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How Much Is Metaverse Real Estate Worth?
When Decentralized held its first LAND auction at the Terraform Event in December 2017, a parcel of land cost a mere $20. Those parcels sold for an average of over $6,000 in 2021. By the start of 2022, the prices have skyrocketed to approximately $15,000 per LAND token.
With the positive outlook on metaverse growth, companies have been heavily investing in virtual land properties. In October 2021, Tokens.com, a blockchain technology company, acquired 50% of virtual real estate company Metaverse Group for $1.7 million. In November, the Republic Realm broke records when it purchased a property in The Sandbox for a whopping price of $4.3 million.
The heightened interest in metaverse properties has caused prices to increase further. Digital land sells from $6,000 to $100,000, but some are reportedly being sold for even much higher.