Since the tech giant Meta (formerly known as Facebook) unveiled its Metaverse – a simulated landscape not totally unlike the Sims video game – there’s been escalating clamour for virtual land. In 2021, sales of Metaverse real estate reached $501 million and it’s predicted that could double in 2022.
‘Land’ bought in a virtual world, using cryptocurrency, is stored in the form of digital assets (non-fungible tokens or NFTs). People can sell plots on and monetize Metaverse activity on their land. The possibilities for developers in virtual real estate are almost endless – for a price. And people are willing to pay. One buyer bought a plot for $450,000 in order to be a ‘neighbour’ of rap star Snoop Dogg.
