Real estate prices increased by 500 percent in “Meta Beta”

Since Facebook announced last year the name change to Meta, and their focus on the “Meta verse,” real estate prices in various digital realms have risen sharply.

“Metaverset” consists of a number of different online 3D virtual environments, where people can play games, build things, socialize, work and trade various crypto assets.

– Metaverset is the next social media, says Andrew Kegewell, CEO of Tokens.com, a Canadian company that invests in real estate in “metaverset,” and NFTs for CNBC.

Perspex

Tokens.com recently flipped $2.5 million for a plot of land in the digital world of Decentraland.

– He says that prices have risen between 400 and 500 percent in recent months.

Another digital real estate developer saying the same thing, says real estate developer Janine Yorio at Republic Realm CNBC That last year they sold 100 private islands for $15,000 each. Piece:

“Today it sells for $300,000, which is the average home price in the United States,” she says.

Republic Realm, which is located on 2,500 plots of land in 19 different worlds, set the initial record for digital property purchases when it purchased a plot of land for $4.3 million in digital realm The Sandbox at the end of November last year.

In the wake of massive real estate transactions, analysts at cryptocurrency firm Grayscale estimated that the “meta-verse” could become a market with annual sales of $1 trillion each. years, writes Market Insider.

Celebrities and fashion houses

In the same universe, rapper Snoop Dogg is building a mansion and his own universe, the Snoopverse, inside the Sandbox. Last year, the platform raised $93 million in a stock issuance led by SoftBank and the SoftBank Vision 2 fund.

Like buying real estate in the real world, it’s all about location, and an NFT collector must have paid $450,000 to become a Snoop Dogg neighbor. Many well-known names in the entertainment world have done the same with Sandbox or other platforms.

It’s not just real estate developers and celebrities that are paying for it, Finansavisen Premium writes that major fashion houses are also beginning to invest in digital apparel, and big bank Morgan Stanley believes we’ll spend $50 billion on digital apparel by 2030.