Nearly four months ago, investors bought $1.7 billion worth of real estate in The Metaverse, the virtual world set within the Entertainment Software Association’s Xbox ecosystem.
This is the biggest land boom in the metaverse to date, and it comes at a time when companies like the Maker Studios ecosystem, the soon-to-launch ILMxLAB, and Google are engaging with developers to create augmented reality worlds, one which, with their apps, may exist in three dimensions.
Demand for Metaverse real estate has been so robust that, after months of asking, the Community Real Estate Council–which connects Metaverse developers and is run by the T-Commerce Academy, an ed-tech startup–announced on Thursday that it had unexpectedly and steadily increased the offer it was making to buy virtual land in the Metaverse from $25,000 to $500,000.
The Metaverse, a diverse collection of internet-connected, online worlds that at times seem like a parallel universe or dream, is no longer a geek’s fantasy.
“The Metaverse community is a highly creative and competitive community with a great need for vertical real estate to maximize opportunities,” explained Zach Cowie, CEO of XE.Ly. “With a seamless platform, developers will be able to create a privately owned property or district for their knowledge-based business, community-based business, or social-media or gaming business.”