A private island sells in the metaverse for US$398,685

A private island sells in the metaverse for US$398,685

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.

Key comments:

“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.

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