Investors are paying millions for virtual land in the metaverse

▤ Summary

Prices for plots have soared as much as 500% in the last few months ever since Facebook announced it was going all-in on virtual reality, even changing its corporate name to Meta Platforms. In these virtual worlds, real people interact as cartoon-like characters called avatars, similar to a real-time multiplayer video game. A recent report by crypto asset manager Grayscale estimates the digital world may grow into a $1 trillion business in the near future. Kiguels company recently dropped nearly $2.5 million on a patch of land in Decentraland — one of several popular metaverse worlds. Mark Stapp, professor and director for real estate theory and practice at Arizona State University, agrees.

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