Virtual Land Sells for $4.3 Million in the Most Expensive ‘Metaverse’ Property Sale

According to The Wall Street Journal, a metaverse platform sold for a reported $4.3 million. The new milestone was crossed on Tuesday when a property was brought on The Sandbox. The previous record was set by a subsidiary of Tokens.com last week.

A virtual plot is a form of NFT or Non-Fungible Token. The plot can be owned by one single individual or organization at a time. Buyers can get these plots of virtual land using cryptocurrency or any native currency of the company.

Republic Realm has been investing in and developing digital assets and virtual real estate. They purchased the said land from Atari SA. This is the latest largest sale in the metaverse universe according to NonFungible.com. The report was cited in the WSJ.

The stakes of metaverse are likely to rise to newer heights in the future. Crypto asset management firm Grayscale has said the metaverse holds a $1 trillion-a-year revenue opportunity. It owns around 2500 plots of digital land across 19 worlds.

The company usually sits on a particular span of land to have its value appreciated before bringing it into the market for sale. It also hires developers and architects to install games, virtual malls, and homes within the plot according to Janine Yorio, Republic Realms founder.