It’s no secret that the metaverse has suddenly become one of the hottest topics since late 2021. Land on decentralized metaverse platforms like The Sandbox and Decentraland have grown to become highly-prized possessions in the virtual world. Amid the ongoing frenzy, how much are you willing to spend on a virtual plot?
According to a Fortune report, citing data from Meta Metric Solutions, the smallest piece of land on popular metaverse platforms The Sandbox and Decentraland are around 3.7 ETH and 3.46 ETH, respectively. With Ethereum currently trading at the $3,000 range as of press time, this means, that buying a piece of land on The Sandbox will set you back by at least $11,000.
For clarity, the smallest chunk of land in these virtual worlds is a 1x1 plot, which is equivalent to 96 square meters in The Sandbox and 16 square meters in Decentraland, Fortune reported. As a testament to the metaverse boom, these small plots were sold for a fraction of an Ether in March last year (less than $1,000).
Virtual land has become a “hot commodity,” with some parcels selling for hundreds of thousands and even millions of dollars. In September, a plot of land on The Sandbox was purchased for a whopping $4.3 million. Similarly, an NFT collector spent $450,000 in December to become the neighbor of American rapper Snoop Dogg on the metaverse.
Speaking of the sector’s potential for growth, Andrew Kiguel, the CEO of crypto-asset investment firm Tokens.com, told USA Today that he expects his metaverse portfolio to increase by 10 times more than its purchase value.
It's all about the location. The more visitors who come, the more valuable the land, and the more a retailer and advertisers will be willing to spend to reach those people.