One of the most popular metaverses is Decentraland. The press kit for Decentraland.
The press kit for Decentraland.
The cheapest plots of metaverse land are selling for over a thousand dollars.
According to a Fortune report, the smallest chunks of land on popular metaverse platforms are going for around $11,717 and $10,957.
At the time of publishing, Fortune's story showed land for at least $13,000, but the price of ethereum has since fallen. Insider requested data from Meta Metric Solutions.
Fortune found that the smallest amount of land in the digital world is a 1x1 plot of land, which is 96 square meters in the sandbox and 16 square meters in Decentraland. In March last year, these small plots of land sold for a fraction of ether, or less than $1,000.
Virtual land has become a "hot commodity" as parcels have sold for hundreds of thousands to even millions of dollars. In November, a plot of land went for a record $4.3 million.
One metaverse mogul said that his digital real estate portfolio was worth 10 times more than the purchase price as he began to rent out land in high-traffic virtual areas.
Since the company formerly known as Facebook changed its name to Meta as a sign of its focus on the future internet, there has been a surge in hype around the metaverse.
Business Insider has an original article.
