Virtual Land Prices are Booming, and Now There’s a Fund for That
Republic Real Estate, a firm that’s raising money to buy distressed condos in the physical world, is launching an invite-only fund next week aimed at investors seeking to buy virtual land. The venture plans to purchase parcels across several online “metaverses” and develop them into virtual hotels, stores and other uses, with the goal of increasing their value among cryptocurrency enthusiasts.
The minimum investment in the Republic Realm Digital Real Estate Fund is $25,000.
This year through March 15, the average price paid per parcel in Decentraland was $2,703 -- more than triple what it was in 2020, according to NonFungible.com, which tracks the sales. Land prices quadrupled in the metaverse called Cryptovoxels, from $821 a parcel last year to $3,895 in the first two and half months of 2021.
See the full story here: https://www.bloomberg.com/news/articles/2021-03-19/virtual-land-prices-are-booming-and-now-there-s-a-fund-for-that
