The latest red-hot real-estate market is not on the scenic coasts or in balmy Sunbelt cities. It’s in the metaverse, where gamers are congregating and digital property sales are making new records.
Republic Realm is trying to become the industry’s most trusted NFT investment platform and the metaverse. Last week, they sold a mega yacht for $1.2 million on Sandbox.
A deal between Republic Realm and Atari was finalized for the exchange of land on the Sandbox for $4.2 million, breaking all previous records.
— Republic Realm (@joinrepublic_re) November 30, 2021
An increasing number of investment firms are obtaining digital land in worlds such as the Sandbox and Decentraland, where players simulate real-life pursuits, from shopping to attending a concert. They are trusting that individuals and companies will allocate more money to use virtual homes and retail space and that the price of properties will grow as more extra people will join the metaverse environment in the future.
If the bets of these companies go right, their profits could be extremely high since the purchase of this land will be like buying a lot in the center of a developing city that is still small. It is indisputable that the metaverse will have elevated adoption in the future, the big question is which company will be more dominant as Facebook has already changed its name to Meta showing the importance of Metaverse.
The end of November was marked by two major land negotiations in the metaverse. The first was sold for 618,000 MANA, equivalent to $2.7 million. The second took place at Axie Infinity for 550 ETH worth $2.5 million.
While these figures are gigantic, but the records are not unbreakable. And that’s exactly what happened earlier this week when Republic Realm bought Atari land at The Sandbox for $4.2 Million Dollars
It is necessary to note that today there are already several metaverses and this number is increasing. Therefore, it is quite challenging to know which one of the metaverse platforms will be the most used by the community. To mitigate this risk, some investors are betting on different worlds.
This Tuesday, Bank of America stated that the metaverse will be a great opportunity for the crypto industry.