Metaverse Real Estate Prices Are Booming
The metaverse is enjoying its place in the spotlight. Everybody wants a piece of the action. Big players are entering the metaverse, afraid of missing out. However, the one thing that everyone seems to have in common is the lust for virtual real estate.
Early movers like The Sandbox and Decentraland are in the lead. They take pole positions with their metaverse real estate sales. However, we see a wide variety of different players entering and enjoying the fun. Therefore, various other P2E games are in the chase or just knocked on the door. On the other hand, we also see the first virtual real estate agents setting up shop.
Wow! @KarafuruNFT has joined the Worldwide Webb with the acquisition of Penthouse #9063 for 86.9 Ξ
Let's give them a Worldwide Webb welcome! https://t.co/tbVZGUR37Y pic.twitter.com/LEb51OCQcE
— Worldwide Webb (@Worldwide_WEB3) February 22, 2022
Latest Metaverse News Relates to Webbland’s Penthouses
In the fast-moving world of the metaverse, Webbland made the news. Two weeks ago, they had the highest real estate sales. Two of their penthouses sold, each for over $130k.
- Penthouse #9051 was good for a whopping 50 ETH or $139,848 when it sold.
- Penthouse #9056 brought no less than 48 ETH in the till. At the time being, that was good for $131,830.
The two penthouses came in at respectively #14 and #15 place for most expensive NFT plot sold that week. Since then, all hell broke loose over their penthouses. Last week, another 5 penthouses sold for more than 50 ETH.
- Penthouse #9063 took the strudel and went for 86.9 ETH, or $220K.
- Four other Penthouses sold between 55 and 70 ETH.
In total, less than 10 penthouses sold for top prices. Before that, the penthouse prices didn’t even break 10 ETH. All these figures, according to cryptoslam stats.
On OpenSea, Webbland has a few more penthouses listed. The popular NFT marketplace lists penthouse #9021 for no less than 888.888 ETH. Or just below $2.6 million. Penthouse #9039 lists for a meager 696 ETH or $1.6m. Probably nothing, right? However, the current best offer for penthouse # 9039 is 5,85 ETH. Four other penthouses see their prices list between 72 and 150 ETH.
Moreover, all other remaining penthouses list for 9 ETH or less. Last offers range between 5.8 and 87 ETH. These seem to be more realistic prices, although, 87 ETH is still $253K.
What is Webbland?
Webbland is interoperable pixel metaverse. It is also an interoperable pixel art MMORPG metaverse game. P2E, virtual land and property, pets, and quests are all on offer.
When they sold the two penthouses, sales went up by 126% for that week, moving $3.6 million in one week. Over the last 30 days, they are still 38.3% up. The floor price is now to 2.37 ETH or 82.31%. These are impressive numbers. Moreover, considering that they are not one of the top metaverses. That has changed though, they managed to put their name on the metaverse map with a loud bang.
What Other Metaverse Real Estate Players Are Around?
Among the biggest players, we can count The Sandbox and Decentraland. On OpenSea alone, The Sandbox lists 162.1K items. These items have 19.9K owners. The floor price is 3.25 ETH. They list another 2.1K assets with no less than 27.8K owners. Floor price for the assets is currently 0.008 ETH. On the other hand, Decentraland lists 97.3K items with 6.8K owners and a floor price of 4.61 ETH.
Moreover, The Sandbox holds the record for the most expensive land sale. Every Realm bought a piece of land for $4.3 million from Atari in December 2021. Moreover, in November 2021, The Sandbox sold for $158m virtual land plots.
In addition, Snoop Dogg has the “Snoopverse” in The Sandbox. A place “where he is currently building a Voxel Art version of his real-life mansion.” Just as in Diamond Bar, California. “He’ll be throwing private virtual concerts or parties, and more.” His land includes 22 plots of lands, 67 plots of premium land, and 3 estates. A fan bought one of the land plots next to his house for $450K.
All Snoop pass holders are automatically whitelisted. https://t.co/ckEOApHVTy
— Snoop Dogg (@SnoopDogg) February 21, 2022
Also, Decentraland just sold a month earlier a single plot of land for 555 ETH. At the time being, that was $2.3 million. That was after selling 116 parcels of land, bundled up, for $2.43 million. Other well known P2E games that also offer land plots for sale are My Neighbor Alice or Polka City.
Another use case of the metaverse is that Manchester City is building a replica of their football stadium in Decentraland. The South Korean government is investing $187 million in the metaverse. They want to build virtual cities, but also focus on educational aspects. This gives an idea of what is possible in the metaverse with real estate.
A New Breed, Virtual Real Estate Agents in the Metaverse
The Metaverse is expanding its use cases. Here are three of them:
- Metaverse properties offer property management and development. Furthermore, metaverse consulting and marketing is on their list of services. Of course, they offer virtual land for sale in The Sandbox and Decentraland. However, Somnium Space, CryptoVoxels, and Upland are also on their roster. As part of their services, it is possible to buy or rent land in the metaverse.
- SuperWorld is a competitor for Metaverse properties. They offer 64.8 billion plots of virtual land in their virtual SuperWorld. However, this is also with a twist. It is possible to buy virtual real estate, but, hold on to your seats, in real-world locations. The Taj Mahal, in India, goes for 50 ETH. Or how about the Eiffel Tower in Paris for 100 ETH? On the other hand, Machu Picchu in Peru only does 0.1 ETH.
- vEmpire offer investment opportunities in the metaverse. They were able to buy virtual real estate in year zero, so to speak. Also, prices were 90% below current prices. As a result, they offer staking for their VEMP token for 10 projects at 10%-20% interest rates. A virtual real estate agent in disguise. Altcoin Buzz just wrote an article about the vEmpire project.
Source: Metaverse properties
Virtual land and real estate prices in the metaverse are going through the roof. There seems to be no end in sight. Compare this to buying land in big cities. However, with a twist! Before their respective building booms started.
Moreover, some people think it is a complete waste of money with overpriced market prices. On the other hand, we also see that these high prices attract the attention from outsiders. This is precisely how the NFT market started growing. Prices for virtual real estate are not expected to decrease. In contrast, the sky seems to be the limit and if anybody still wants a piece of the action, hurry up!
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