Digital land draws investment of millions as “metaverse” hype fuels booming virtual property market
Virtual land worth more than $100 million has sold in the past week across the four largest metaverse sites, The Sandbox, Decentraland, CryptoVoxels, and Somnium Space.
This week, New York-based company Republic Realm announced it had spent a record-breaking $4.3 million on digital land through The Sandbox, one of several "virtual world" websites where people can socialise, play games and even attend concerts. "Metaverse" has been a Silicon Valley buzzword for months, but interest soared in October after Facebook's parent company renamed itself "Meta" as it shifts its focus towards VR.The Facebook rebrand "introduced the term 'metaverse' to millions of people a lot faster than I would have ever imagined," said Cathy Hackl, a tech consultant who advises companies on entering the metaverse.
For Hackl, it's unsurprising that the market is booming, spawning an entire ecosystem around virtual real estate, from rents to land developers.
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