Meta Island is the metaverse’s first, well, island. And in November, it was sold for US$398,685 on OpenSea, according to Morning Brew. So, in other words, we can’t afford a private island in the metaverse or in real life.
This isn’t totally surprising, though, since digital pieces of land have been getting a lot of attention over the past few months, with prices going up 400%-500%. And it works pretty much the same as real property.
For example, late last year, someone paid US$450,000 to be Snoop’s neighbor.
“I think it absolutely matters who your neighbor is,” said Janine Yorio, who owns a virtual real estate development company called Republic Realm. “That’s kind of true of almost anything, right? It’s like a club and you want to be around people that share similar interests.”
“I would not put money into this that I didn’t care about losing. I certainly wouldn’t. If it continues the way it’s going, it is most likely going to be a bubble. You’re buying something that isn’t tied to reality,” said Mark Stapp, professor and director for real estate theory and practice at Arizona State University.
You drive the stories at TMS. DM us which headline you want us to explain, or email us.