The ‘metaverse’ bet: crypto-rich investors snap up virtual real estate
"The current Cambrian explosion of NFTs that you see is all about acquisition – people want to buy up NFTs, gobble as many of them as they can," said Anand Venkateswaran, aka Twobadour, who runs the Metapurse fund with Metakovan.
"But it's just the tip of the iceberg. The real explosion will happen when they're able to ... experience these NFTs as they were intended. If it's a plot of virtual land, you ought to move around in it, have an immersive experience in it."
In what will be one of the biggest names to join the party, videogame maker Atari (ATAR.PA) told Reuters it planned to launch its own blockchain-based virtual world and would soon announce details.
A PLOT OF VIRTUAL LAND: $500K+
The NFT frenzy has heightened interest in blockchain-based online environments. The best known are Decentraland, Cryptovoxels, Somnium Space and The Sandbox, where virtual real estate prices are hitting new highs.
Decentraland has seen more than $50 million in total sales, including land, avatars, usernames and wearables like virtual outfits. A patch of land measuring 41,216 virtual square metres sold for $572,000 on April 11, which the platform said was a record.
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"I expect that there'll be a crypto winter in the next couple of months, the whole NFT boom will explode and then all the value will absolutely collapse," said Ben Nolan, founder of the virtual world Cryptovoxels.
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See the full story here: https://www.reuters.com/business/metaverse-bet-crypto-rich-investors-snap-up-virtual-real-estate-2021-04-19/
