Investors Are Paying Millions for Virtual Real Estate in the Metaverse

  • Real estate in virtual worlds — sometimes called the metaverse — is going for millions of dollars in some cases.
  • The most expensive spots are near where lots of users congregate — for instance, someone recently paid $450,000 to be Snoop Dogg’s neighbor in a virtual world called the Sandbox.
  • But even proponents are warning would-be investors that this is risky business.

It’s no secret the real estate market is skyrocketing, but the Covid pandemic is creating another little-known land rush. Indeed, some investors are paying millions for plots of land — not in New York or Beverly Hills. In fact, the plots do not physically exist here on Earth.

Rather, the land is located online, in a set of virtual worlds that tech insiders have dubbed the metaverse. Prices for plots have soared as much as 500% in the last few months ever since Facebook announced it was going all-in on virtual reality, even changing its corporate name to Meta Platforms.

We are primarily funded by readers. Please subscribe and donate to support us!

“The metaverse is the next iteration of social media,” said Andrew Kiguel, CEO of Toronto-based Tokens.com, which invests in metaverse real estate and non fungible token-related digital assets.

www.cnbc.com/2022/01/12/investors-are-paying-millions-for-virtual-land-in-the-metaverse.html

Views:

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.