These Are The Things Real People Are Spending Millions Of Real Dollars On, In The Metaverse

While billions are joking about Facebook's "metaverse" plans, real people are spending millions (and soon billions) in real cash to buy imaginary objects. As BofA's Alkesh Shah writes, metaverse land (and yacht) purchases are accelerating as blockchain-enabled applications and new frontiers continue to develop.

Here are some examples of what people are spending all too real money on:

  • Metaverse Group, a subsidiary of Tokens.com, purchased a 116-parcel estate in Decentraland’s Fashion Street district for ~$2.4 million (618k MANA) on Nov 23.1 If you’re wondering where Decentraland is on the map, it’s not. The 6,090 square feet of digital land purchased exists solely in the metaverse. The purchase was the largest acquisition of metaverse land to date and equates to 0.13% of all land to ever exist in Decentraland. And as Decentralands monthly users are expected to reach an all-time high of 300k this month it is not surprising that so many individuals and organizations want a piece of the action.

  • Republic Realm, a digital real estate firm, purchased 259 parcels of land in Decentraland’s Metajuku district for ~$914k (1.3mn MANA) on Jun 18. The firm plans to transform its 16,000 square feet of digital land into a virtual shopping district where users can purchase digital wearables.

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  • Retail stores are leased and operated by third parties with current occupancy at 40%. If the idea of digital clothing sounds a bit farfetched, Balenciaga, Burberry, Dolce & Gabbana, Givenchy, Gucci, and Louis Vuitton, among others, have already released digital collections.
  • Axie Infinity, a play-to-earn gaming platform, announced on Nov 24 that it had sold a “Genesis” plot of digital land – one of 220 – for ~$2.3 million (550ETH).
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