Metaverse Group is a virtual-land developer.
There is a website called Tokens.com.
According to USA Today, the head of Tokens.com believes that virtual land will pay off big as companies ramp up product ads and events in the metaverse.
USA Today reported that Andrew Kiguel, the CEO of the firm, estimated his metaverse portfolio was worth 10 times more than his purchase price.
He told the newspaper that land in the core of a virtual downtown is important. The more visitors come, the more valuable the land is and the more advertisers will spend to reach them.
In October, Toronto-based Tokens.com acquired a 50% stake in Metaverse Group for $1.7 million, and last week it completed an additional investment to give it a 67% ownership stake in the firm.
Last month, Metaverse Group made a record purchase of parcels in the Decentraland metaverse platform.
Kiguel has high hopes for that virtual plot of land.
He told USA Today that the plan is to develop the virtual area into a destination for luxury brands.
Gucci and Louis Vuitton are two luxury fashion houses that occupy space in the metaverse.
In November, Metaverse Group CEO Lorne Sugarman told Insider that the Decentraland property purchase provided an early foothold in upscale commercial opportunities in the metaverse.
The creation of Rodeo Drive and the purchase of Fifth Avenue are both examples of high-end shopping areas.
Business Insider has an original article.
