The concept of the metaverse is starting to blow up, and many of the early companies that are invested in it are already reaping some of the benefits from this new trend in the market. Digital land plots in virtual worlds are now selling for millions of dollars on different platforms, including Decentraland and Axie Infinity. Some prices are higher than many physical properties, even in expensive cities.
Digital Land Picking Up Value in Metaverse Projects
The rise of the metaverse concept and all the companies that are taking it seriously is starting to affect the sales and prices of metaverse-related key elements, like tokens and digital land. This week there have been sales of digital land plots for millions of dollars in key metaverse inspired projects. The first sale of this kind was reported in February by Axie Infinity, a virtual world game, where 8 plots of land were sold for 888 ETH, or $1.5 million dollars.
At the time of the sale, Axie Infinity’s team reported this to be the biggest sale ever of one of their genesis land plots. The buyer stated:
We’re witnessing a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows.