Crypto Stories

Investors Spend Millions On Digital Land As ‘Metaverse’ Exposure Continues

By Parasshuram Shalgar
Published January 11, 2022 Updated February 2, 2022

Spending millions on an unsubstantial property might sound foolish, but virtual reality & its future predictions plunge many investors gamble on digital real estate. New York-based company – Republic Realm declared, “We have spent $4.3 million on digital land through the virtual world website – ‘The Sandbox.” People can use Sandbox to interact, play games and attend concerts.

Following this, the Canadian crypto rival – Decentraland purchased a $2.4-million land in November 2021. And just a few days ago, Barbados announced, “We’re planning to open a metaverse embassy in Decentraland.” Such websites bill themselves as the metaverse’s template.

Metaverse Surges High: Investors Investing Millions

Metaverse gained its exposure in the past few months. Investors began investing millions in it after Facebook renamed itself “Meta.” Cathy Hackl – tech authority, said, “the company Facebook introduced the term ‘metaverse‘ to millions of people much quicker than I thought.”

Dapp – the crypto data site claims that the digital land worth more than $100 million got traded over the past week across the four largest metaverse sites, i.e., The Sandbox, Decentraland, CryptoVoxels, and Somnium Space.

According to Hackl, the abrupt change in the market making the entire globe boom & provoke is normal. AFP said, “we are trying to modify how we understand physical goods into the virtual world.”

The sites might take some more time to operate as true metaverses. Whenever it does so, we will be transformed into VR goggles. Hackl added, “digital land has already begun functioning as an asset just like real land. People can now build, rent or sell it out.”

Metaverse’s 5th Approach brings in reinforcement in Decentraland’s Fashion Street district. This platform aspires to develop a home for luxury brands’ virtual stores. CEO’s chief executive officer Andrew Kiguel admits, “It’s just because of the thorough research that I understood digital land as a valuable property. Otherwise, it would have been crazy for my understanding.” Kiguel aspires to Fashion Street to become a shopping destination similar to New York’s Fifth Avenue.