Paris: The idea of ​​spending millions of dollars on non-existent land may sound silly, but enthusiastic predictions about the future of virtual reality will make investors make big bets on digital real estate. It has become.

This week, New York-based company Republic Realm is on record in Digital Land through The Sandbox, one of the “virtual world” websites where people can interact, play games, and attend concerts. Announced that it spent $ 4.3 million.

It got hot shortly after Canadian crypto company bought $ 2.4 million in land on its rival platform Decentraland in late November. And a few days earlier, Barbados announced plans to open a “Metaverse Embassy” in Decentralland.

We are proud that such websites are prototypes of the Metaverse. On the Internet of the future, online experiences such as chatting with friends will eventually be felt face-to-face thanks to virtual reality (VR) headsets.

“Metaverse” has been a Silicon Valley buzzword for months, but it became more interesting in October after Facebook’s parent changed its name to “Meta” as Facebook’s parent shifted its focus to VR.

Facebook’s rebranding “introduced the term” Metaverse “to millions of people much faster than I had imagined,” said Cathy Hackl, a technical consultant who advises companies on entering the Metaverse. Said.

Over the past week, more than $ 100 million of land has been sold on four of the largest metaverse sites: sandbox, decentralized, crypto voxels, and somnium space, according to crypto data site Dapp.

For Hackl, it’s no surprise that the market is booming and the entire ecosystem is emerging around virtual real estate, from rents to land developers.

“We are trying to transform the way we understand physical products into a virtual world,” she told AFP.

And while it may take some time for these sites to act as true metaverses and move elsewhere with VR goggles, Digital Land already acts as an asset, just like real land. I am.

“They can build on it, rent it, and sell it,” she said.


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