blog post published on Thursday, explains that plots of land in the “Snoopverse” would go on sale on December 2 at 1 p.m. (UTC). 122 lands are for sale and 67 premium plots will be sold with a bundle of three exclusive NFTs.
A total of three small estates are to be auctioned on Opensea, The Sandbox announcement further detailed on Thursday. So far, the plot of land called “Wave 1 – 3×3 Estate S [12,-75]” sold for 71,000 SAND or roughly $450K at the time of settlement.
P-Ape Purchases the Adjacent Plot, Nonfungible.com Stats Show Virtual Land Sales Capture This Week’s Top NFT Purchases
At press time the 71,000 SAND is worth less than $400K after the crypto market carnage that took place on Saturday morning. The owner of the land next to Snoop’s estate is called “P-Ape,” and the collector has a number of popular NFTs.
The NFT collector has a slew of Crypto Bull Society NFTs and a Bored Ape Yacht Club (BAYC) NFT as well. P-Ape owns BAYC #6,445 and Mutant Ape Yacht Club #11,089 and a myriad of individual Lazy Bunny NFTs.
The Sandbox team notes that in order to redeem the estate next to Snoop’s, the winner of the auction should first write to The Sandbox and get instructions on how to transfer this token to the team. “The Sandbox team … will in return transfer the estate ownership to him/her,” the company explains in the sale description.
In terms of market sales, The Sandbox held the largest seven-day sales stats last week with 4,433 sales worth $70 million. Top land sales last week sold for 14-15 ether, or 8,000 SAND to close to 10,000 SAND per plot.
What do you think about The Sandbox land that sold next to Snoop Dogg’s estate for 71,000 SAND? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, The Sandbox,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
