Nov 16 2022
A Rundown of the Six Most Expensive Metaverse Land Sales
Categories: Metaverse real estate.
Now that metaverse land prices have dropped we can take a step back and view the market with a little more clarity. The boom month of November 2021 showed us just how high prices could soar; our current bear market means those numbers are unlikely to be surpassed any time soon. In this blog, we’ll give you the lowdown on the most expensive metaverse land sales, as well as a few thoughts on the current market and its prospects.
If you’re still unsure about what
metaverse real estate is then this blogshould help. Otherwise, read on to get a clearer idea of metaverse real estate’s full potential.
Indie Village: $913,000
Credit: Fierce Studios
As with many metaverse real estate purchases this land was bought by an institutional investor.
Everyrealm(previously Republic Realm) is a group dedicated to investing in and developing metaverse real estate. They snapped up this property in June 2021 for 1.3 million MANA tokens.
Indie Village is a neighborhood designed to nurture Decentraland’s independent artists and creatives. It serves as a hub for collaboration and showcasing work as well as offering music venues and other social clubs. Arguably vying to be like any of the “creative” districts we might be familiar with in the real world; London’s Shoreditch, New York’s Williamsburg, etc. It’s already popular with creatives and curators like Breezy Art, Infinite Objects, and
Hotel Booking Marketplace: $1.8 million
On November 30th, 2021, the land “Hotel Booking Marketplace” owned by BookLocal sold for 210,000 MANA. Not much is known about the sale or those involved. But what we do know is that at the time it was the second largest price tag for land sold in Decentraland. We’ll cover the Decentraland number one in just a second.
Axie Infinity Genesis Plot: $2.3 million
As covered in a previous blog that
outlined the major metaverse platforms, Axie Infinity lets you buy land so that you can train and fight digital pets: “Axies”. Yes, very similar to Pokémon. The difference is of course that it’s a) decentralized and b) has its own sophisticated economy supported by pay-to-play-to-earn mechanics.
Rewinding once again to November 2021, an unknown Twitter user spent 550 ETH on a piece of rare land known as a Genesis Plot. As with all lands owned in Axie Infinity, the owner of a Genesis Plot will have first rights to the virtual resources that appear on their land. These resources are used to upgrade land and Axies.
Fashion Street: $2.4 million
Again, in November 2021, the most expensive Decentraland purchase to date was made, coming in at 618,000 MANA . As the name might suggest, this purchase by The Metaverse Group (a subsidiary of Tokens.Com) was done with the intention of putting on fashion shows and selling virtual clothing. The estate consists of 116 parcels of 52.5 square feet.
Major brands like Ralph Lauren and Gucci already have a presence in Fashion Street, so the new owners will be hoping that this fashion hub becomes the Bond Street of the metaverse.
Everyrealm /Atari SA: $4.3 million
Once again, during the booming days of November 2021, more records were set. Regulars on the metaverse real estate investing scene, Everyrealm, purchased this land within The Sandbox from Atari SA. This is the holding company that owns the Atari company responsible for all those retro video games we know and love.
Everyrealm received a very centrally located property, with 792 parcels totaling more than 7.9 million square meters of in-world space. It should be noted that Everyrealm was never trying to make a quick buck. Their vision is to take both the land they purchase and the Metaverse by the horns and transform the spaces they own into fun, engaging, interactive experiences. In the words of Everyrealm CEO Janine Yorio:
“The only way the metaverse becomes interesting is if there are things to do and people to see and places to go when you get there.”
This is why some of the parcels in this land purchase are actually being co-developed by Atari and Everyrealm.
Curzio Research: $5 million
Credit: TCG World
The most expensive metaverse land sale to date is actually in a metaverse that’s relatively new and untested. Launching by the end of 2022 and built on Binance Smart Chain, TCG World has stated that it’s a social metaverse. It’s also the first ever metaverse in 4K.
This clearly all sounds appealing to the financial publishing company, Curzio Research. Their $5 million investment has bought them 19 properties, with Curzio planning to build its virtual Asia headquarters on TCG World, and to use this virtual space to grow a community around in-world events.
Founder Frank Curzio is approaching this purchase from the same visionary place as many Web 3 advocates.
“The metaverse is what the internet was supposed to be. A decentralized, permissionless place where individuals have the freedom to create and own their digital content.”
Regarding the elephant in the room
Metaverse real estate prices are not what they used to be. Respectively, SAND and MANA have lost seven and nine times the market cap they had at their peak in November 2021.
Metaverse real estate prices reflect this. A large factor in these losses are ripples from the turmoil in the traditional financial markets. The recent
collapse of one of the biggest crypto exchanges, FTX, has added more fuel to the fire. And Meta – probably the biggest voice in the metaverse game –
isn’t filling investors with confidenceright now.
Both crypto and metaverse real estate are highly volatile. We always knew this. And right now, that’s kind of the point. The losses we’re witnessing are just the gauntlet we have to run if we’re to capitalize on this industry’s full potential.
Plus, any serious investor in the Metaverse or Web 3 knows that they’re playing the long game.
Starbucks, Puma, and many many other large names being the prime example. Sure, some people made quick returns in 2021. But any metaverse real estate investor that does their research is anticipating inevitable bumps and lurches; no pain no gain.
This is especially true when we’ve barely scratched the surface of the technology. Once the infrastructure is developed fully and we’re a decade further along, what went down will eventually go back up and these losses will feel like nothing more than blips.
Of course, not every metaverse project or investment into metaverse real estate will be a success. That’s just the nature of the game (or any game for that matter). But once again, that’s kind of the point. As a metaverse real estate investor your task is to pick out the diamond in the rough and wait for it to start shining. And with VerseProp’s help, this detective work is made much simpler.
Our platform, launching at the end of Q4, and our advisory service, launching in Jan 2023, will be able to provide the careful metaverse real estate investor with all the information they need; price history, market insights, and more.
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