Andrew Kiguel: Last News

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.

CNBC report details that since Facebook announced that it would be making the move towards the metaverse, prices of virtual reality plots have shot up by 500 per cent in the last few months.According to the report, the Toronto-based company Tokens.com, has dropped $2.5million USD (£1.84million GBP) on a patch of virtual land in Decentraland – a metaverse based around crypto with its own currency.“The metaverse is the next iteration of social media,” said Andrew Kiguel, CEO of Tokens.com, which invests in NFTs and metaverse real estate. “You can go to a carnival, you can go to a music concert, you can go to a museum.”Meanwhile, another virtual real estate development company, Republic Realm, also spent $4.3million USD (£3.1million GBP) buying a plot of land in Atari’s The Sandbox metaverse.The metaverse refers to 3D virtual worlds based on the idea of a new way of social interaction.