There's a real estate boom in the metaverse. Here are its top 5 virtual deals

$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.