A snapshot from a virtual world.
There is a place called The Sandbox.
The price of virtual land set a new milestone Tuesday with one company buying property in The Sandbox metaverse for a record $4.3 million.
The biggest metaverse property sale publicized to date was made by Republic Realm, which purchased the land from Atari SA, according to the WSJ.
The previous record was set last week by Metaverse Group, a subsidiary of Tokens.com, when it purchased a patch of digital land for about $2.43 million. The land is located in the fashion district of Decentraland.
The deals underscore the increasing appetite for stakes in the metaverse, or the online space of interwoven 3D worlds in which people inavatar form can socialize, work, shop, and play games. The metaverse holds a $1 trillion-a-year revenue opportunity according to Grayscale.
According to the WSJ, Republic Realm owns about 2,500 plots of digital land. Sometimes the company sits on vacant metaverse property and waits for it to appreciate. It will pay an architect to design virtual homes or malls and then hire a game developer to build them, according to a report.
The company and Atari plan to work together on some of the properties Republic Realm bought.
Business Insider has an original article.
