Did you know the phrase Metaverse stands for "Beyond the Universe" Meta (Beyond) and Verse (Universe). It's also reported that the Metaverse could be valued at $800 billion by 2024 with increased consumer interest; the 2020 valuation was just $47 billion in comparison.
With the influx of interest, the number of Metaverse crypto projects has been increasing, making it harder for people to find a quality project. We've previously covered Metaverse projects in greater detail; you can find our top picks for promising Metaverse crypto projects here.
Considering we're a digital real estate investing protocol, it's important to note that digital real estate is often confused with being just the Metaverse; this isn't the case. Digital real estate should be seen as an ecosystem of projects, protocols, tools, and virtual property that operates within a digitized real estate industry.
Whether you're investing via tokenized ownership, synthetic assets, or investing in a piece of virtual land, it's all within the same term - Digital Real Estate.
However, with the Metaverse growing in users, virtual land is becoming a more valued asset, with sales just recently exceeding $500 million.
So, let's just go straight into it. Let's check out the five most expensive digital real estate sales in the Metaverse.
Metaverse Crypto Project: Record-Breaking Virtual Real Estate
1) Republic Realm - Sandbox
Coming in at number one is the $4.3 million purchase of Sandbox land; this colossal sale is a record-breaker.
The company that bought the land on one of the largest metaverse crypto projects is looking to develop 100 islands that they've named "Fantasy Islands." The goal is to sell these islands for a profit, which will include virtual villas and their own range of jet skis and boats.
Ninety of the islands sold on the first day for $15,000 each, and some were quickly re-listed for up to $100,000.
Republic Realm is invested in 25 different Metaverse crypto projects, with over 100 developments taking place within these virtual worlds.
2) Tokens.Com - Decentraland
Tokens.Com is the parent company of the Metaverse Group which purchased $3.2 million of land within the Decentraland metaverse crypto project. The digital world is one of the largest and a member of the "big four," which are four of the largest metaverse crypto projects in the industry.
Their $3.2 million also translates to 618,000 MANA in the heart of the fashion district, a popular area within the platform, and at the time, was a record-breaking deal. The purchase was for an estate of 166 parcels, equivalent to 6,090 square feet in the real world.
Some might see this as a kneejerk reaction to the sudden popularity of the Metaverse, but the investment does have a basis as huge fashion brands such as Nike, Gucci, Burberry, Louis Vuitton have all set up plans to enter the Metaverse.
3) Anonymous - Axie Infinity
One of the smaller Metaverse crypto projects out there, Axie Infinity, is a world that allows users to breed and battle virtual monsters. Think of it like Web3 Pokemon. We've gone further into detail in our other article on the Axie Infinity.
The $2.5 million sales followed that of a previous record-breaker earlier in the week. The huge deal was worth 550 ETH at the time of writing and was for a plot of genesis land.
Axie Infinity has recently been in the news with the $600 million hacker heist, one of the largest in crypto history.
Aleksandr Leonard Larsen, Axie Infinity's co-founder, made the promise to customers that they'd be refunded. He explained that the theft was possible thanks to "a social engineering attack combined with a human error from December 2021."
4) Metaverse Group - Decentraland
Again, the Metaverse Group took center stage with their acquisition of further Parcel land within Fashion Street. And, it's no surprise as these real estate giants are looking for every opportunity they can get to guzzle up additional land.
On paper, the metaverse land is capped at a certain number; this varies on the project. But in theory, it's infinite; developers can always create more, meaning that if they ran out of space or prices were too high, they could just create an additional world to supplement the main Metaverse.
5) Snoop Dogg's Neighbor - Sandbox
The famous Snoop Dogg, who would have known he'd join the Metaverse? But it's not him that's bought the land; it's his new neighbor. The transaction was worth $400,000 just to be Snoop Dogg's neighbor in his virtual world, the Snoopverse.
The world resides within the Sandbox platform and has got to be one of the craziest reasons to buy a plot of virtual property. But, there is a method to their madness. Neighbors of Snoop Dogg will be given access to exclusive, members-only parties at a digital replica of his California mansion.
Snoopverse residents will be able to personalize their avatars in designer clothes, drive sports cars, and build their own Snoopverse mansions, which they can profit from when other residents come to visit. Who wouldn't want to be Snoop Dogg's neighbor?