Companies that acquire real estate in the metaverse are growing

The metaverse, a future of virtual reality, increasingly encourages investors to buy digital real estate, and with it, sales run into the millions of dollars.

This week, the Republic Realm company announced a $ 4.3 million ($ million) transaction to purchase digital land in The Sandbox, a virtual world website.

At the end of November, the Canadian cryptocurrency firm Tokens.com acquired land on the rival platform for $ 2.4 million, Decentraland.

At the same time, Barbados announced plans to open a “Metaverse Embassy” in Decentraland, another major metaverse site.

Data website Dapp collects that last week virtual land valued at over $ 100 million was sold in The Sandbox, Decentraland, CryptoVoxels and Somnium Space.

Cathy Hackl, a technology consulting firm that advises companies to enter the metaverse, is not surprised by this boom, accompanied by the development of a digital real estate ecosystem, from developers to rentals.

And while it will take time for these websites to function as true metaverse, their digital terrain is already functioning as a real asset, because “it can be built, rented and sold,” says Hackl.

The purchase of Tokens.com in Decentraland Fashion Street is unlike anything, as they “sell” it as the headquarters of luxury brands’ virtual stores, to become the Fifth Avenue in New York.

Andrew Kiguel, CEO of the company, said Operation Decentraland is governed by the same criteria as in real life, “it’s a trendy and busy area.”

How do these platforms work?

At Decentraland, from the field to virtual works of art, arrives in the form of non-consumable tokens (NFT); Some people have already spent tens of thousands of dollars on these digital items.

Blockchain technology creates trust and transparency in transactions, stakeholders can see the history of ownership, how much is paid and how it has been transferred.

However, investing is not without risk, especially due to the volatility of the cryptocurrencies used to buy NFT and because the value of these investments depends on the number of users.

/ With information from UNOTV /