Metaverse Projects are selling digital land plots for millions of dollars.

The metaverse concept is taking off, and many of the early firms who invested in it are now experiencing some of the benefits of this new market trend. Digital land parcels in virtual worlds are increasingly being sold for millions of dollars on sites such as Decentraland and Axie Infinity. Even in wealthy cities, some prices are higher than many actual properties.

The emergence of the metaverse idea and all the firms who are taking it seriously is beginning to have an impact on the sales and prices of metaverse-related core elements such as tokens and digital land. This week, prominent metaverse-inspired projects sold digital land plots for millions of dollars. Axie Infinity, a virtual world game, recorded the first sale of this type in February, when 8 plots of land were sold for 888 ETH, or $1.5 million USD.

Axie Infinity’s staff claimed at the time of the transaction that this was the largest sale of one of their genesis land parcels ever. According to the buyer:

We’re witnessing a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows.

However, there have been subsequent sales that have surpassed even this one on other platforms. This week saw the sale of another Axie Infinity land plot, with the buyer paying 550 Ethereum worth $2.3 million for the digital property, beating the previous record. Axie Infinity, however, is not the only company that has benefited from the recent virtual real estate boom.

This week, Decentraland, another virtual world initiative, also reported the sale of a home for a record $2.43 million in bitcoin. This transaction, however, was done by Metaverse Group, a subsidiary of tokens.com focused to metaverse-based real estate investments.

With more metaverse projects integrating virtual worlds, the future appears to hold more of these investments from companies that would rather manage virtual land than deal with the uncertainties and complexity of managing real property, even if the properties purchased are more expensive than real estate in the physical world.

Patrick

Coincu News