How Much Does Metaverse Land Cost?

The lowest plots of metaverse land are now selling for around $11,000. So if you were wondering where to buy metaverse land, this is for you. According to a Fortune report, which cited data from Meta Metric Solutions, the smallest units of land on popular metaverse platforms Sandbox and Decentraland are selling for 3.7 ether and 3.46 ether, respectively, which translates to roughly $11,717 and $10,957 in real-world dollars, respectively. Fortune’s piece said that land was selling for at least $13,000 at the time of publication, although Ethereum values have subsequently fallen due to a larger crypto bear market investors haven’t stopped buying ETH from reputable sources like Altalix in a safe manner.

Popularity Drives Price

According to DappRadar, virtual land has developed into a “hot commodity,” with pieces selling for hundreds of thousands to even millions of dollars. In November, Insider reported that one block of property in the Sandbox sold for a record $4.3 million. One metaverse billionaire has said that he expects his digital real estate holdings to be worth ten times what he paid for it once he started renting out property in high-traffic virtual locations. In December 2021, a fan of the artist Snoop Dogg spent $450,000 to acquire “land” next to Dogg’s virtual property in the metaverse. While $450,000 is unlikely to get you next door to Snoop in the real world, is it a realistic price to pay to be Dogg’s virtual neighbor?

Some Market Statistics

The hype around the metaverse, a virtual environment in which individuals may live, work, and play as avatars, has increased significantly after Facebook was renamed Meta to reflect the company’s emphasis on the future internet, commonly known as the Internet as Web3. Decentraland, the second biggest virtual world, had 21,000 real estate transactions last year totaling $110 million.

The average investment in land in both virtual worlds was approximately $5,300. Still, as the report notes, prices have increased significantly from an average of $100 per land in January 2021 to $15,000 in December 2021, with rapid growth in the fourth quarter following the release of the Sandbox Alpha. Between November 2021 and January 2022, an average of 8,000 plots of land were sold every month at an average transaction price of 3.5 Ethereum (ETH), or around $13,000. The daily average price of metaverse land sales hit 5 ETH, or more than $18,000, in January 2022.

What Can You Do With Your Land?

Land is a token in the Sandbox metaverse representing a digital portion of the platform. Gamers may fill their territory with games and assets, which are tokens produced by gamers or companies who develop or assemble user-generated content.

These assets are then exchanged on multiple platforms as non-fungible tokens (NFTs) and are primarily utilized to improve the user experience or as creative features for game developers.

Landowners may create various gaming experiences and offer them free or for a fee accessible to other players. Virtual landowners may develop advertising billboards or a museum to showcase NFTs. Thus, the first advantage of property ownership is the availability of space to create digital experiences. Location is critical since players will explore the Sandbox and gravitate toward more central or well-known areas.