Fashion is no longer buying a house on Gran Vía, but rather a piece of land in the best neighborhood in the multiverse at the time. Such is the fashion among investors, speculators and the rich who stake their fortunes on properties that are fictitious.
Believe it or not, amazing amounts of money are being spent on virtual properties within Worldwide Webb Land and other metaverses. If you don’t know what a metaverse is, here’s a very interesting report.
In June, a metaverse investment firm called Republic Realm spent $913,000 on a parcel in Decentraland, another metaverse. It was the largest operation of its kind at the time.
About six months later, the same company bought 792 plots in Sandbox, another metaverseto the video game company Atari for a whopping 4,230,000 million dollars.
CEO Mark Zuckerberg reignited and spread interest in the concept when he renamed Facebook Meta, a nod to the Silicon Valley giant’s ambitions to make its mark on the metaverse the same way it did on social media.
The two most prominent metaverses are Decentraland, which began in 2017, and Sandbox, which appeared on the Internet two years later. New virtual lands are created almost every month. Worldwide Webb Land, where Clerkclirk bought his penthouse, has four months to live.
Metaverse Group, a virtual real estate company located in the real city of Toronto, shelled out $2.5 million on 116 blocks of virtual land in the Decentraland fashion district.
Andrew Kiguel, CEO of Tokens.com, which owns 50% of the Metaverse Group, You think you’ve got a bargain.
Decentraland currently has 800,000 users, up from just 40,000 at the beginning of 2021. It’s a safe bet, Kiguel reckons, that the growth rate will continue to rise, at least for some time.
This means that both new and veterans of Decentralandia will pass through the main virtual property of their company every day when they go through the digital realm. Just like social media platforms, it will be an opportunity for ads to hit the eye.
Starting Thursday, Decentraland and Tokens.com will host Metaverse Fashion Week, a fashion festival inspired by New York and London Fashion Week. Brands such as Dolce and Gabbana, Hugo Boss and Tommy Hilfiger will participate.
Unlike Decentraland, Sandbox is not yet accessible to the general public. A closed beta took place in October. An open beta is expected shortly. The market for virtual properties, like a yacht that sold for $650,000, is now open to everyone.
In both Decentraland and Sandbox, prices are booming due to the promise that virtual grounds can be used to attract valuable attention, either now or in the future.
George is Digismak’s reported cum editor with 13 years of experience in Journalism