NFT transactions reached $10.67 billion in the third quarter of the current year, and more people seem to be willing to pay huge sums for art that never hangs on their walls or decorates their homes in any way. There is now a related and equally strange items that sells for millions of dollars online: Virtual Land. This is like a real land, except that you will never set foot on it because it exists only in the Metaverse.
The previous week, Tokens.com Corp., a Canadian investment firm concentrated on cryptocurrencies, announced it had closed on the “largest land acquisition in history” through its subsidiary Metaverse Group, whose real estate portfolio includes different virtual worlds. It is reported that it is worth “More than seven digits.”
The land purchase was in the form of 116 parts, each equals 52.5 square feet, for a total of 6,090 square feet of land. It’s slightly larger than a standard full-size basketball court (that is 4,700 square feet). Briefly, it is not much space, especially for $2.4 million.
People and companies are betting on more digitalization of life and the rise of a much more rumored and misunderstood Metaverse. Virtual land becoming as much of an investment as physical land, and if present trends carry on, it may pay large sums of money to early applicants. The Metaverse Group has deliberately chosen their plot of land and knows precisely what it will be used for. Based in the Fashion Street district of Decentraland, the space will be used “to facilitate fashion shows and business in the booming digital fashion industry.”