In Sandbox currency, that is equivalent to 71,000 SAND. In fact, Snoop Dogg gained a neighbor over at the Sandbox metaverse, who bought the neighboring plot of land for the price of $450,000. Pricier they may be, areas with greater user traffic will have greater value over time. Location plays a big role in selecting which parcel of land to purchase. Ideally, you would want to acquire as much property as possible. Investing in virtual real estate is similar to playing a game of Monopoly. Because transactions are quick and easy in the metaverse, the value of a digital property increases exponentially. In a matter of minutes, you can set up a shopping mall, a mansion, or a skyscraper. Metaverses beat the real world with the possibilities you can unfurl with your piece of “land”. Why Investing in Virtual Real Estate is a Big Deal
You can also use it as a social space for you and your friends across the globe to reconnect, show off your avatar’s unique wearables, and meet (albeit through your colorful, animated avatars). You don’t need to make grand purchases to be a part of the metaverse. The users are in command of how much a digital property shall cost. The metaverse is highly attractive because it operates in an economy independent of external authorities like governments and banks. Current trends dictate that sales could double in 2022. The metaverse real estate sales in 2021 exceeded $500 million, and by January 2022 alone, metaverse real estate sales closed for $85 million. In 2021, The Sandbox land sales accounted for over 70% of monthly sales. The Sandbox land sale contributed to over 89% of that month’s sales alone. Despite having launched only by the end of November 2020, it already sold $78.5 million. The Sandbox is a crowd favorite, gaining greater interest in comparison to other metaverse platforms. Meanwhile, the second-largest platform Decentraland reached 21,000 transactions or $110 million. The Sandbox, the biggest metaverse platform to date, closed 65,000 transactions or a total of $350 million in the year 2021 alone. Metaverse investors believe in the potential of real estate and development in the virtual world.
The Sandbox currency SAND witnessed a 748% increase in trade value in November 2021, and from $0.99, 1 SAND is now worth $8.40. By December 2021, individual plots sell for an average of $15,000.Īs the metaverse garners more attention, the value of virtual lands and gaming tokens will only increase. In January 2021, a plot of land sold at an average of $100. Game tokens also witnessed a price hike as virtual land sales increased. The report shows that by November 2021, real estate sales across the biggest metaverse platforms totaled $187 million, more than twice the total sales in November 2020. Digital real estate investment firm Republic Realm released a comprehensive report on the metaverse land sales activity in 2021. However, people’s curiosity about it grew since Facebook’s rebrand.
Metaverse platforms at the time were only small communities of investors and players. On October 28, 2021, Facebook announced its rebranding to Meta, ushering in the future of the Internet with the Metaverse.
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