Companies are spending millions on virtual real estate in the Metaverse

While most of us still can’t afford to buy a house in the real world, investors are pouring millions of dollars into buying up virtual land in fake ones.

CNBC reports that since Facebook made the move towards becoming Meta, prices of digital plots have gone up by as much as 500%. One company reported spending over $2.5 million USD on land in Decentraland, a metaverse based around crypto complete with its own currency where every piece of content in the game is owned, completely autonomously, by the players. Another firm revealed spending $4.3 million buying a plot of land in Atari’s The Sandbox metaverse.

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