People are spending real money to buy buildings in the metaverse, from the digital replicas of the Taj Mahal and the Eiffel Tower to gravity-defying skyscrapers
Gamers have traded pixelated property and other digital assets for years. Now the activity has been turbocharged by the growth of unique digital artefacts known as non-fungible tokens , and by the hype around the metaverse—a emerging virtual market which could, depending on whom you ask, ultimately generate revenues of between $1trn and $30trn.NFT
Wholly invented worlds are also drawing investors. In November Republic Realm, a company that manages and develops digital real estate, paid $4.3m for land in a platform called the Sandbox, the biggest virtual-property investment to date. That same month Tokens.com spent $2.4m for a plot in Decentraland’s Fashion Street district. Nightclubs and casinos where users can win virtual money line the streets of the gambling district.
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