The metaverse may still be in its infancy, but the size of some of the real estate deals in the virtual universe has been eye-popping. Metaverse projects like Decentraland, Sandbox, and others, where investors flock to buy/sell virtual land, have announced million-dollar deals over the last couple of weeks.
Virtual plots of land effectively act as non-fungible tokens or NFTs. When a plot of land is sold in the metaverse, the owner is the only one with the rights to that virtual land. These virtual plots can be purchased using the native currency of the metaverse from which they are bought. To buy a plot of virtual land on Decentraland metaverse, for example, the buyer can use its native currency MANA.
Also read:
On November 30, the Sandbox metaverse registered a new record, selling a plot of virtual land for a whopping $4.3 million, according to the Wall Street Journal. Republic Realm, an investor and developer of virtual real estate and other assets, reportedly bought the land from Atari SA on Sandbox. As per the report, Republic Realm owns about 2,500 plots of digital land across 19 worlds.
Let's take a look at some other big land deals in the metaverse so far.
Decentraland | $2.43 million deal in November
Decentraland had broken all records just last week by selling a plot of land in its metaverse for 6,18,000 MANA or roughly $2.43 million. The Metaverse Group, a subsidiary of Tokens.com, has purchased the land that is said to be located in the virtual fashion district of Dencentraland.
Axie Infinity | $2.3 million deal in November
November saw some of the biggest virtual land deals in the metaverse, and this was one such. Axie Infinity, a blockchain-based game in which players can battle, collect, and build a digital kingdom for their pets, sold a plot of digital land on its platform for 550 ETH, or roughly $2.3 million.
The land was part of extremely rare genesis plots.
Axie Infinity | $1.5 million deal in February
Nine plots of virtual land on Axie Infinity were sold for over 888 ETH, or roughly $1.5 million, in February. This was the first NFT land to be sold, and the most expensive at the time.
The buyer was an anonymous entity only known as “flying falcon”. After the purchase, flying falcon said, “Axie land has entertainment value, social value, and economic value in the form of future resource flows.”
Decentraland | $9,00,000 deal in June
Decentraland saw a deal of $9,00,000 for 16 acres of digital land. This was the biggest deal in Decentraland till June. Republic Realm bought this land. The price of the land in Decentraland’s native token was 1.3 million MANA.
Decentraland | $7,04,000 deal in June
June was a busy month for virtual land deals on Decentraland. Early in the month, a plot of virtual land was sold for $7,04,000. Boson Protocol, a blockchain protocol, bought the land to demonstrate the potential of commerce that bridges the physical and digital divide.
First Published: Dec 1, 2021 5:24 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM