Speaking with CNBC, CEO, and founder of Tokens.com, Andrew Kiguel, discussed why some investors are willing to spend millions of dollars for parcels of land; he noted: “prices have gone up 400% to 500% in the last few months.” Although the land doesn’t exist in the actual world, it does exist in the metaverse, and the opportunities are abundant there, according to the entrepreneur whose company recently spent almost $2.5 million in Decentraland (MANA).
Digital islands the same price as a home in the US
Elsewhere, Republic Realm CEO Janine Yorio, whose company had recently spent a record $4 million on a parcel of land on The Sandbox (SAND), revealed that last year, she sold over 100 private islands at $15,000 each on the platform. According to real estate broker Oren Alexander: Similarly, Kiguel added: It appears that Meta (NASDAQ: FB), formally known as Facebook’s transition to virtual reality, along with the Covid epidemic, and the fact that everyone has been confined indoors for a long time seeking ways to interact, has sparked a digital land rush that has swept the online world.
