Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Restart “Second Life”

New York-based company Republic Realm announced that it spent $4.3 million in The Sandbox to purchase a piece of digital land, setting another record. So far, the four largest websites in the Metaverse field have sold land worth more than 100 million U.S. dollars.

Spend millions of dollars to buy a house and buy a property on virtual land that does not exist in reality?

It may sound ridiculous, but those fanatical predictions about the future of virtual reality are prompting investors to turn to digital real estate in the Metaverse.

It stands to reason that in the virtual world, the land area should be unlimited, and there should be no time and space restrictions, so the house should not have the attributes of a scarce commodity.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

But after the “real estate speculators” entered the Metaverse, everything was different.

Digital Land Sets Record

This month, Republic Realm, a New York-based company, announced that it had spent a record $4.3 million in the Sandbox to purchase a piece of digital land.

Sandbox is one of several “virtual world” sites where people can socialize, play games, and even attend concerts.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

A few days ago, a piece of virtual land in Decentraland was sold for $2.43 million, more than twice the highest record at the time. (Unexpectedly, the record of $2.43 million did not last long)

The buyer Metaverse Group (not the Meta), a subsidiary of Tokens.com, completed the transaction at a price of 618,000 MANA.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Decentraland is a virtual reality platform running on the ETH blockchain. It was launched in February 2020. Users can swim in this virtual world, buy land, visit buildings, and meet and talk with other players.

And MANA is an NFT that can be used in Decentraland, and users can use it to purchase assets in Metaverse.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

In late November, Barbados also announced plans to open the “Metaverse Embassy” in Decentraland.

Coincidentally, Lin Junjie also announced on Twitter that he had purchased three plots of land on Decentraland. It is estimated that the three plots are worth about 123,000 US dollars, which is equivalent to about 784,000 yuan.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Websites such as Decentraland call themselves the prototype of the Metaverse, the Internet of the future, and online experiences like chatting with friends. Only when you wear virtual reality glasses can you feel face-to-face.

“Metaverse” has been a buzzword in Silicon Valley for several months, but as Facebook’s parent company changed its name to “Meta” and shifted its focus to virtual reality, people’s interest in “Metaverse” continued to soar.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Technical consultant Cathy Hackl said that Meta has successfully introduced the term “Metaverse” to millions of people, much faster than I thought, and her job is to enter the enterprise Metaverse provides suggestions.

According to data from the data site Dapp, the four largest sites in the Metaverse, The Sandbox, Decentraland, CryptoVoxels, and Somnium Space, have sold land worth more than 100 million U.S. dollars.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

For Hackl, it is not surprising that the Metaverse market is booming, because it has spawned an entire ecosystem around virtual real estate, including rents to land developers, and so on.

“We are trying to bring the way we understand physical goods into the virtual world,” she said.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Hackl said that although it may take some time for these websites to operate as a real Metaverse, because it takes a lot of time to “transport” us to any place with virtual reality glasses, digital land has become a kind of real land just like real land. assets.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

“They can do some construction on this basis, and the land can be leased or sold,” she said.

Yuan Cosmos Fifth Avenue

Tokens.com bought a prime location in the fashionable district of Decentraland, which the platform hopes to develop as a location for virtual stores of luxury brands.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Andrew Kegel, CEO of Tokens.com, admitted: “If I didn’t do this research and didn’t realize it was a valuable asset, I would be too far behind.”

As a banker who has been focusing on real estate investment for 20 years, Kiguel insists that the commercial district of Decentraland has exactly the same meaning as the commercial street in the real world: it is located in a densely populated area.

“This is an event space where people gather,” he explained, noting the recent virtual music festival held in Decentraland, which attracted 50,000 visitors.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Luxury brands have also begun to enter the Metaverse.

In May of this year, a Gucci virtual handbag was sold on the Roblox platform at a higher price than real handbags.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Kegel hopes that Fashion Street will become a shopping mecca similar to New York’s Fifth Avenue.

As for how to use this land to make money, “This problem can be as simple as advertising with a billboard, or it can be as complicated as running a store with actual employees,” he said.

“You can walk in with your avatar, pick up a 3D digital shoe, and ask questions.”

Restart “Second Life”

As early as 2006, a real estate developer made headlines by selling land on the virtual world website “Second Life” for $1 million.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Although Second Life is still active, supporters of its next-generation rival, Metaverse, pointed out the key difference between the two.

In Decentraland, everything from land to virtual artworks appears in the form of irreplaceable symbols, or NFTs.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Some people spent tens of thousands of dollars on these digital products, and these news aroused a lot of suspicion.

But Kegel predicts that this form of digital ownership will become common in the next few years, because the blockchain technology behind it can guarantee the transparency of transactions.

He said: “I can see the history of NFT ownership, who paid what for it, and how it was transferred.”

But this investment is not without risks.

Metaverse Xindi Wang hits a record of 27.4 million yuan, and virtual real estate speculation has a weekly turnover of 637 million

Although virtual concerts on sites such as Roblox and Fortnite attract tens of millions of viewers, available data shows that the traffic of Metaverse sites like Decentraland lags far behind established social media sites like Facebook and Instagram.

In the end, the value of digital land investment still depends on whether people are willing to believe it and are willing to enter these virtual world websites.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/metaverse-xindi-wang-hits-a-record-of-27-4-million-yuan-and-virtual-real-estate-speculation-has-a-weekly-turnover-of-637-million/
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