The Metaverse Market: How People Spend Millions of Dollars on Houses and Lots That Don't Exist

While some are arguing whether the metaverses have a future, others secure a comfortable old age there. In the past two years, the trend to buy real estate in virtual worlds has reached its peak: in 2021, the amount of transactions with houses and plots in the metaverses amounted to $501 million, reports Incrussia.

Photo: IStock

This is not just a beautiful gesture, but a profitable investment - real estate can be resold, rented out and branded spaces can be created on purchased plots (Nike, Gucci and Samsung have already done this). It is impossible to steal a house or forge documents for its property in the metaverses: virtual property is unique and exists in a single copy, the exclusive right to it is provided by a non-fungible NFT token.

Here are the most expensive real estate deals in the world in the metaverses: how much virtual homes cost their owners:

8. A piece of land near the residence of rapper Snoop Dogg in the metaverse of The Sandbox - $ 458 thousand (71 thousand SAND). The buyer is unknown.

In September, Snoop Dogg admitted to being behind the Cozomo de' Medici account with a $17,7 million NFT collection. He later bought a non-fungible token from digital artist XCOPY for 1300 ETH, reports ForkLog.

7. The first NFT-house Mars House from the artist Krista Kim, which can be integrated into the metaverses, is $512 (288 ETH). The buyer is unknown.

Contemporary artist Krista Kim ventured into this crypto creative field by creating the world's first digital NFT house. deco design.

“As a Techism artist, I challenge the power of NFT as an art medium. Mars House will live forever as an NFT, so let it represent humanity's artistic movement through the power of digital technology. Let this remind future generations that we are here to create a new and better world at a turning point in history. We are ready to change the world,” Kim explains on her Instagram account.

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“Conceptually, MARS HOUSE is NFT 2.0 for our future AR and Metaverse lifestyle. That's where we're headed as we build our AR environment with the digital 3D NFTs we love. I want to sit in MH with friends in AR and drink champagne. I want to hold big meetings at Mars House. Eventually, I will be able to bring MH into my physical environment whenever I want. I created Mars House because it is my dream home. I hope the new owner likes it as much as I do. This is the future of art,” she writes from Toronto on her Instagram account.

Mars House is a light sculpture with LED backing that extends to the pool around the entire perimeter of the house. All furniture elements are made of tempered glass and fabrics using renewable materials. Colored gradients made by the artist cover the floor and ceiling. “I want this space to showcase my passion for meditative design, a new definition of avant-garde luxury for the digital age,” says Kim. Inspired by the architecture of Kyoto, built for the zen awareness of the community, the artist sought to expand this tradition for the digital age. “My art is an exploration of digital zen. The digital environment is constantly distracting and addictive. As an attempt to become aware of digital consciousness, my art is devoid of the basic elements of light, color and sound. I intend to create a meditative environment on our screen that is similar to a digital Zen garden,” she adds.

6. A plot of land for a shopping center in the Decentraland metaverse — $704. The buyer is the Boson Protocol blockchain project.

The trading space will allow players of the Decentraland browser game to buy digital assets that they can exchange for physical goods and services. Slow.

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The purchase price is the highest price for a plot in the virtual world of Decentraland. Boson Shopping Center will allow some of the world's most famous brands to sell their products in virtual marketplaces.

For example, someone who buys a handbag or a pair of shoes as NFTs can exchange them for real items. Boson, which provides decentralized infrastructure through its blockchain protocol, hoping to attract users from other Decentraland communities.

5. 259 plots of land with an area of ​​6,5 hectares in Decentraland - $ 913 thousand (1,3 million MANA). The buyer is the virtual real estate agency Everyrealm.

4. Land in the blockchain game Axie Infinity — $2,3 million (550 ETH).

To begin with, we note that Axie Infinity is a Play to Earn game in which the main characters are Axie. These are fictional creatures that are non-fungible tokens on the Ethereum blockchain. Gadget.

The action of the NFT game takes place in the world of Lunacia. The grid area is 301 x 301 plots.

Sectors are called Terra and are also tokenized objects. There are nine types of land in the game. Users can buy, sell and rent a sector. As part of the daily quests, you need to fight monsters and other players, receiving Axie upgrades or Smooth Love Potion tokens as a reward. According to gamers, up to 375 tokens can be earned per day. The price of one is just over 6 cents.

The game world includes 90 sectors, and one of the rarest is Genesis (601 pieces), located in the center of the map. One of these plots was sold for 220 Ethereum, or $550 million at the exchange rate at the time of the deal. The sector was purchased by Lunacian #2,33 from ArcaChemist.

3. Land in Decentraland - $ 2,43 million (618 thousand MANA). The buyer is a virtual real estate agency Metaverse Group, owned by tokens.com.

The purchased lots are located in Fashion Street and will be used to meet the growing demand for fashion brands in the metaverse. TheCoin. According to Decentraland Foundation Content Lead Sam Hamilton, fashion is the next big growth area in the metaverse.

2. A plot of land on The Sandbox platform - $4,23 million. The buyer is the creator of ecosystems in the Everyrealm metaverses.

1. 19 commercial real estate objects in the TCG World metaverse - $5 million. The buyer is the investment company Curzio Research.

In the virtual world, it is planned to build a headquarters on 12 plots measuring 128x128 m and seven more plots twice as large. ITC.

The Asian region in the metaverse was chosen for construction.

VIP members of the company will be offered virtual communication with investors, as well as the opportunity to attend special online events and conferences.

“The Metaverse is what the Internet was supposed to be. A decentralized, permissionless place where people can freely create and own their digital content,” said Frank Curzio, founder of Curzio Research.

It is planned to complete the "construction" of the headquarters in September 2022, immediately after the official launch of the virtual world.

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