The rich began to buy virtual real estate

(ORDO NEWS) — Large investors began to acquire plots of land in Decentraland, a decentralized virtual reality platform, and the Sandbox blockchain game.

Journalists believe that this is a financial bubble that is about to burst.

It is noted that some investors are paying millions of dollars for virtual “land” in the hope of “turning” it into something more.

Facebook, now known as Meta, only stepped up this trend after it announced the creation of a virtual world, or metaverse.

Prices for this virtual land are skyrocketing right now, rising “400% to 500% in the last few months.” One company recently spent over $2.5 million on a piece of “land” in Decentraland.

And this is not the highest price. So, the “virtual real estate” firm Republic Realm spent $4.3 million to buy a “plot of land” in the metaverse of The Sandbox.

Investors expect to sell these holdings later for a higher price when they think everyone has gone into the metaverse. But skeptics believe that this will not happen.

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