New Land Rush in Metaverse Virtual World Projects Netting Large Profits.
The metaverse concept is gaining momentum and many companies who invested early in it are now reaping the benefits of this emerging market trend. On different platforms like Decentraland or Axie Infinity, digital land plots in virtual realms can now be purchased for millions of dollars. Prices can be higher than physical properties in some cases, even in high-end cities.
Digital Land Gaining Value in Meta Projects
The metaverse concept is gaining popularity and companies are starting to take it seriously. This has a direct impact on the prices and sales of key elements that relate to the metaverse, such as tokens and digital ground. There have been digital land plot sales for millions of dollars this week in key projects inspired by the metaverse. Axie Infinity reported the first sale of these plots in February. 8 plots were sold for $1.5 million, or 888 Ethereum.
Axie Infinity’s team reported that this was the largest sale of a genesis land plot ever. According to the buyer:
The rise of digital nations, with their own system for clearly delineated and irrevocable property rights, is a momentous occasion. Axie land is a source of entertainment, social, and economic value. It will also provide future resource flow opportunities that could be an economic benefit to the country.
The Ante should be averted
Recent sales have however outsold this one on other platforms. This week saw the sale of an additional AxieInfinity land plot. The buyer paid 550 Ethereum for $2.3 million to acquire the digital property. This broke the previous record. Axie Infinity isn’t the only group to have benefited from the recent boom in virtual real estate.
Decentraland, another virtual world project, registered a sale of a property for a record $2.43 million in cryptocurrency this week, also. But this purchase was not made by an individual, but by Metaverse Group, a subsidiary of tokens.com dedicated to metaverse-based real estate investments.
With more metaverse projects integrating virtual worlds, the future looks as though it will bring more of these investments from companies that prefer to manage virtual land than to deal with the uncertainties and complexity of managing real property, even when these properties bought are more expensive than real estate in the physical world.
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