Digital real estate is a hot commodity in the metaverse. Please don’t take my word for it; listen to Andrew Kiguel, the CEO and founder of Tokens.com, who explained to CNBC why investors are having no problem spending millions of dollars for land in the metaverse.
And if you don’t think this is a real phenomenon, consider this; in the past few months, prices have soared 400 to 500 percent on parcels of land in the virtual world. Kiguel’s company just put down about $2.5 million on real estate in the metaverse.
“The metaverse is the next iteration of social media. You can go to a music concert; you can go to a museum, all types of different experiences that you can explore and get immersed with.”
If you’re looking for a “comp” to what is taking place with real estate in the metaverse, Kiguel has one.
“This is like buying land in Manhattan 250 years ago as the city is being built.”
Is there a digital land rush going on? It kind of seems that way when you listen to people who are actively involved in it.
Real estate broker Oren Alexander recently explained things to finbold.com like this.
“The digital world to some is as important as the real world. So it’s not about what you and I believe in, but it’s about what the future does.”