The metaverse market is growing, and people are finding new ways to get involved. In December, someone paid $450,000 to buy a parcel of land next to Snoop Dogg in the “Snoopverse,” which the legendary rapper built in The Sandbox platform. Snoop plans to use the virtual replica of his house to host events.
Metaverse real estate is selling at premium prices, with $85 million alone being spent in January. Additionally, a recent report shows that between now and 2028, the metaverse real estate market is expected to see a compound annual growth rate of 31%.
When you buy a plot of virtual real estate, you get a non-fungible token representing said digital space. After you create an account on a metaverse platform, you can use your crypto to purchase land, either through a sale or directly from landowners. Land can be bought through bidding or at a fixed price. Once purchased, you can build your own plot of real estate in the metaverse—be it a digital house, tower, museum, or the like. You can also sell it on a secondary market.
The four major platforms to know, which collectively have a total of 268,645 parcels are The Sandbox, Decentraland, Cryptovoxels, and Somnium. Any one of these can make your dreams of virtual homeownership come true. So go do some house-hunting and maybe you’ll find your new neighbor is also a world-famous celebrity.
(All information was provided by Fortune)
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Half a mil for virtual land??? I’d rather buy REAL land on a beach somewhere. Crazy!!!
The question is, will his neighbor even see Snoop Dogg? I mean, how do you justify being his neighbor unless he’s inviting you over to toke up or something? Can you be stoned in the metaverse? I don’t even know. Is he gonna see Snoop mowing his lawn everyday and stop to wave to him? I just don’t see the justification.