The current metaverses out there like Decentraland and The Sandbox have proven to be cash cows for investors looking to make millions, and a bubble that could be getting ready to burst.
The virtual land grab is reaching new heights in 2022, with some investors paying millions of dollars for fake land in hopes of making more money than they originally spent.
Meta accelerated the trend after announcing its own virtual world creation.
Many of the current experiences out there remain glitchy and disorganized.
Digital land.
Andrew Kiguel, CEO of Tokens.com, told CNBC that prices have risen 400 percent to 500 percent in the last few months.
His company spent upwards of 2.5 million dollars on a patch of land in the Decentraland metaverse, which has its own MANA currency.
The most expensive metaverse land purchase in recent months went to Republic Realm, which spent $4.3 million to buy a plot of land.
This is what The Sandbox looks like.
Taking the hit.
If you want to be a metaverse investor, experts warn you not to invest unless you can take the hit.
Mark Stapp, real estate theory professor at the Arizona State University, told CNBC that he wouldn't put money into a project that he didn't care about losing. I wouldn't.
He argued that it is most likely going to be a bubble if it continues. You're buying something that isn't tied to reality.
With assets as seemingly overvalued, two obvious questions emerge: who is getting rich off of metaverse land sales, and is this all just a new way to launder money?
Virtual land in the metaverse is fetching millions of dollars for investors.
Three huge concerts in the metaverse were hosted by Facebook.
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