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Investors buying land in the metaverse

According to CNBC news, the real estate market is booming, but the Covid epidemic is causing a new, lesser-known land rush. Some investors are spending millions of dollars for property parcels in places other than New York and Beverly Hills. Those parcel plots of land, in reality, do not exist in the physical world but on the metaverse platform.

The parcel of land is found online, is a collection of virtual worlds known as the metaverse by industry insiders. Since Facebook said it was going all-in on virtual reality and changed its company name to Meta Platforms, plot prices have risen by as much as 500 percent in the previous two months.

A CNBC interview with Andrew Kiguel, the CEO of Tokens.com a Toronto-based firm, said “digital real estate prices have gone up 400% to 500% in the last few months.” “You can go to a carnival, a music event, or a museum,” Kiguel explained.

The Sandbox, where Janine Yorio’s virtual real estate development business, Republic Realm, paid a record $4.3 million on a plot of virtual land, is another popular metaverse environment that is booming on blockchain technology on crypto assets.

Oren Alexander Real Estate Broker  said, “The digital world, to some, is as important as the real world.”

Last year, Yorio’s business sold 100 virtual private islands for $15,000 a piece, according to CNBC. “They are selling for around $300,000 per now,” she explained, “which is ironically the same as the average house price in America.”

News Source: CNBC