Real estate in the metaverse is going for crazy prices and selling like hotcakes. There were The Sandbox, Decentraland and CryptoVoxels , over $300 million worth of non-fungible tokens sold in the last week, and nearly a quarter of those sales were for digital land in The Sandbox metaverse.
In contrast to The Sandbox, Decentraland’s individual plots are more expensive. This year’s top 10 highest-priced digital land sales were all made in Decentraland. Companies are eager to get in on the ground floor of the metaverse.
Cryptocurrency enthusiasts are hoping to get in on the ground floor before the price rises even further, despite the fact that they may not be able to afford it.
Sales of digital realty in metaverses from November 29 to December 5
|Metaverse project||Sales in the last 7 days||Number of assets sold|
|The Sandbox||$70.5 milion||4,433|
According to Republic Realm, a company based in the United States, on November 30 it paid a record $4.3 million for virtual land in The Sandbox. Tokens.com’s $2.4 million purchase of land in Decentraland’s Fashion Street district last month was the previous record-holder for the highest price paid for a piece of real estate on the platform.
Companies want to get in on the ground floor of the metaverse
By 2025, Grayscale, the largest digital assets investment company in the world, estimates that the value of these virtual gaming worlds will grow from $180 billion in 2020 to $400 million. Binance and other cryptocurrency exchanges have set up virtual headquarters in the metaverse where their employees can meet and collaborate. The Atari arcade, which was recently announced by the old-school video game giant, Atari, will allow Decentraland residents to come in and play mini-games.
SnoopDogg, for example, is hosting concerts in the metaverse, which is a smart move in light of the dangers and restrictions posed by the COVID-19 pandemic.
Consumer technology is also being impacted by the metaverse as Facebook plans to increase its capital expenditures to focus on the metaverse, says UBS, a Swiss multinational investment bank
If you’re a developer or asset owner in crypto virtual worlds, you’re in for a multi-million dollar payday. The metaverse, on the other hand, is still a baby in the crypto world.