Sales of “real estate” in the so-called metaverse — digital renderings of properties located on one of the four major virtual platforms — topped $500 million last year, according to MetaMetric Solu…
Sales of “real estate” in the so-called metaverse — digital renderings of properties located on one of the four major virtual platforms — topped $500 million last year, according to MetaMetric Solutions, and the market could soon grow into a trillion-dollar business in the near future,Celebrities like Snoop Dogg, Paris Hilton and Justin Bieber have all purchased property in the metaverse of late.
Arnold, an entrepreneur who owns a crypto and NFT consulting management firm, says that “buying metaverse real estate right now is like buying real estate and land in Manhattan in 1812.” Another plot of land on the play-to-earn gaming platform Axie Infinity sold for $2.3 million. But the cheapest piece of land in the metaverse, a 1-by-1, 96-square-meter plot in the Sandbox platformA 16-square-meter plot is asking the same price in Decentraland, another popular metaverse platform. That’s up more than tenfold from just a few months ago.
He owns roughly four dozen virtual properties spread across many metaverse worlds and he says that his network of properties has increased tenfold in value in the past year.“Virtual land is a pyramid scheme that’s reappeared two or three times since Second Life in the early 2000s,” said Edward “Ted” Castronova, a professor of media at Indiana University Bloomington who is known in particular for his work on the economies of synthetic worlds.
“When Blockbuster closed you had no choice but to download Netflix,” he said. “People don’t do good with change. But they are adapting, learning and getting educated. People are learning how to open wallets and use crypto more frequently.”
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