Metaverse fans betting big on virtual land

Some investors are paying $300,000 for virtual property in lieu of a real-life house

Digital real estate has become the go-to industry for investing with more and more people recognising the potential of the metaverse.

The digital space has captured the minds of individuals and corporations alike with the likes of Meta and Microsoft committing time and effort to projects within the virtual world.

Major cities like Seoul and Shanghai had proposed their commitment to the metaverse with aspects of everyday life like social media, work and entertainment to become incorporated within the metaverse.

Andrew Keagle, CEO, and founder of Tokens.com, a technology company that provides transaction processing for digital assets, spoke about the potential of the metaverse and what it can offer.

“The metaverse is the next iteration of social media. You can go to a music concert, you can go to a museum, all types of different experiences that you can explore and get immersed with,” Keagle said.

Digital land purchases

Tokens.com purchased $2.4m worth of digital real estate on Decentraland, in what was the largest metaverse land acquisition to date, illustrating the continuing growth of the industry.

Snoop Dogg, the famous rapper and metaverse investor, launched the ‘Snoop Dogg Mansion’ on The Sandbox (SAND), and was subsequently joined by a neighbour who spent $1.23m worth of virtual land next to Snoop’s mansion.

In what is the record amount spent on a piece of virtual land, Republic Realm CEO Janine Yorio spent a record $4 million on a parcel of land on The Sandbox and said the $300,000 being spent on virtual land “is exactly the same as the average home price in America”.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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