There's a real estate boom in the metaverse. Here are its top 5 virtual deals
Everybody is talking about the boom in real estate prices in the metaverse and properties in the digital world are selling like hotcakes. Just in case you are still wondering what has brought about this boom, here's a recap of the top five metaverse virtual land deals we have seen so far.
$4.3 million worth of 100 private islands
The biggest deals always make a splash and individuals interested in making the biggest splash are headed to The Sandbox, a virtual world where private islands are being sold for $300,000 apiece.
Everyrealm, a real estate company in the metaverse, spent quite a bomb to acquire a property that could be the future Beverly Hills of the metaverse. When launched a year ago, these private islands were priced at about $15,000 apiece but the booming interest in the metaverse led to a massive bump in prices that are now competing with real houses in the U.S.
$2.4 million for High Street Fashion
Fashion Street District is the first location where players of the Decentraland game land when they enter the metaverse. Since millions of users will begin their journey from this point, the biggest names in the fashion industry are vying for those two seconds of users' attention.
Gucci, Prada, and Ralph Lauren are some of the names that have not only expressed interest in setting up shops here but also of conducting fashion shows that you could practically attend from anywhere on the planet.
Tokens.com bought a little over 6,000-square-feet of this virtual land for over $2 million last year.
$2.3 million for Genesis Plot in a Battle Game
Valued very close to High Street Fashion is a relatively new game concept where gamers play to earn cryptocurrencies. The aim of Axie Infinity is to breed mythical creatures called Axies and use them in battles or simply sell them to users who would want them.
Apart from breeding, users can also be landowners in this virutal world or simply complete quests that give them rewards. All game items can be sold in a marketplace, which has seen trades worth 90,000 ETH ($436 million) so far.
So, a rare plot in this virtual world being sold for 550 ETH ($2.3 million) is actually not a very big a deal.
$1 million for Hotel Booking MarketPlace
One usually loses interest after knowing about the holders of the top three positions in a particular category. But this hotel booking marketplace in Decentraland is rather interesting. Not only did it fetch over a million dollars but there also isn't much known about it otherwise.
Whether it will be used to erect a virtual hotel or simply serve as an office for the marketplace is currently anybody's guess. Like the real world, real estate in the metaverse also works in mysterious ways and sometimes one simply does not know why an area is so popular amongst buyers.
$900,000 for a plot close to Dragon City
The last item on our list is likely a reflection of the thought process property owners have when making their choices. Located in Decentraland, the plot is simply known as Parcel #4247 and bears no special trait except that it is located close to Dragon City, a virtual city known for having Chinese treasures, as well as popular sites such as Gamer Plaza and Crypto Valley.
Whether the prices of these virtual lands are justified or the whole thing is just some initial hype that will die down, is something we will only learn in the future.
Until then, real estate prices are likely to continue rising in the metaverse.
In a world's first, CarbiCrete is commercializing a process that enables cement-free, carbon-negative concrete production.