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Billions Spent in Metaverse 'Land' Grab

By BBC News

November 7, 2022

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Research by DappRadar indicates that over the past year, people and companies have spent $1.93 billion in cryptocurrency to purchase virtual “real estate” in the metaverse.

In Decentraland, parcels of “land” can sell for millions of dollars, and are being bought by companies like Samsung, UPS, and Sotheby's to build virtual shops.

Adidas, Atari, Ubisoft, Binance, Warner Music, and Gucci have purchased virtual property in Sandbox, while Gucci also has created a town in Roblox.

Said Amber Jae Slooten of The Fabricant, a digital design house, "There will be for sure a mass market in this because if you think about the younger generation, they already play games. For them there's no distinction between virtual and real. But it still needs to be built."

From BBC News
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