Investors spend millions on 'pointless' Metaverse property - including £3.5m on 'land'

dailystar.co.uk:

Bitcoin, there's lots of get-rich-quick schemes online today that, to outside, look pretty similar to throwing money away.However, tech investors think they're onto something, particularly where the metaverse is concerned.Metaverse 'real estate' companies are spending millions of pounds each year snapping up land and property in the virtual reality world in the hope of turning a profit.One company, Everyrealm, spent £3.5m ($4.2m) on around 100 private islands in a virtual game world called The Sandbox, in what was the largest 'land' deal the Sandbox had ever witnessed.Everyrealm sold the islands for $15,000 a pop last year, but its CEO now claims to have increased their value significantly.Janine Yorio told CNBC: "Today, they're selling for about $300,000 (£230,000), which is coincidentally the same as the average home price in America.

Her company obtained 792 plots of 'land' in the game, or 3 square virtual miles total.Other property companies are also cashing in.

The Metaverse Group reportedly spent $2.4m on property in 'Decentraland', a popular metaverse game.The group's CEO Andrew Kiguel said that the price of digital real estate has skyrocketed by "400% to 500% in the last few months", as brands like Gucci, Prada, and Ralph Lauren set up shop in the virtual world.

So, if you're a millennial that can't afford a real house, maybe it's time to consider investing in a virtual one. It might just be worth something someday.