While billions are joking about Facebook’s “metaverse” plans, real people are spending millions (and soon billions) in real cash to buy imaginary objects. As BofA’s Alkesh Shah writes, metaverse land (and yacht) purchases are accelerating as blockchain-enabled applications and new frontiers continue to develop.
Here are some examples of what people are spending all too real money on:
- Metaverse Group, a subsidiary of Tokens.com, purchased a 116-parcel estate in Decentraland’s Fashion Street district for ~$2.4 million (618k MANA) on Nov 23.1 If you’re wondering where Decentraland is on the map, it’s not.The 6,090 square feet of digital land purchased exists solely in the metaverse. The purchase was the largest acquisition of metaverse land to date and equates to 0.13% of all land to ever exist in Decentraland. And as Decentralands monthly users are expected to reach an all-time high of 300k this month it is not surprising that so many individuals and organizations want a piece of the action.
- Republic Realm, a digital real estate firm, purchased 259 parcels of land in Decentraland’s Metajuku district for ~$914k (1.3mn MANA) on Jun 18. The firm plans to transform its 16,000 square feet of digital land into a virtual shopping district where users can purchase digital wearables.
- Retail stores are leased and operated by third parties with current occupancy at 40%. If the idea of digital clothing sounds a bit farfetched, Balenciaga, Burberry,Dolce & Gabbana, Givenchy, Gucci and Louis Vuitton, among others, have already released digital collections.
- Axie Infinity, a play-to-earn gaming platform, announced on Nov 24 that it had sold a “Genesis” plot of digital land – one of 220 – for ~$2.3 million (550ETH).
- Worried about inflated land prices? You probably should be… although it is likely that they prices will get much higher before they pop: the largest known sale of metaverse (sur)real estate took place at the all too real price of $4.3 million. Republic Realm said it paid $4.3 million for land in the world Sandbox, the biggest virtual real-estate sale publicized to date. Republic Realm bought the digital land from videogame company Atari SA and the two firms said they plan to partner on the development of some of the properties.