Recently, we talked about such a promising field as digital land in the metaverse. The demand for NFT digital land is gradually outstripping other non-fungible tokens — digital art objects or collections. Today, we’ll consider the top 10 most expensive land plots in the metaverse for the whole of 2021.
Experts and gamers believe that the metaverse is an immersive virtual reality experience that uses blockchain technology to buy and fully own digital goods. By making an in-game purchase, a player actually becomes an NFT owner and can freely own it, sell it or transfer it from wallet to wallet.
What Is Land in Metaverses?
Metaverses are completely decentralized digital worlds with virtual reality support based on the blockchain. The term skyrocketed and gained sudden popularity when Facebook announced its rebranding to Meta.
Investors saw another good profit opportunity in this sector. This field is growing in price at high speed, so it makes sense to consider it in more detail.
In real life, the land is the asset that never depreciates. That is why it is classified as one of the most reliable asset classes.
In the virtual world, the land works similarly. Users sell and purchase land parcels or buildings using the currency of a particular metaverse. Today, many digital worlds provide such opportunities.
As interest in the cryptocurrency industry continued to grow, investors seized the opportunity and confidently entered the metaverse with expectations of good returns. When a land plot becomes more expensive, it can be sold at an increased price. There is one more option: renting out a land plot and, thus, receiving passive income.
The Best Metaverses in 2021
Here are examples of popular metaverses where you can buy real estate or land plots:
One can view the current list of the most popular metaverses in the respective categories on CoinGecko or CoinMarketCap.
Top 10 Most Expensive Land Plots List
#1 Fashion Street Estate
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- Metaverse: Decentraland
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- Sold for: 618,000 $MANA
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- In USD: $2,420,000
The company Tokens.com paid 618,000 $MANA, Decentraland’s native cryptocurrency, through its subsidiary Metaverse Group. Thus, the company bought 116 land parcels of about 6,090 square feet in a Fashion Street district of the digital world.
#2 Genesis Plot
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- Metaverse: Axie Infinity
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- Sold for: 550 $WETH
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- In USD: $2,330,000
Genesis plots are among the rarest in Axie Infinity and the metaverse industry in general. The lot sold for 550 ETH was one of 220 out of 90,601 and is currently the most expensive sale in this metaverse.
#3 Hotel Booking Marketplace BookLocal
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- Metaverse: Decentraland
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- Sold for: 210,000 $MANA
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- In USD: $1,090,000
Chinese journalist, Colin Wu, informs that the BookLocal project sold the valuable land parcel for 210,000 $MANA, which was the second-largest purchase in the Decentraland metaverse.
#4 Land Parcel #4247
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- Metaverse: Decentraland
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- Sold for: 1,300,000 $MANA
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- In USD: $914,000
The plot, located close to the Dragon City, was bought on June 17 by the wallet Оxabefgf79b1749е0971cd80b880c4317c81e22eс3. The lot is close to Gamer Plaza, Nifty Passage, Crypto Valley, and other famous sites. The Dragon City is known as a ‘city full of Chinese cultural treasures,’ so the site is well suited for some Chinese-style architecture.
#5 Coliseum
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- Metaverse: Decentraland
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- Sold for: 225,000 $MANA
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- In USD: $756,000
Coliseum’s premium NFT asset in Decentraland was the fourth-largest purchase in history at the time of sale. An unknown wallet acquired it for 225,000 $MANA tokens.
#6 Premium Estate
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- Metaverse: Decentraland
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- Sold for: 759,000 $MANA
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- In USD: $709,000
Another square in shape plot was bought in the Decentraland metaverse. It has the number #144 out of 10,005 and the average price on OpenSea of 633.383 ETH.
#7 Genesis Plot
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- Metaverse: Axie Infinity
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- Sold for: 300 $WETH
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- In USD: $660,000
On July 8, 2021, the lot was sold to Lunacian user #3789512 on the Ronin blockchain. Land plot’s coordinates: -30; -11. The next two purchases refer to the same land plot:
#8 Genesis Plot
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- Metaverse: Axie Infinity
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- Sold for: 269 $WETH
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- In USD: $638,000
#9 Genesis Plot
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- Metaverse: Axie Infinity
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- Sold for: 293 $WETH
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- In USD: $632,000
#10 Golden Position
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- Metaverse: Decentraland
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- Sold for: 150,000 $MANA
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- In USD: 5,588,000
The average price of the land parcel on OpenSea at the current moment is 125,115 ETH. It is one of the most expensive parcels ever sold in the Decentraland metaverse.
Why Buy Digital Land in Metaverses?
Zach Aarons, a general partner at real-estate tech VC firm MetaProp, said:
In a rapidly evolving, growing — and at times volatile — space, virtual land could also be considered a high-risk investment choice. If I buy a building for 40 ETH, and then Ethereum goes from $4,000 to $100, that’s a fundamental risk that I’m not really taking when I’m buying a piece of physical real estate.
And yet, the metaverse can generate $1 trillion in annual revenue, according to a November 2021 report from Grayscale.
There are already specialized marketplaces for finding and buying suitable digital real estate, just like in real life. Examples of such marketplaces are DCL Renting Metaverse.Property, Parcel.
Noah Gaynor, a Parcel co-founder, believes that items in the metaverse and crypto, in general, have this premium because you have liquidity from all over the world. He also said:
Not every single person in the world can buy Apple stock, but practically everyone with an internet connection can buy a piece of virtual land. There’s a lot more players chasing the same assets.
To the skeptics, Noah Gaynor responded:
At the end of the day, it’s just supply and demand, right? Someone’s willing to pay that much for it, then that’s what it’s worth. [It’s the] same as bitcoin or any other asset.
Conclusion
Digital land, like real estate in daily life, is rated in a similar way. Restrictions, scarcity, it all works in both worlds. For example, in The Sandbox, the number of available land plots is limited, and the fewer there are, the higher the cost of each will be. The land plots, located near the real estate of a popular person or used for unique events, may be rated higher than other land plots.
Anyway, digital assets are considered a profitable field for both beginners and seasoned investors. Still, one should never forget the associated risks.
Do you own digital land plots? Feel free to share your experience in the comments below!
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