IF YOUR wallet is a bit bulky, you can always lighten the load by purchasing virtual property.
It’s one of many ways the metaverse offers to throw money away on largely pointless goods.
The Metaverse is a loosely defined virtual realm composed of connected 3D virtual worlds in which people can work, play, or conduct business.
Visitors to the Social Spaces can purchase goods and services such as B. Buying real estate, similar to buying in the real world.
And while that mostly takes the form of a few square feet of space fetching a dollar or two, prices can run into the millions.
Huge Metaverse estates fetch high prices as investors buy up land in hopes of raising a tidy sum.
They are traded in cryptocurrencies and owned by NFTs. Similar to real estate, owners invest in the hope that they will be worth more in the future.
However, just like their real-world counterparts, the value of properties may go up or down. They are considered a risky investment.
The Sun has compiled a list of some of the most outrageously expensive properties to have changed hands in the metaverse so far.
$4.3 million – The Sandbox
Republic Realms is a metaverse real estate company that has spent $4.2 million on land in the virtual world The Sandbox.
The acquisition included 100 private islands that have skyrocketed in value in the months since.
CEO Janine Yorio told CNBC that her company initially sold the islands last year for $15,000 each.
“Today, they sell for about $300,000 each, which happens to be the average home price in America,” she told the outlet.
The company’s digital land purchase last November was the largest land acquisition The Sandbox had seen.
Republic Realm has snagged 792 parcels in The Sandbox, which is 3 square miles of in-game land.
A 24/7 prime property was purchased from Atari, with the agent developing a portion of the property with the company.
Yorio says neighbors are just as important as location, to CNBC:
“I think it absolutely matters who your neighbor is. That goes for almost everything, right?
“It’s like a club and you want to be with people who share similar interests.”
$2.4M – Decentralized
Decentraland is one of the hottest Metaverse games out there and investors are cashing in on its digital properties.
Andrew Kiguel is the CEO of Tokens.com, and last year a subsidiary of his company – the Metaverse Group – lost a record-breaking $2.4 million on land in the game.
Speak with CNBCKiguel says the price of digital real estate has skyrocketed by “400% to 500%” in recent months.
The Metaverse Group property is 6,090 virtual square feet and consists of 116 smaller parcels of approximately 52.5 square feet each.
Located in Decentraland’s Fashion Street district, home to brands such as Gucci, Prada and Ralph Lauren, the land will host runway shows and digital stores.
The property was sold on the OpenSea NFT marketplace in November last year for MANA 618,000.
Decentraland’s MANA token hit an all-time high of $5.41 in November but has since fallen to $3.
However, land is still a very valuable commodity – especially near areas where players spawn into the game.
Decentraland’s plazas (effectively spawn points where players first enter the game) are not for sale, but the surrounding land is prime real estate.
High traffic means countless pairs of eyes are focused on your brand, as well as more sales and marketing opportunities.
$2.3 million – Axie Infinity
In third place is selling $2.5 million worth of virtual land in the metaverse Axie Infinity.
According to a tweet from the company, the sale of 550 ETH was the highest for a single piece of virtual land.
The transaction involved a piece of Genesis land, one of several types available in the game.
The Genesis land is at the heart of the game world and is therefore the rarest and most desirable.
Cryptocurrency is a risky endeavor, as is investing in anything digital, which hypothetically can be unplugged and take your money with you without warning.
So always do your own research and consider your financial situation before deciding to take the plunge.
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https://www.thesun.ie/tech/8571920/most-expensive-metaverse-properties-purchase-empty-virtual-land/ Most Expensive Metaverse Real Estate – Including Buying $4.3M in Empty Virtual Land